Societe Generale Assurances has announced an investment of €1.1 million in online life insurance startup Mutumutu through CreativeDock Insurance Holding (CDIH). The investment is expected to strengthen the existing partnership with Komercni Pojistovna, the exclusive risk carrier of Mutumutu in the Czech market.
“We will be further promoting a healthy lifestyle. We will add other sports to the mobile application, which will add options to get insurance cheaper and more affordable. We prepare extensions for higher-income clients who want wider coverage,” said Jindřich Lenz, CEO of Mutumutu.
Societe Generale Assurances will hold a strategic minority stake in CDIH through this investment and will allow Mutumutu to develop its activity and aim to increase its clientele within the next year.
Ingrid Bocris, Deputy General Manager of Societe Generale Assurances, in charge of Partnerships, Corporate and Innovation added, “We support the modernization of life insurance. We are looking for ideas, but also technological maturity and the ability to deliver innovation to the market. Clear insurance with a unique reward for a healthy lifestyle that can be arranged fully online and in a few minutes is unique across Europe and it will inspire the development of the whole sector.”
Established in 2018, Mutumutu is a creation of the Prague company builder CreativeDock and it aims to address the Czech market with three insurance policies- Incapacity to work, Disability and Death. Mutumutu’s business model relies on a prevention program based on a cash-back mechanism on the insurance premium, through connection to mobile health applications. Clients are rewarded for an active and healthy lifestyle with up to 30% premium’s cashback.
“This investment perfectly fits Societe Generale Assurances’ strategy which consists in investing in startups with a strong focus on innovation, digital technologies and clients’ experience” commented Philippe Perret, CEO of Societe Generale Assurances.
Source: Google Insurane