Insurance provides an important tool to help people financially protect themselves, their families and their prized possessions. Short-term insurance, however, can be complex, and consumers often find it challenging to navigate the various offerings. As a result, the sector has attracted entrepreneurs utilising innovative and disruptive technology to improve the consumer experience.
Naspers's early-stage tech investment vehicle, Naspers Foundry, identified Ctrl as a game-changing digital short-term insurance advice platform and invested R34 million in the business.
The platform gives customers control of their insurance and makes everything about car and household cover easy to understand and as transparent as possible. Customers can get real quotes from different insurers, accept cover in the app, add and delete items (your assets) from cover, get emergency assistance, claim or chat to a qualified advisor - empowering them to take control of their finances.
"Ctrl has created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market," said Fabian Whate, Head of Naspers Foundry. "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."
Naspers Foundry partners with local entrepreneurs to build technology-led companies that help make people’s everyday lives better. It has committed R1.4 billion to grow early-stage tech companies. The investment in Ctrl is the company’s sixth tech investment and a first in insurtech.
"Ctrl is a great example of how technology innovation can be used to 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," said Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers.
The digital platform was co-founded in 2017 by Pieter Venter, Pieter Erasmus and Francois Venter and has received several accolades for accelerating the insurance industry's digital transformation. These include, among others, MTN App of the Year: Best Financial Solution in 2018; Best Social Impact at the SA Startup Awards in 2019; and Ctrl was recently selected for the Endeavor and SA SME Fund's Local Scale Up programme.
"We are ecstatic about Naspers Foundry's investment given their vast experience in growing early-stage tech companies," said Pieter Venter, CEO and Co-founder of Ctrl. "We believe that we are now in the best position to grow our business and are excited about Ctrl’s future as we transform the insurance industry."
This post was sponsored and supplied by Naspers.