ABOUT US
We provide extensive health risk management services to a wide spectrum of clients across South Africa and internationally.
ABOUT US
We provide extensive health risk management services to a wide spectrum of clients across South Africa and internationally.
Who we are
Soma Initiative (Pty) Ltd (“Soma”) provides extensive health risk management services to a wide spectrum of clients internationally and across South Africa, including Government, Local Authorities, Industrial Councils as well as the private sector. We partner with organisations in the proactive management of employee ill health and incapacity, both temporary and permanent, to optimise employee well-being and productivity in the workplace.
Soma boasts a robust team of experienced and well-trained professional and operational staff. Led by the management team, knowledgeable, proficient, and skilled administrative staff are tasked with claim logging, case tracking, medical and data assimilation, and all other administrative functions whilst the claims assessment team of Occupational Therapists, Nurses, and Medical Doctors function as multi-disciplinary teams supported by a Medical Advisory Board of medical specialists. Soma employs professionally qualified and medically trained individuals as assessors. All Medical Practitioners, Occupational Therapists, and Professional Nurses are registered with the Health Professions Council of South Africa (HPCSA) and the South African Nursing Council (SANC) as the case may be.
About Soma Initiative
TSiBA Trust / TSiBA Education
After an extensive investigation of potential B-BBEE partners in the education field, Soma identified TSiBA Education as its ideal partner. While there were many potential beneficiaries of Soma’s B-BBEE spend, TSiBA Education meets all the essential requirements akin to our philosophy.
This B-BBEE transaction effectively transferred 25.14% equity ownership in Soma to TSiBA Trust which has as its sole beneficiaries the students of TSiBA Education, a non-profit private higher education institution providing previously disadvantaged students with access to quality higher education and skills development. This B-BBEE partnership between the Soma and the TSiBA Trust effectively secures ongoing endowment funding, enabling the delivery of education and empowerment to thousands of financially disadvantaged South Africans. TSiBA Trust is South Africa’s only virtually free tertiary institution enabling graduates to obtain a Bachelor of Business Administration degree that is recognized by the Department of Education and is accredited by the South African Qualifications Authority, the Council of Higher Education, and the South African Institute of Management.
Soma in conjunction with TSiBA Education implemented simultaneous transactions with each of TSiBA Trust and TSiBA NPC in terms of which:
- TSiBA Trust acquired a direct 25,14% equity interest in Soma
- TSiBA Trust is eligible to an annual dividend
- TSiBA NPC is the beneficiary of the annual Supplier Development and Enterprise Development spend by Soma
- TSiBA NPC, alternatively TSiBA Career Centre, is the beneficiary of the annual Skills Development spend by Soma
The essential element of the equity investment is that TSiBA Trust was not required to pay for its investment in Soma or incur any debt obligation with its equity investment.
Employment Equity
It is the Company’s policy to employ, develop and advance all its employees regardless of race, ethnic or social origin, colour, gender, or disability. The Company continually strives to maintain a workforce, which at all levels reflects the composition of South African Society. Soma is committed to providing equal opportunities in employment. Our policy maintains all employees and job applicants receive fair employment opportunities regardless of race, religion, colour, nationality, ethnic or national origin, gender, sexual orientation, age, marital status, or disability (including physical, sensory, and mental disability). We are resolute in our determination to ensure that the workplace is free from any form of discrimination and take immediate steps should it become apparent that any discriminatory practices exist against individuals. Any employee who disregards Soma’s Equal Opportunities Policy is subject to disciplinary action as set out in the Soma Human Resources Handbook.
Company objectives
- To promote economic non-discrimination against designated groups that are defined as blacks, including Africans, Indians, and Coloureds, and any disabled persons.
- To promote the continuation of a culture of participation conducive to the equitable development of the Company’s human resources.
- To contribute to building a non-sexist South Africa.
- To create a work environment that is free from any discriminatory practices and policies, utilising our cultural diversity to the benefit of all.
- To ensure that employment equity has legitimacy within the company through direct management and employee involvement.
- To acknowledge that external repositioning of the Company in terms of community investment and involvement is linked to internal repositioning in terms of training and development and non-discriminatory employment practices.
- To ensure that progress is achieved through mechanisms considered legitimate by all departments within the Company.
Management Team
Soma boasts a robust team of experienced and well-trained professional and operational staff. Led by the management team, knowledgeable, proficient, and skilled administrative staff are tasked with claim logging, case tracking, medical and data assimilation, and all other administrative functions whilst the claims assessment teams of Occupational Therapists, Nurses, and Medical Doctors function as multi-disciplinary teams supported by a Medical Advisory Board of medical specialists. Soma employs professionally qualified and medically trained individuals as assessors. All Medical Practitioners, Occupational Therapists, and Professional Nurses are registered with the Health Professions Council of South Africa (HPCSA) and the South African Nursing Council (SANC) as the case may be.
Social Responsibility
Soma’s corporate social responsibility is aligned with our vision, mission, and core values. This is actioned towards the support of groups, institutions, and persons reflecting and demonstrating the positive ideals of integrity, accountability, professionalism, service, leadership, empowerment, and national development. The main area of focus is the enhancement of human capital through educational development.
Soma’s main avenue of social responsibility expenditure is through our B-BBEE partners, TSiBA Education Trust which provides scholarships and funding to the TSiBA business school and its students. The TSIBA Ignition Academy (Pty) Ltd is a for-profit development academy that specialises in vocational training and business development. All the Academy’s high-impact interventions aim to close skills gaps, encourage professional development, and drive meaningful supply chain transformation. Soma is proud to partner in this educational endeavour.
Corporate Governance
Soma is committed to the highest standards of corporate practice and strives to implement the best processes and principles of good corporate governance to create value for all stakeholders. Our business philosophy is grounded on our values and a desire to be the leading health risk manager on the African continent. Appropriate best practice is adopted and monitored throughout all our operations.
Soma is committed to the principles of transparency, accountability, and integrity. The Board of Directors recognises that, as the core of the corporate governance function, it is ultimately accountable and responsible for the performance and affairs of the company. The Board supports the principles of openness, integrity, responsibility, transparency, professionalism, and accountability and Board members continually endeavour to ensure that company policies on corporate governance meet current best practices.
The Board believes that good corporate governance is far more than a list of minimum requirements. It is a working system for principled goal setting, effective decision-making, and appropriate ongoing monitoring of compliance and performance.
Soma contracted SEESA (Pty) Ltd to assist with the adoption of the Protection of Personal Information Act 4 of 2013 (POPIA) into all requisite aspects of Soma’s business. To this end, with SEESA’s guidance and approval, the following has been executed in ensuring Soma is POPIA compliant:
- PAIA Manual
- Data Processing Agreement
- Privacy Statement
- Email Disclaimer
- Staff training
- Internal Policy Approval
- Data Mapping Tool
- Information Officers: Soma appointed and registered two Information Officers with the Information Regulator: Ms Anita Paulse and Mrs Marianne Lancefield
History
The original disability assessment organisation was founded by Dr Douglas Baard in early 1996. In July of the same year, it was constituted as a private company, namely MedAssess (Pty) Ltd. In 1998, MedAssess was acquired by the JSE-listed Financial Services Company, Paradigm Capital Holdings Limited. MedAssess continued to function as a wholly-owned subsidiary of the Paradigm Capital Holdings Group until it was incorporated into a new trading entity known as Soma Initiative (Pty) Ltd in July 1999.
MedAssess was established in 1996 following approximately 10 years of consulting to the insurance industry in which a dire need to address the issues of incapacity, disability, and absenteeism in the workplace was identified. The company functioned primarily as a disability assessment and incapacity management company advising the trustees of numerous self-insured and insured pension and provident funds. On the establishment of the Soma Initiative (Pty) Ltd in 1999, the core operation of MedAssess was integrated into Soma Initiative (Pty) Ltd and expanded to incorporate the entire aspect of human capital management, extending from absenteeism through to disability assessment, as well as the retraining and redeployment of disabled individuals. The rationale behind this was that disability assessment needs to be proactive, as all disabilities start with a period of absence. If one knows the cause and extent of absence, then incapacity management and disability assessment become simple and routine.
The acquisition of Soma by Paradigm Capital Holdings Limited resulted in the development of sophisticated software applications to manage both absenteeism and disability assessment on a national basis and from multiple sites in geographically dispersed locations. At that point, Soma significantly expanded its service profile to include that of absentee tracking and management.
In anticipation of the B-BBEE transaction, the two operating entities of Soma Initiative (Pty) Ltd and Soma Interactive (Pty) Ltd continued until the 30 June 2005 financial year-end, at which time Soma Initiative (Pty) Ltd acquired Soma Interactive (Pty) Ltd as a going concern with Soma Interactive progressively being wound down, eventually to be deregistered during 2006.
The ongoing trading entity is known as Soma Initiative (Pty) Ltd [“Soma”] and provides extensive health risk management services to a wide spectrum of clients internationally and across South Africa, including Government, Local Authorities, Industrial Councils and the private sector.
