South African insurtech startup Ctrl has raised funding from insurance company Santam as it prepares to launch its app publicly.
Ctrl is a digital insurance advice app that enables users to request and accept quotes from different insurers, amend cover, and get advice.
It is currently still in its test phase and about to launch publicly, with that process now to be smoothed by funding from South Africa-based short-term insurer Santam, which has bought a minority stake in the startup.
Pieter Venter, co-founder and chief executive officer (CEO) of Ctrl, said the startup was excited to partner an established insurer to give South African consumers the best of both worlds – innovation and trust.
“Founded in 1918, Santam is a trusted, household name with an excellent reputation and exactly what consumers want when it comes to insurance – reliability,” he said.
Edward Gibbens, executive head: commercial and personal at Santam, said his firm was excited about the possibilities that the partnership enables.
“Innovation is at the centre of what we do at Santam, and we are always on the lookout for new distribution channels and ways to innovate. This is exactly what Ctrl offers through the Ctrl insurance advice app,” he said.
“Digital technology offers an incredible opportunity for intermediaries. We are operating in exciting times and the prospects are endless. Intermediaries must be responsive and seek these lucrative opportunities.”