Assupol introduces Incub8 – A cell captive microinsurance solution
Johannesburg - In its continued path of growth, diversification, and transformation, Assupol is proud to report on its expansion into the microinsurance segment, through the introduction of Incub8 with Assupol, a subsidiary of Assupol Investments Holdings Limited. Incub8 with Assupol is a third-party cell captive microinsurer aimed at transforming the insurance industry by providing emerging and established financial services business access into the broader formal insurance industry.
Through strategic partnerships with previously excluded segments of the South African economy, Incub8 with Assupol will create an opportunity for community-driven and client-centric businesses to establish and co-own sustainable insurance companies.
Incub8 with Assupol is set on driving transformation in the insurance industry through a cell captive insurance solution that prioritises skills transfer to its partners amongst others and consolidates regulatory oversight for ease of access to the market.
Assupol Group CEO, Bridget Mokwena – Halala said, "We are excited to take a leap into new territories and explore the business of microinsurance. We have no doubt that, as with all past innovations and ventures that we have pioneered, our cell captive insurance solutions will make a positive impact on the lives of clients and the communities we serve. We continue to explore further opportunities that will transform the industry and better meet the needs of many South Africans", Mokwena–Halala said.
Assupol's bid to serve those who serve has been the driving force in not only improving its existing offerings but also creating new industry solutions in keeping with the pioneering spirit of its founders. They pride themselves in their continued Culture of Innovation and transformation.
Assupol has grown in leaps and bounds since its inception in 1913, to becoming a leader in the insurance industry, boasting an array of insurance products that are tailor-made to meet their clients' needs. They have grown into a reputable provider of funeral, life, savings, and retirement products to South Africans. Their dedicated service to communities has contributed to the company's longevity and continues to sustain their profound impact in the industry, setting them apart from their competitors.
In its 110 years of existence, Assupol has been amongst the leaders in the industry, successfully pioneering several industry firsts.
Incub8 with Assupol provides a value-based partnership through a unique plug-and-play model- giving its partners full access to the Assupol ecosystem. It also provides risk and value sharing arrangement, and a consolidated regulatory oversight function through Assupol's incubation model as well as establishing insurers of the future.