INSURER Old Mutual has announced a new collaboration with venture capital firm Anthemis Group, with an eye on investing in companies that disrupt the financial services sector and insurtech.
It said Anthemis would deploy capital on behalf of Old Mutual through its Anthemis Insurance Venture Growth Fund, focused on series B and C companies in insurtech.
Anthemis and Old Mutual have committed to scout for and/or invest in innovative companies on the African continent and across the globe that are advancing the digital transformation and disruption of the financial services sector.
Old Mutual chief executive Iain Williamson said: “While we have a number of investments in innovation, technology and digitalisation, we are excited at the scouting capability Anthemis brings to the group. We are confident that this collaboration will serve to significantly enhance every aspect of our business, from product solutions to technology, customer experience and servicing, so that we truly become our customers’ first choice.”
It said that one in 10 of its customers were engaging digitally, 25 percent of all life claims submitted were on digital platforms, and 175 robots across 50 processes executed 44 000 transactions a week, while the digitalisation of customer and adviser experiences across the group were projected to help realise a savings of R750 million by next year.
BUSINESS REPORT