Old Mutual : partners with CoverGo to drive digital insurance transformation across Africa (NaN)

Press Release

Old Mutual partners with CoverGo to drive digital insurance transformation across Africa

Tomas Holub, Founder & CEO, CoverGo, Vuyo Mpako, Managing Director of NEXT176, Old Mutual Limited

NEW YORK and CAPE TOWN, January 23, 2023 – Old Mutual,one of the largest pan-African financial services groups, and CoverGo, the leading global no- code insurance SaaS platform for P&C, health, and life, have formed a strategic partnership through Old Mutual’s investment in CoverGo’s US$15 million Series A earlier in 2022.

Old Mutual, one of the world’s oldest insurance companies, will be able to leverage CoverGo’s platform to streamline its insurance ecosystem by launching insurance products in record time, increasing sales through new channels, and improving user experience across 13 countries in Africa.

CoverGo has been adopted by a growing number of insurance companies across the globe, especially in the health insurance space, to build and launch products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, and many others.

“As a pan-African Insurance provider, we need to be able to conceive, modify and deploy insurance products for discerning customers and strategic partners in the 13 markets in which we operate at speeds we never imagined before.

Press Release

CoverGo’s modular, no-code insurance platform enables us to go digital in a flexible and scalable way,” said Vuyo Mpako, MD of NEXT176, Old Mutual Limited. “We are acutely aware of the evolving financial services landscape and believe that investing in agile innovation is more important than ever before and our customers on the African continent cannot be excluded from global trends and innovations,” concluded Mpako.

“Insurance companies in emerging markets are looking to accelerate their digital transformation and drive efficiencies across the whole insurance value chain without heavy IT development. As a result, we have seen a fast- growing demand for CoverGo as a truly configurable no-code platform,” said Tomas Holub, Founder & CEO of CoverGo. “The strategic investment from Old Mutual will help expand CoverGo’s presence in Africa and make insurance more accessible and digital for all the stakeholders in the region.”

About Old Mutual

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual’s primary operations are on the African continent, and it has a niche business in Asia. With over 177 years of heritage across sub-Saharan Africa, Old Mutual continues to play a crucial part of the communities it serves as well as in broader society. For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.

About CoverGo

CoverGo is the leading global no-code insurance platform for P&C, health, and life, enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way. To learn more, visit www.covergo.com.


Old Mutual Ltd. published this content on 23 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 17:34:28 UTC.

Publicnow 2023


Analyst Recommendations on OLD MUTUAL LIMITED

Sales 2022 1 032 M
1 277 M
1 277 M
Net income 2022 387 M
479 M
479 M
Net cash 2022 987 M
1 221 M
1 221 M
P/E ratio 2022 7,01x
Yield 2022 6,49%
Capitalization 2 685 M
3 323 M
3 323 M
EV / Sales 2022 1,65x
EV / Sales 2023 1,53x
Nbr of Employees 29 861
Free-Float 96,7%


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Mean consensus BUY
Number of Analysts 4
Last Close Price 11,62 ZAR
Average target price 13,94 ZAR
Spread / Average Target 19,9%

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