Sanlam has appointed Theo Mabaso as group chief AI officer, giving artificial intelligence a dedicated seat on the financial services group’s executive committee.
The move makes Sanlam one of the first major companies in South Africa to create such a role in the C-suite.
Mabaso, who retains his existing role as group chief technology and information officer, will be responsible for driving AI adoption across Sanlam’s businesses, from underwriting and claims processing to financial advice and client engagement.
The appointment signals a shift from experimentation to execution, according to group CEO Paul Hanratty.
“AI has moved beyond experimentation. It is now central to how financial services companies compete, innovate and deliver to their clients,” Hanratty said.
He said AI would play a significant role in expanding access to financial tools and advice, making financial products more affordable and helping Sanlam strengthen its position in Africa and in fast-growing markets in Asia.
Mabaso said the insurance industry is well suited to AI given the volume and depth of data it holds. “Insurance is, in many ways, a data business masquerading as a financial one. We hold deep, trusted data that spans lifetimes. Artificial intelligence allows us to synthesise that knowledge in previously impossible ways.”
Significant impact
He said the risks of falling behind now outweigh the risks of moving too fast. “The strategic risk is no longer premature adoption. The risk is structural drift — falling behind while competitors compound capability.”
Sanlam said it expects AI to have a significant impact on underwriting, claims, product development, revenue generation and client engagement as the cost of running AI models continues to fall and the tools for deploying them at scale mature.
The company said AI would be used to support rather than replace its adviser network by reducing administrative burden and freeing advisers to spend more time with clients.
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The move by Sanlam comes a day after UK banking giant HSBC said it had appointed David Rice as its first chief AI officer as it seeks to cut costs and improve performance by increasing the use of generative AI technology across its businesses worldwide.
HSBC CEO Georges Elhedery has highlighted AI as the key to the bank’s wider strategic goal of increasing its return on tangible equity to above 17% for 2026-2028, via savings from automating and streamlining its processes.
Rice was previously the chief operating officer for HSBC’s Corporate and Institutional Banking business.
Banks worldwide are trying to harness AI to improve tasks such as coding, fraud detection, and credit applications.
“If you ask me where the biggest investment is going into new technology today, it is definitely going into generative AI,” Elhedery told investors on a conference call on 25 February.
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Having a formal head of AI is relatively unusual for big global banks. Many rivals make AI responsibilities part of a chief technology officer’s wider remit.
HSBC has not disclosed how many jobs it may cut as a result of AI improvements. Bloomberg News reported earlier this month the bank could ultimately shed 20 000 roles, saying the plans were at an early stage and no decisions had been taken. — (c) 2026 NewsCentral Media, with additional reporting (c) 2026 Reuters
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