The world is not short of case studies, showing major failures and crashes – among them is Lehman Brothers in the US, which filed for bankruptcy in 2008.
The collapse of America’s fourth largest investment bank – due to the 2007/8 financial crisis, which engulfed financial markets – has left investors and hundreds of employees with a bleak future.
The leader of one of the largest financial institutions in South Africa, Peter Tshiguvho is one of the leaders of the company, whose passion for success knows no bounds.
‘Fear of failure’
As CEO of the multi-billion-rand Metropolitan, Tshiguvho is driven by the “fear of failure”.
“While I can’t avoid failure altogether, it’s something that I learn more from when it happens.
“Therefore, it is very important for me to keep my eyes – at all times – on the main goal, despite the inevitable setbacks,” said Tshiguvho.
“Some things that I might have considered a challenge in the past might not be a problem anymore.
“The challenge is more a problem of mindset or expectations that cannot be met. In my business journey, I have encountered many problems related to people. However, because I expect them, I have solved them as part of many of my responsibilities,” he said.
“Starting at the peer, subordinate or manager level, the key to solving people’s problems is to deal with them as soon as they occur.”
Outlining Metropolitan’s key drivers, Tshiguvho said these include client service, market access, premium collection, risk selection and management.
He explained: “We always have to keep our promises, because in this way we will continue to build stronger relationships with our clients.
“We consciously strive to meet the expectations of our clients at all times, so we have been a leader WITNESS [South African Customer Survey Index] carried out by Consulta for three consecutive years.
“Market access is the source of sales and this is the life blood of our organization. Good sales are those that will also make premium payments. If we don’t get paid, it’s as good as not making sales.
“In our environment, we also need to understand the risks we are taking and how to manage this on an ongoing basis.”
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Born in Venda
Born in Venda, where he would walk 20 kilometers a day to high school, Tshiguvho completed his first degree at the University of Venda and earned an MBA and Postgraduate in Financial Planning at Potchefstroom Business School and the University of the Free State. , respectively.
He recently completed the Advanced Management Program at Harvard University.
Humble about his achievements, describing them as “always relative”, Tshiguvho prefers to take collective credit for the steps he has taken.
“I am proud of the team I have put together at Metropolitan Life. The executive committee consists of 50% black and 50% women – a good mix of young and old. It is important to make sure that everyone feels part of the team.
“Due to our insight during the initial Covid-19 lockdown and subsequent movement restrictions, our sales advisors have digital tools and processes, which were developed more than a year ago.
“This allows them to continue working when their traditional competitors cannot operate because they do not have the tools to do so.
“Over the past three years, we have achieved consistent and solid business performance across several key metrics at Metropolitan Life – building a solid and diverse team to achieve our goals as we do.”
Before joining Metropolitan, Tshiguvho developed and launched the “Isipheko” product in Ithala.
“I grew my private security fund – from just under 5000 members to over 250 000 while at African Life.
“This includes spearheading the launch of the ZCC church scheme.
“Above all, having grown in the insurance industry to take on the role of CEO at Metropolitan, has been my greatest achievement,” he said.
How much more does Tshiguvho want at the Metropolitan?
Tshiguvho said: “My aspiration is to create a Metropolitan framework to grow even bigger, ensuring that we offer solutions for the lower middle market segment.
“This is a solution geared towards showing a clear understanding of their special needs – how they want to be treated with dignity and respect – not just by Metropolitan Life, but the financial industry as a whole.
“This will give me a taste of how Metropolitan Life is pursuing its vision of becoming a household name with policies in every home in the emerging market.
“This is how we can reduce – if not eliminate – the trust gap between the financial services industry and the markets we serve.
“Ultimately, the industry wins when the community wins.”
his inspiration
About the people who have inspired him, he said: “As a child, I learned early in life that someone had to break the poverty line and change my mother’s life for the better, it was me.
“When I was in high school, I had a Physics teacher, the late Mr. Abel Mushi, who was the best.
“My principal, Mr. Ronald Mutsila, also played a critical role.
“With his larger-than-life character, he constantly plants the seeds that remind us that with hard work, anything is possible.
“Throughout my working career, I have had many people help me, through coaching or mentoring – others by being sponsors.
“They include Eddy Tshitimbi, Gavin Coetzee, Graham Smith [not the cricketer] and most recently Hillie Meyer,” he said.
To motivate his team, Tshiguvho said: “Every year, I travel with my top salesmen and qualified internal staff members, to international destinations – as a way of saying thank you for their hard work and delivery.”
– brians@citizen.co.za
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