Garth Napier, managing director of Old Mutual Insure, says acquiring specialist insurer Genric will satisfy a number of strategic objectives for the company, including an enhanced customer experience.
“This deal brings us closer to our goal of customer centricity, as we will be able to access a wider range of valued-added products and innovative offerings.
“It will also give us access to new insurance markets with low-cost products that can contribute meaningfully to our transformation strategy,” said Napier.
He explained that the transaction brings Old Mutual Insure the ability to not only rapidly test and scale new product ideas, but to access to a new customer base in accident, health and medical insurance, as well as other niche insurance offerings such as value-added products, cash in transit, equine, marine, travel,…