Old Mutual Life Insurance is excited to announce a strategic collaboration with a leading global fintech innovator, OneConnect Financial Technology Ltd. The objective of the collaboration is to support the Group’s efforts to ramp up its digital life insurance solutions, improve digital advisor processes, experience, and create efficiencies.
Digital transformation is a priority of Old Mutual’s customer-centric strategy, and the company has been on a multi-year journey towards embedding digitalisation across its operations. The Group established a new retail platform in 2020, alongside which its flagship Old Mutual Protection proposition was launched. Additionally, OM (Old Mutual) has recently completed its SA migration from on premise to the cloud in Q1 2023.
The strategic collaboration with OneConnect is expected to build on this progress, further entrenching the Group’s ambition of becoming a digital-first but people-focused integrated financial services provider.
As an associate company of Ping An group and listed on the NYSE and HKSE, OneConnect is at the cutting edge of global fintech innovation, with core digitalised life insurance products like Universal Agent, set to add value to the existing Old Mutual business. It’s proven technology capabilities for financial services in AI, big data analytics, and blockchain make it the perfect fit to support Old Mutual’s goals. OneConnect leverages Ping An Group’s extensive experience of over 30 years in financial services, its proprietary research and development capabilities, ability to provide integrated and full-stack product offerings to financial institutions.
“We are excited to be working with a premier technology company to help us deliver on our ambition to be our customer’s first choice to sustain, grow and protect their prosperity. As part of our technology focus, it was also key for us to find an organisation with a shared vision for digital transformation in addition to strong capability, expertise, and a proven record in the insurance industry.
We are choosing an organisation that is not just a technology provider but one that understands insurance and has the scale to fast track our digital transformation journey and give us speed and flexibility to respond to ever changing needs that will deliver better B2B relationships, drive retention and growth,” says May Govender, Acting Group CIO Old Mutual Limited.
“The digitalisation of processes is creating significant improvements in channel economics, compliance, and channel analytics. We can then move faster to replace end-of-life solutions, mitigating business risk but most importantly it allows OM to provide seamless advisor experience thus allowing us to fulfil our ambition of being a customer-obsessed organisation. The aim of our digital advisor initiative is to empower the advisor with insights to provide better financial advice” concludes Govender.
