Santam says it has concluded minority investment in insurtech start-up, Ctrl – which is made up of a software development business and a financial intermediary business.
The Ctrl app is currently still in its test phase and about to launch publicly. The app enables users to request and accept quotes from different insurers, amend cover and get advice without having to make a call or an appointment.
Edward Gibbens, Executive head: Commercial and Personal at Santam, 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.”
Ctrl co-founder Pieter Erasmus, said: “We have written an algorithm that recommends the best cover based on a client’s financial needs analysis and this could be from any one of the insurers that we’ve signed up as partners. For now, our partners include Old Mutual Insure, Bryte, Brolink and of course Santam.
“We hope to add more insurers to the platform in future.”