Sanlam, a South African financial services company, seeks to enlarge its capacity in insurance service delivery through technology.
Sanlam, in collaboration with MTN telecommunication Group, has announced its tactical partnership, which aims to diversify market scope and distribute insurance and investment products across Africa. Being in effect since 31st October 2022, the agreement has been approved with the fulfillment of the regulatory, competition, and other requirements.
Sanlam Company offers various insurance products such as life insurance, disability coverage, income protection, medical aid, short-term insurance packages, etc. The strategic partnership is proposed to be implemented through the MTN group InsurTech platform with aYo Holdings (aYo), and each partner will hold 50% of aYo.
aYo is an insurance package available to all MTN customers, who can now enjoy a fleet of benefits. By having an aYo account, the partnership will be able to build and develop digital insurance and investment offerings across Africa,
The joint service offers subscribers the opportunity to insure themselves and their loved ones against health and funeral expenses. “We are confident that this alliance will build and leverage the strength and assets of both companies to establish a digital insurance and investment capability across Africa,” said partnering groups.
The CEO of Sanlam Group also stated, “We are delighted to reach such a critical stage in our drive to deepen penetration of insurance and investment products across Africa through strategic partners.”
With this initiative, insurance services would be readily available and accessible to a large population of users who may not have had the opportunity to access traditional insurance services. Is it correlational to expect an improvement in public health with the emergence of InsurTech?
Image Source – MTN