Simply partners with PaySpace to distribute life insurance products
Cape Town-based life insurance intermediary Simply has partnered with HR and payroll software provider PaySpace to allow small businesses to buy life, disability and funeral insurance online. PaySpace customers can now use their PaySpace credentials to get a quote and buy coverage.
“SMEs have generally not been on the radar for group risk providers in the past. Commission levels are low compared and onboarding has been pretty manual. It just hasn’t been worthwhile for brokers, and insurers haven’t been able to find alternative channels. Simply’s digital process changes all of that – customers can now buy cover in minutes with Simply taking care of much of the back-end admin. We’re excited. By targeting people through their employers, we can keep premiums low and cover people who would otherwise not be covered.” – Simply’s Deputy CEO, Simon Nicholson.
Established in 2016, Simply is a team of ~26 backed by private investment group Yellowwoods. It offers life insurance products that are underwritten by Old Mutual Alternative Risk Transfer