South African Insurtech, Simply Financial Services, Secures Significant Funding from Hollard Group

South Africa-based insurtech company, Simply Financial Services, has successfully secured a significant, undisclosed investment from the Hollard Group.

Hollard’s investment in Simply Financial Services is part of a broader strategy aimed at enhancing its presence in technologically advanced insurance products. Hollard has already made seed investments in other insurtech disruptors, such as Naked and Dotsure.

Established in 2016 by entrepreneurs Anthony Miller and Simon Nicholson, Simply Financial Services is on a mission to revolutionize South Africa’s insurance market by providing tailored coverage and innovative payment solutions. Initially, Simply focused on offering direct life, disability, and funeral insurance to individuals and domestic workers. In 2020, the company expanded its offerings to include brokers and small and medium-sized enterprises (SMEs).

According to Hollard, Simply Financial Services’ strategy redefines standard life insurance offerings for individuals with lower to middle incomes.

Co-founder Anthony Miller elaborates, “The existing model for long-term insurance in the mass market is unsustainable. There is an oversupply of costly standalone retail products, particularly funeral coverage, with high policyholder turnover and limited value for customers. Simply reimagines this model by providing customers with bundled benefits, including life, disability, and funeral coverage, often with contributions from employers. Thanks to high retention rates, our solutions consistently deliver positive outcomes for customers, whether through our cost-effective group option or our flexible retail option.”

Additionally, Simply’s business model is scalable through white-label partnerships with companies seeking to enhance their digital capabilities. Currently, the company maintains three such agreements in South Africa and plans to expand its global footprint.

Willie Lategan, CEO of Hollard Group, underscores the value of Simply’s unique technology platform and comprehensive insurance capabilities, referring to them as “superpowers.” He believes that these resources will strengthen Hollard’s product offerings and enable the rapid release of new products and features.

The support from South Africa’s largest privately-owned insurer empowers Simply Financial Services to expand into new markets and fulfill its mission of safeguarding the financial futures of millions of individuals.

Hollard’s decision is expected to have a significant impact on South Africa’s mass-market life insurance industry.