Santam picks up minority stake in Ctrl

South African Insurance major Santam has made a minority investment in InsurTech start-up CTRL.

Ctrl provides short-term car and house insurance through an independent advice app, which allows customers to view and accept insurance quotes through their mobile phones.

The platform also includes a policy comparison tool which makes recommendations based on the user’s profile.

The start-up was established by founder Pieter Venter, Francois Venter and Pieter Erasmus.

Ctrl’s app is still in the test phase but is set to launch to the wider public soon, according to its website.

Santam executive head of commercial and personal Edward Gibbens said, “Innovation is at the centre of what we do at Santam, and we are always on the lookout for new distribution channels and ways to innovate. This is exactly what Ctrl offers through the Ctrl insurance advice app.

“Digital technology offers an incredible opportunity for intermediaries. We are operating in exciting times and the prospects are endless. Intermediaries must be responsive and seek these lucrative opportunities.”

Earlier this week, Austrian InsurTech bsurance raised €4m in a Series A round as it plans expansion into Western Europe and the CEE region.

Copyright © 2019 FinTech Global

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