Outsurance sets its sights on the fintech sector

On Monday, insurance provider Outsurance announced its new Outvest investment service – offering goal-based advice and passive investment solutions via a dedicated website and app.

The service offers a do-it-yourself digital front-end, low fees and intelligent goal-based calculators – which will help investors understand how much to save to achieve their goals.

The move to offer investment services marks a big step for the company, outside of insurance only services.

Speaking to BusinessTech, Outsurance’s CFO Jan Hofmeyr said that the the Outsurance group is well positioned to offer simple, high quality investment solutions through digital and call centre channels.

“In a country with a low savings rate, large advice gap and expensive products, we are confident that Outvest will have a positive impact on the market place,” he said.

He also indicated that the group was likely to further diversify into the financial services sector.

“As a direct financial services group with strong brands, we believe our operating entities are well positioned to explore fintech strategies to develop ancillary financial services products, such as Outvest, to broaden our customer proposition,” said Hofmeyr.

This would include the consolidation of Outsurance’s service into a single user account/portfolio, he said.

“Customers can easily view their insurance and investment products through the Outsurance and Outvest apps. A single portfolio view of all Outsurance products is part of our future plans.”

Read: Outsurance announces new investment service – here’s what you need to know

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Outsurance sets its sights on the fintech sector