Monique Hoffman, CEO of GENRIC Life
As consumers look to the market for products that meet their changing needs, insurer expands its partnership model to help entrepreneurs and insuretechs create them.
GENRIC Insurance Company, which has successfully launched multiple non-life insurance products through its partner-focussed business model, has now expanded its offering to include life products. Through its newly established life cell with one of South Africa’s leading cell captive insurers, Guardrisk Life, GENRIC’s goal is to help innovative entrepreneurs bring their niche ideas to “life.”
“With the onerous capital and regulatory requirements, technology and expertise demands needed to take an insurance product to market, many innovative solutions simply don’t see the light of day,” explains Monique Hoffman, CEO of GENRIC Life.
“This is to the detriment of an industry that is in desperate need of these solutions to meet the changing needs of consumers. By partnering with GENRIC, we are able to provide the risk financing facilities, tech platforms and administrative support required, with fewer barriers and lower costs than if an insurance entrepreneur were to embark on establishing a cell or license of their own.”
GENRIC’s objective is to provide the structured processes and operational alignments in an incubative approach that facilitates the success of its business partners, while allowing them to retain their innovative, entrepreneurial mindset needed in a highly regulated and competitive industry.
“GENRIC’s incubation hub, GENovation, has been key in driving transformation at an ownership level in the non-life industry through the successful launch of multiple black-owned insuretech companies and underwriting management agencies (UMAs). Petrosure, Solvency Finteq and Sugar are three examples of these companies. GENRIC, at its core, is uniquely nimble. Our partnership model is designed to promote ownership retention, allowing the entrepreneurs behind them to participate in its economic benefits. The goal of the arrangement is to leverage our existing frameworks to enable UMAs, brokers, and insurtech innovators to focus on their specialist, expert skills that differentiate the product in the first place.
“The demand for the same approach in the life insurance space has increased to the extent that we have geared up to expand into that market now too. We are really excited about the variety of products in our current development pipeline and are looking forward to seeing these unfold,” concludes Hoffman.
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