Underwriting Management Agents with innovative fintech platform

South Africa
Business Services; Financial; Technology, Media, Telecom & Data
Client Code: BM007191
Turnover (Forecast): R72,320,600
EBITDA (Forecast): R22,784,702

As an independent Underwriting Management Agent (UMA), our client services brokers on behalf of multiple insurance underwriters, and administers short- and long-term insurance cover. Services include policy issue, premium calculation and collection, claims administration and pay outs. Fintech innovation has enabled penetration into the rapidly expanding mass markets, increasing the accessibility of low-income households to affordable financial services, offering significant potential for growth.

Key Aspects
  • Multiple companies within the group offer complementary insurance services to a range of distribution networks
  • As independent underwriting managers, our client offers cover from multiple insurers
  • A unique business model within the industry
  • Highly skilled workforce with comprehensive IT and data science skills enabling all insights to be created in-house
  • Completely scalable data centre
  • Full control of databases: access to significant quantities of data that can be mined for providing additional services
  • Customised IT integrated into the IT systems of suppliers and service providers
  • Established brand with a reputation for excellence
  • Loyal blue-chip client base
  • Trusted relationships with the micro-lending market
  • Volume-driven growth through the affinity market
  • Potential to scale and capability for expansion into sub-Saharan Africa
Opportunities
  • Leverage affinity channels to expand market penetration through the ecosystems of retailers with a presence throughout Africa.
  • Leverage their fast-growing mobile fintech solution to expand into sub-Saharan Africa. Enhance payment gateway options to mitigate micro-product collection risk and reduce transaction costs. The back-end administrative infrastructure and databases are scalable to support the growth strategy.
  • Leverage data: the company has significant quantities of data that can be mined for providing additional services, or can be commercialised for their distribution channels. New data is collected continuously, through new policies sold through new distribution channels. Using this data, the company is able to understand market needs and develop individualized products to meet these needs.
Headquartered
  • The company’s head office is in South Africa, with their services extending to clients in sub-Saharan Africa.
Current Markets
  • Our client services ninety insurance brokers across South Africa, with cover provided by several national insurance underwriters.
  • The company uses the established distribution channels offered by retailers to their account holders, known as affinity sales, for selling short- and long-term insurance products.
  • The fintech app can be used across multiple sectors to enable insurance reselling, such as companies within the retail industry, banking, unions, social financial collectives such as burial societies and multilevel marketing channels, and data companies.