South Africa’s life insurance space will be seeing a significant change as Simply Financial Services plans on serving as many people as they possibly can.
Simply launched in November of last year and is based in Cape Town. The mass-market life insurance arena is a highly competitive and aggressive one.
The startup plans on getting ahead of its competition and gain as large of a customer base as they can by using its online platform and call center to sell insurance.
They will target individual moneymakers with family coverage plans, domestic employers with domestic coverage, and SME employers with business coverage.
The size of the life insurance market in South Africa alone is estimated to be worth about $760 million USD.
The founder of Simply, Anthony Miller, said, “We believe we can use our combined experience – tech startups, life insurance business building across geographies, human-centered design – and strong industry networks to build a business that can cut through the noise and deliver super simple life insurance products at disruptively low prices.”
The services provided by Simply have proven attractive as almost 2,800 policies have been bought thus far through Simply.
Anthony Miller also said, “At this stage, we’re only operating in South Africa. We feel there is a huge need here and that the South African market provides a great environment in which to forge a robust business. If we can make it here, we think we can make it anywhere. We aim to have 5,000 active policies by the end of the current financial year and 50,000 within four years.”