Fear of failure drives Metropolitan CEO Peter Tshiguvho

The world is not short of case studies, pointing to big failures and crashes – among them the 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 swept through the financial markets – left investors and hundreds of its employees with a bleak future.

Presiding over one of South Africa’s largest financial institutions, Peter Tshiguvho belongs to a breed of corporate leaders, whose passion for success, knows no bounds.

‘Fear of failure’

As CEO of the multi-billion-rand worth Metropolitan, the highly-driven Tshiguvho is propelled by “fear of failure”.

“While I cannot avoid failure altogether, it is an incident I learn more from when it happens.

“It is therefore, of critical importance for me to have my eyes – at all times – fixed on the ultimate goal, notwithstanding the inevitable setbacks along the way,” says Tshiguvho.

“Some of the things I may have regarded as challenges a long time ago may no longer be posing a problem.

“A challenge is more a mindset issue or one’s unmet expectations. On my business journey, I have come across a lot of people-related issues. But, due to expecting them, I have dealt with them as part of my many responsibilities,” he commented.

“Ranging from peer, subordinate or manager level, the key to addressing people issues is to deal with them as soon as they occur.”

Reflecting on the key drivers of Metropolitan, Tshiguvho says these include client service, market access, premium collection, risk selection and management.

He explains: “We always have to live up to our promise, because that is how we will continue to build a stronger relationship with the client.

“We consciously strive to meet our clients’ expectations at all times, which is why we have been a leader with SACSI [South African Customer Survey Index] conducted by Consulta for the last three consecutive years.

“Market access is the source for our sales and this is the life-blood of our organisation. A good sale is the one that will also make good on premium payment. If we are not getting paid, it’s as good as not having made a sale.

“In our environment, we also have to understand the risk we are taking up and how we manage this on an ongoing basis.”

ALSO READ: Eusebius McKaiser tears Momentum CEO to shreds

Born in Venda

Born in Venda, where he would daily make a 20-kilometre walk to high school, Tshiguvho completed his first degree at the University of Venda and did an MBA and Postgraduate Diploma in Financial Planning at the Potchefstroom Business School and the University of the Free State, respectively.

He recently completed an Advanced Management Programme at Harvard University.

Humble about his achievements, he describes them as being “always relative”, Tshiguvho prefers to take a collective claim for strides made.

“I am proud of the team I have put together here at Metropolitan Life. The executive committee is made up of 50% blacks and 50% women – a good mix of young and old. It is important to ensure that everyone feels belonging to the team.

“Owing to our foresight during the initial Covid-19 lockdown and subsequent movement restrictions, our sales advisers had digital tools and processes, which were developed more than a year ago.

“These enabled them to continue working when our traditional competitors could not operate because they didn’t have the tools to do so.

“Over the past three years, we have been getting consistent and solid business performance in a number of key metrics at Metropolitan Life – building a solid and diverse team to deliver on our objectives as we did.”

Before joining Metropolitan, Tshiguvho developed and launched “Isipheko” product at Ithala.

“I grew a private security fund – from just under 5000 members to over 250 000 while at African Life.

“This included leading the launch of the ZCC church scheme.

“Above all, having grown in the insurance industry to take up a CEO role at Metropolitan, became my biggest achievement,” he says.

How much more does Tshiguvho want to achieve at Metropolitan?

Tshiguvho said: “It is my aspiration that I create the framework for Metropolitan to sustainably grow even bigger, by ensuring that we offer solutions to the lower middle market segment.

“These are solutions geared at showing a clear understanding of their specific needs – how they want to be treated with dignity and respect – not only by Metropolitan Life, but the financial industry as a whole.

“This will invigorate my feelings about how Metropolitan Life is working towards its vision, of being a household name with a policy in every emerging market home.

“This is how we can be able to reduce – if not eliminate the trust gap between the financial services industry and the market we serve.

“In the end, the industry wins when the community wins.”

His inspiration

About people who have inspired him, he says: “As a kid, I learned early in life that if there was anyone who had to cut the poverty line and change my mother’s life for the better, it had to be me.

“While in high school I had a Physical Science teacher, the late Mr Abel Mushi, who was the best.

“My school principal, Mr Ronald Mutsila, played a critical role too.

“With a larger-than-life character, he continuously planted a seed that reminded me that through hard work, anything was possible.

“Throughout my working career, I have had so many people who assisted me, either through coaching or mentoring – others by being my sponsors.

“They included Eddy Tshitimbi, Gavin Coetzee, Graham Smith [not the cricketer] and most recently Hillie Meyer,” he says.

To motivate his team, says Tshiguvho: “On an annual basis, I travel with our top salespeople and qualifying indoor staff members, to international destinations – a way of thanking them for hard work and delivery.”

– brians@citizen.co.za

READ NEXT: 5 common debt traps and how to avoid them