FIN1359

Short term insurance administrator with innovative fintech platforms

South Africa
 

As an independent Underwriting management agent (UMA), our client services brokers on behalf of multiple insurance underwriters, and administrates short-term insurance cover. These services include policy issue, premium calculation, premium collection, claims administration and pay outs. Fintech innovation has enabled effective penetration into the rapidly expanding mass markets, increasing the accessibility of low-income households to affordable financial tools and services. The uptake of financial technologies across the African continent is positive and fast-growing, offering the company significant potential for growth.

Key Aspects:

  • Multiple companies within the group offering complementary services to a range of distribution networks, all providing short-term insurance services but to different markets
  • R400 million in Gross Written Premiums in FY2018
  • Highly skilled workforce with comprehensive IT and data science skills enabling all insights to be created in-house
  • Customised info technology integrated into the IT systems of suppliers and service providers to ensure effective workflow systems, with completely scalable data centres
  • Established brand with a reputation for excellence, well-known for exceptional service delivery
  • Trusted relationships and volume-driven growth in the affinity markets

    Opportunities:

    • Full control of databases: access to significant quantities of data that can be mined for providing additional services
    • In-house claims centre and data centre infrastructure is scalable to support growth strategy
    • With our client's innovative and entrepreneurial spirit, and by using insights from the data collected at in-house data centres, the company is able to understand market needs, and develop individualized products to meet these needs
    • Potential for expansion into sub-Saharan Africa leveraging the penetration of fast-growing cellular mobile fintech solutions across the continent
    • Expand the geographical footprint to access new markets, and increase the broker-based business by merely applying more manpower
       
       
       
      Year:

      2017

      Actual

      R'000

      2018

      Actual

      R'000

      2019

      F'cast

      R'000

      2020

      F'cast

      R'000

      Turnover36,08147,40060,77271,890
      Gross Profit:36,08147,40060,77271,890
      Adj. EBITDA *10,04312,18621,78528,045
      * Earnings before interest, tax and depreciation (non-cash item)
       
      Bids Invited