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Naspers boosts digital short-term insurance advice platform, Ctrl, with R34 million investment

21 July 2021 Naspers
Fabian Whate, Head of Naspers Foundry

Fabian Whate, Head of Naspers Foundry

Pieter Venter, CEO and Co-Founder of Ctrl

Pieter Venter, CEO and Co-Founder of Ctrl

Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers

Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers

• Ctrl is South Africa’s first digital short-term insurance marketplace connecting consumers, brokers and insurers on a single platform

• Ctrl enables traditional insurance brokers to digitalise and optimise their businesses

• Ctrl provides improved access to underserved consumers by improving convenience and control over their insurance

• Naspers Foundry makes its first investment in insurtech — taking its investment portfolio to six tech companies

Naspers is boosting the South African insurtech sector with a R34 million investment in digital insurance advice platform, Ctrl. The investment is part of Naspers’s R1.4 billion commitment to grow early-stage tech companies through its tech investment vehicle, Naspers Foundry.

Ctrl is a digital short-term insurance advice platform that was founded in 2017. Ctrl provides a unique tech solution to the short-term insurance industry and consumers through its single platform, which connects consumers, brokers and insurers in one place. The platform enables brokers to provide insurance advice digitally and allows underserved consumers to easily compare multiple quotes, obtain advice, accept cover and manage their policies.

Ctrl offers consumer-facing businesses an opportunity to enter the insurance advice industry by providing insurance solutions to their existing clients, enabling them to generate an additional income stream.

The result is a service that gives consumers more convenience and more control over their own insurance needs and provides insurance advisors with a more effective way to service their clients, freeing up time to focus on their customers’ needs.

Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers, said: “Ctrl is a great example of how innovations in technology can improve upon traditional business models that we use in our everyday lives. Our investment in Ctrl reflects the importance of the work Naspers Foundry is doing in South Africa. We seek to partner with phenomenal local entrepreneurs so that together, we can build technology-led companies that help to make people’s everyday lives better.”

Fabian Whate, Head of Naspers Foundry, said: “Ctrl has created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market. Everyone at Naspers Foundry is thrilled to make our first insurtech investment, and we look forward to working with the talented team at Ctrl as their business reaches new heights.”

Pieter Venter, CEO and Co-founder of Ctrl, said: “We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups. We believe that we are now in the best position to grow our business, and we are excited about Ctrl’s future as we transform the insurance industry.”

Ctrl has received many accolades in its quest to accelerate the digital transformation of the insurance industry. These include MTN App of the Year: Best Financial Solution in 2018 and Best Social Impact at the SA Startup Awards in 2019. In addition, Crtl was recently selected for the Endeavor and SA SME Fund Local Scale Up programme.

Quick Polls

QUESTION

Healthcare brokers have long complained about inflation-plus medical scheme contribution increases; but pandemic may have changed things. What will pandemic-induced changes in hospital utilisation do to medical scheme contribution increase patterns?

ANSWER

Below inflation increase for 2022, then back to inflation-plus
Long-term trend of below inflation increases
Inflation-linked hikes for 2022, then back to inflation-plus
This is a 2-year hiccup, inflation-plus increase trend remains in place
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