MTN to sell Sanlam insurance on its digital platforms
MTN SA has partnered with JSE-listed financial services group Sanlam to provide a range of financial services via MTN’s digital platforms.
The partnership, announced today at MTN’s head office in Johannesburg, will see Sanlam, which is the largest insurer on the African continent, offer its insurance products on MTN’s mobile app, Web site and USSD platforms.
Addressing delegates at the partnership launch, Sanlam group CEO Ian Kirk noted the local insurance market has seen a huge evolution, with this partnership expected to completely turn insurance purchasing on its head.
“The traditional insurance market is intermediated, with brokers, the agent, and face-to face or telephone interaction. This is why over the years, Sanlam has invested appropriately in insurance fintech through our current products,” he explained.
“For us to partner with an organisation such as MTN is a wonderful opportunity that will enable us to tap into its more than 30 million customers in SA. Digital innovation is about doing things differently and this partnership means clients will have the opportunity to purchase bundled products from both MTN and Sanlam, with the added benefit of having flexible payment options, as opposed to making regular monthly payments.”
Through the collaboration, MTN will provide the platforms, payment solution and clientele distribution, while Sanlam will provide the insurance products, regulatory compliance and capital.
The sign-up process will be done through a digital customer-centric process via any device attached to the MTN network.
The initial Sanlam product range that MTN will make available includes funeral cover and a range of life products. Ultimately, customers will be able to access new value-add solutions within the funeral cover offerings, a range of risk covers and savings/investment plans and customised solutions that will better meet their lifestyle and service needs.
“At MTN, we believe everyone deserves the benefit of a modern connected life and that we are uniquely positioned to help make this a reality,” said Rob Shuter, group CEO and president of MTN.
“By harnessing the power of our technology, we can offer our customers a range of financial services, anytime and anywhere. By bridging the digital divide that is so pervasive across the continent, we can help drive more financially inclusive environments that give all people access to useful and affordable financial solutions.”
While today marked the launch of the partnership, MTN says the product launch is yet to be announced, when the service goes live on the platforms.
“Digital inclusion is about MTN providing innovative products that add value, to all segments of our society,” said MTN SA chief officer of financial services, Felix Kamenga.