Ayodeji Ayenuwa
South African insurance giant Hollard has made a strategic investment in the local insurtech firm, Simply Financial Services. This investment follows Hollard’s prior financial support for disruptors like Naked and Dotsure.
Simply Financial Services, co-founded by Anthony Miller and Simon Nicholson, has been making waves by offering innovative life insurance and payment solutions tailored to lower- and middle-income segments.
Their initial offerings included life, disability, and funeral insurance for individuals and domestic workers. In 2020, they expanded to include SMEs and brokers.
“The current model for long-term insurance in the mass market is unsustainable,” says Simply co-founder Anthony Miller. “Simply reimagines this model by offering customers bundled benefits like life, disability, and funeral coverage, often with employer premium contributions.”
Moreover, beyond its home market, Simply has established white-label partnerships with various brands and is setting its sights on international expansion.
Hollard recognizes the potential in Simply’s technology platform and insurance capabilities. Hollard Group CEO Willie Lategan notes, “These resources will strengthen Hollard’s offerings and enable the quick release of new products and features.”
Lategan is excited about the possibilities. “We believe Simply’s ‘superpowers’ will be a valuable addition to Hollard’s stable,” he says, highlighting that the backing from South Africa’s largest privately-owned insurer will enable Simply to export its model to other markets and fulfill its mission of safeguarding the financial futures of millions.
This strategic investment underscores Hollard’s commitment to embracing insurtech and delivering advanced insurance products, potentially reshaping the South African insurance landscape to the benefit of consumers.
Techrectory with Agency Report.
