Solvency, a new emerging financial services company, was founded by Mutoda Mahamba.
He is also the CEO of the company, which is 100% digital and underwritten by GENRIC Insurance Company. A former insurance executive, Mahamba worked at various South African insurance brands for over a decade.
Through his actuarial and product development work, he saw the opportunity to create a financial product that empowers consumers while still equipping them to manage the risk of negative life events, from burglaries to a car being written off.
According to Mahamba, Solvency will disrupt the status quo in the country’s insurance industry by offering an Insurance Savings Account (ISA) that is funded through car and household insurance premiums.
He said even during the launch phase of his product, the response from the market had been very positive and consumers especially like the savings opportunity offered.
“The Solvency solution offers crucial insurance cover combined