Naspers has given a lift to 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.
In a statement, Naspers says Ctrl is a digital short-term insurance advice platform that was founded in 2017.
Ctrl provides a 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.
It adds that 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.
According to Naspers, 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, says: “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, says: “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, says: “We are ecstatic about Naspers Foundry’s investment, given their vast experience in growing tech start-ups. We believe 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.”
Naspers notes 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.