OUTSURANCE plans to offer robo-advice and is applying for licences with the Financial Services Board to enable it to sell investment products. "We think Outsurance is pretty well-placed to play in [the robo-advice] space. We have a direct brand already so we think it’s a natural fit," said CEO Willem Roos. Robo-advice refers to online financial advice platforms that use algorithms to provide generic investment advice and products to their users, based on the financial needs and goals inputted by the user. It costs less than traditional asset managers and financial advisers, a number of which have launched their own online advice platforms in a nod to the disruption this technology will cause. Robo-advice had particular applicability with smaller investments, where the cost of independent financial advice was too high, Roos said. While it would cross-sell to its existing 700,000-odd South African policyholders, Outsurance, which is majority-owned by Rand Merchant Investment Holdings ...
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