Old Mutual expands investments in innovation
Old Mutual is expanding its investments in innovation through collaboration with venture capital firm Anthemis Group . Anthemis will deploy capital on behalf of Old Mutual through its Anthemis Insurance Venture Growth Fund (AIVGF), focused on series B and C companies in insurtech .
The collaboration will see Old Mutual act as the exclusive strategic investor for Africa in the AIVGF. To support this goal, Anthemis and Old Mutual have committed to scout for and/or invest in innovative companies both on the African continent and across the globe that are advancing the digital transformation and disruption of the financial services sector.
“While we have a number of investments in innovation, technology and digitalization, we are excited at the scouting capability Anthemis brings to the Group. We are confident that this collaboration will serve to significantly enhance every aspect of our business, from product solutions to technology, customer experience and servicing, so that we truly become our customers’ first choice. This collaboration with Anthemis will help us to build on this progress and strengthen the core fundamentals that have helped to anchor our brand in the hearts and minds of customers for 176 years and hopefully well beyond.” – Old Mutual CEO, Iain Williamson.
The Group has made good progress in building digital customer experiences as 98% of funeral claims are processed in four hours or less, 25% of all life claims submitted are on digital platforms and 1 in 10 customers are engaging with the company digitally (“175 robots across 50 processes executing 44,000 transactions a week”).