Outsurance in new push with digital experts
Mobile payments could be on the cards as insurer hires entire team responsible for TYME banking platform
In its latest push to diversify beyond insurance, Outsurance has hired a team of digital financial services experts from TYME, the mobile payment provider that was behind MTN Mobile Money and which recently obtained a provisional banking licence. Outsurance had hired "the entire IT team that built TYME’s core banking platform", said a person familiar with the matter. TYME confirmed that five people had left the company. However, Outsurance CEO Willem Roos said the insurer had no "firm plans" to enter the banking space in the short to medium term. "Our new team members have broad skills in the digital financial service area. We are excited [to have] bolstered our team," he said. Roos declined to comment on what the TYME hires would be doing at Outsurance or whether they would be working on its robo-advice platform, from which it planned to sell investment products. Outsurance, majority-owned by Rand Merchant Investment Holdings, has more than 700,000 policyholders in SA. It pioneered...
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