The Hollard Group, a prominent insurance conglomerate, has made a strategic investment in Simply Financial Services, a South African-based insurtech company. Hollard’s move is expected to have a significant impact on the life insurance sector within the South African mass-market.
This investment in Simply Financial Services is part of a broader strategy by Hollard, which has previously made seed investments in other insurtech disruptors, such as Naked and Dotsure. This aligns with Hollard’s overarching goals of expanding its presence in digitally-driven insurance solutions.
Established in 2016 by entrepreneurs Anthony Miller and actuary Simon Nicholson, Simply aims to revolutionize the South African mass-market life insurance sector by offering tailored coverage and innovative payment options. Initially, Simply focused on providing direct life, disability, and funeral insurance for individuals and domestic workers. In 2020, the company expanded its services to include SMEs and brokers.
read also South Africa’s Tripplo Poised to Disrupt Logistics with $1.8M Investment
Hollard notes that Simply’s approach redefines traditional life insurance for lower- and middle-income earners. They achieve this by leveraging proprietary technology and user-friendly design to offer both individual and group insurance policies.
Co-founder Anthony Miller explains, “The current model for long-term insurance in the mass-market is unsustainable. There’s an oversupply of expensive standalone retail products, particularly funeral cover, with high policyholder turnover and limited value for customers. Simply reimagines this model by offering customers bundled benefits like life, disability, and funeral coverage, often with employer premium contributions. Thanks to high retention rates, our solutions deliver positive customer outcomes, whether through our cost-effective group option or our flexible retail option.”
Furthermore, Simply’s business model is scalable through white-label partnerships with brands seeking to enhance their digital capabilities. Presently, the company maintains three such partnerships in South Africa and intends to expand its international presence.
Willie Lategan, CEO of Hollard Group, underscores the value of Simply’s “superpowers” — their proprietary technology platform and comprehensive insurance capabilities. These assets are poised to bolster Hollard’s offerings and allow for swift deployment of new products and features.
Miller emphasizes that having the backing of South Africa’s largest privately-owned insurer positions Simply to export its model to other markets, fulfilling its mission to safeguard the financial futures of millions.
Simply Insurance Africa Simply Insurance Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con