Insurtech start-up; Simply Financial Services has received a multi-year funding commitment from Yellowwoods, a private investor group.
The start-up offers Family Cover, Domestic Cover and Group Cover options, all underwritten by Old Mutual Risk Transfer Ltd (OMART).
Simply was launched in 2015 by three partners: Anthony Miller, Simon Nicholson, and Shaun Dippnall with the aim of revolutionizing the South Africa’s market life insurance space by serving as many people as possible with designs, value and life insurance products.
“To have the backing of one of the most successful insurance investors in South Africa gives us real belief in our model, our team and what we’re trying to do,” said Anthony Miller, “In addition, Yellowwoods brings strong life insurance and business know-how at board level and access to potential partners both locally and abroad.”
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Miller anticipates significant business growth within South Africa as the niches which Simply currently targets are underserviced.
“We plan to grow organically in South Africa under the Simply brand by positioning ourselves as the digital insurer of choice in specific niches that are likely to opt for a simple digital product,” he said. “The world is moving online at an exponential pace. South African customers likewise are going digital faster than most existing players realise. It feels slow year to year, but over the next five to 10 years no one will believe how quickly things have changed.”
The investment in Simply adds to Yellowwoods’ growing stake in a number of emerging local and international insurance businesses. The private investment group has interests in Hollard and Clientele in South Africa, and invested in another local insurtech start-up – Naked Insurance in 2017. It has also backed machine learning startup DataProphet.
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