Societe Generale Assurances has made a CZK 30m (?1.1m) investment into digital life insurance platform Mutumutu.
Despite the close of the round, Societe Generale may increase its stake in the company by the end of 2020. This deal gives Societe Generale a ?significant and strategic minority stakein the Czech-based InsurTech platform.
Mutumutu hopes this investment will help it triple its client base over the course of the next 12 months.
The InsurTech, which was founded in 2018, offers a mobile app where consumers can take out life insurance, which cover incapacity to work, disability or death. The platform operates from a prevention programme which gives consumers money back on insurance premiums if they have a healthy lifestyle.
A consumer can earn up to 30% cashback on insurance premiums. Currently, the app rewards users for three sports activities, walking, running and cycling. Depending on how often and how long the activities last, a policyholder can get between 5% and 20% cashback.
The company is looking to add more sports to its platform which will provide consumers with more ways to access discounts on insurance. Mutumutu will add fitness, yoga, swimming and more.
Other ways to earn money back are for not smoking and having a preventative checkup every two years.
Societe Generale Assurances deputy general manager Ingrid Bocris said, ?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.p>
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