Metropolitan CEO Peter Tshiguvho has led one of the largest financial services institutions in South Africa for more than four years, and is on a journey of strategic financial growth and success.

His journey on leading one of the biggest and most successful financial services institutions is a lesson in fortitude, foresight, and determination that circumstances do not define one.

Self-belief in a better future is critical to success, he says.

finance, wealth, careers — Peter Tshiguvho, Image: Supplied

Before taking up his current position, Peter began his career in the financial services sector at Old Mutual as a trainee administration head, thereafter taking up a position as an assistant manager (sales support manager).

In 2013, Peter returned to Old Mutual for a period of three years as head of distribution for the rest of Africa, subsequently becoming its head of market access in personal finance.

He joined Momentum Metropolitan Group, as Metropolitan Retail Head of Channel in March 2017, and a year later was appointed as the chief executive of the business.

“When Hillie Meyer, Momentum Metropolitan Group CEO called me in to tell me that he was going to appoint me as CEO for Metropolitan in 2018, I was very excited and also scared at the same time that I couldn’t afford to fail.

Hillie had shown confidence in me and I told myself that I couldn’t afford to fail him, let alone myself.

“What was encouraging enough for me was that Hillie allowed me space as well as supported me fully and the rest is history.

“I have since turned the business around and we have shown solid performance in our financials as well as being the industry thought leaders in numerous other business deliverables like being able to operate when most couldn’t during the first COVID-19 lockdown restrictions owing to the digital on-boarding tools we had in place already,” says Tshiguvho.

money matters, finance, wealth, careers — Peter Tshiguvho, Image: Supplied

GQ chats with the indefatigable leader about his successes, and challenges since he started in his job:

GQ: Thank you, Peter, for chatting with us again, so, tell us, how has it been?

Peter Tshiguvho (PT): Yeah, we chatted almost a year ago and I have to say it’s been, tough! But we have been holding our own and managing well.

We have seen double digit growth on our top line, launched new solutions, introduced efficiencies in our business through digital servicing tools/ robotics and many related initiatives.

GQ: What keeps you up at night, especially now after so many years of doing what you do?

PT: As Metropolitan, it is our vision to be a household name with at least a policy in every emerging market home.

Given the high unemployment rate, inauspicious economic outlook and all the world and local challenges, our vision may remain a pipe dream.

money matters, wealth, careers, finance — Peter Tshiguvho, Image: Supplied

That keeps me awake at night. While we are not acquiring new clients, the ones on the books are finding it tough to keep up with their regular premium obligations which spells business growth challenges.

GQ: What, or who has challenged you the most? Tell us what did they do or what happened?

PT: The hijacking incident that I experienced early this year.

GQ: What scares you the most? And how do you handle it?

PT: Crime scares me the most at the moment. Having been a victim to a hijacking incident early this year, I can’t help but think about my safety and those of my loved ones.

That said, crime will not abate unless all of us own up our space against it. The 3 evils, which include high unemployment, structural poverty and the most unequal society have got to be tackled head-on as a collective.

I stay positive and optimistic but grounded on reality as well.

GQ: How do you build a relationship with people who are around you? Especially those who report to you?

PT: For me, authenticity is key. When things are good, I let you know and when things are tough or bad, you will also know.

Above all, how I make people feel and the support I give where needed, creates a safe space to build a meaningful relationship.

money matters, finance, careers — Peter Tshiguvho, Image: Supplied

Granted, COVID-19 changed our “normal” way of work with the introduction of a hybrid model way of work in response thereof.

It is my strongest belief that building relationships virtually or on email just doesn’t work and thus I prefer and create time for a face-to-face catch up with my direct reports.

A face-to-face meeting which is underscored by authentic conversations is a good step towards building a meaningful relationship.

Over and above the one-on-one engagements, I also create opportunities for us to meet in-person as a team during our monthly EXCO meetings.

This is how we build relationships and intentionally create the culture we want.

GQ: The past two year were the hardest for insurance companies, meaning they were a lot of claims, how did you keep metropolitan insulated from it all?

PT: Yes, the last two years have been tough. We lost colleagues, we lost clients and people’s earning capacity was negatively affected.

We had lots of claims, our sales teams could not continue to do business as they used to and clients had to be serviced differently.

To address this, we took a multiprong approach - clients were afforded more flexible ways to pay for their premiums and premium skips were afforded.

careers, money matters. finance, wealth — Peter Tshiguvho, Image: Supplied

Our focus was to stabilise our sales channels and to support sales staff financially during the stringent lockdowns.

Since the start of covid, we paid out more than R3.7 billion in death claims when clients needed us most.

To address the changes and preferences of our clients, we focused on digital channels for our clients to engage with us both in sales and service to continue providing access to our business services in a new way.

GQ: In the last interview we had, we spoke about transformation, and well, perspectives change, what does transformation mean to you now, especially after a terrible two years of Covid-19?

PT: My perspectives about transformation haven’t changed, if anything I remain steadfast that diversity creates value for all stakeholders, be it employees (through divergent viewpoints and thoughts), clients as they can relate to the organisation which looks like them and solve for them with a better understanding for their needs.

We have to keep pushing from all angles because this is a bigger South African problem and not a one organization problem only. And we must acknowledge that it isn’t going to be easy but it’s doable.

GQ: Gender equality keeps on creeping up in every discussion where transformation is mentioned, now tell us how have you as someone in the Insurance industry made changes?

PT: We have to start somewhere and build from there. The key is to be intentional. 50% of my EXCO members is made up of women and 50% is Black.

money matters, finance, wealth, careers — Peter Tshiguvho, Image: Supplied

A year ago, after analysis of our staff members make up, I realized that Metropolitan was sitting with a big gap of African Black females on the middle management level and we went on to recruit 8 female graduates who are currently on the job training program to take up roles as middle managers starting from the end of this calendar year.

This may look like an insignificant number but we have started and we will continue to build on existing transformation initiatives.

GQ: What do you think should be done to systematically address these challenges?

PT: We have to start doing something and stop talking about transformation as a whole.

More than attending the diversity workshop, it is implementation and creating an inclusive operation where everyone belongs.

One individual’s inclusion doesn’t have to be at the expense of the other, but making the circle bigger.

GQ: You have set targets for yourself; would you please tell us what these were and how you have managed to achieve them?

PT: Building a sustainable business was one of my key deliverables and I am happy to say that I have delivered on that.

Unfortunately, this has to continue, lest we will find ourselves on the backfoot.

We’ve seen double digits top line growth, met our clients’ obligations during their time of need, and still managed to remain operationally strong is a big achievement.

I have taken up the opportunity to mentor others as my other goal I shared, and this has been fulfilling when I see them flourish and grow.

GQ: What would you say is the biggest misconception about being in your position?

PT: It is a big misconception that as the CEO you make all the decisions.

Yes, you are ultimately accountable for all the decisions made in your business, but you create a framework which empowers people at different levels to make good decisions.

careers, finance, wealth, money matter — Peter Tshiguvho, Image: Supplied

This festers a culture of ownership and the feeling of being empowered. When decisions go the wrong way, it is an opportunity to learn and teach those concerned.

GQ: Well, everyone has their own preference, so what’s the best time to work for you?

PT: Unfortunately, no one has the luxury of laxity when it comes to deliveries, so much that I have to make the best of the time I have to work, be it with others or on my own.

During the day I productively spend much of my time in meetings and use my evenings to catch up on my reading.

When working alone, I am at my best working at night as that is the period when disturbances/ interruptions are at their lowest, if any.

GQ: What do you like the most about your job?

PT: When I positively touch others, be it clients or aspiring young Black kids who would normally look up to a Black CEO and tell themselves – it’s doable.

careers, finance, wealth, money matters — Peter Tshiguvho, Image: Supplied

Seeing someone who looks like you creates hope and ultimately the drive to work harder.

GQ: Before we let you go, there is a perception that most professionals especially those who have just started in their careers don’t trust their bosses, so what is the best advice you’d have for these young professionals?

PT: Previous experiences should not impede you to build and trust your boss or anyone for that matter.

There are great bosses out there who mean well and when you hold back, you deny the next person to know you and thus compromise the opportunity to build a trusting and lasting relationship.

Trust works both ways and one must always ask oneself, what their role was which got them to a position where they felt they can’t trust the next person or others.