Overview
Solvency is a South African digital insurance intermediary offering a unique approach to personal lines insurance: clients allocate a portion of their monthly premiums into a personal Insurance Savings Account (ISA), earning money-market interest on those savings. The concept inverts the traditional insurance dynamic where policyholders subsidize heavy claimers -- instead, low-claim customers accumulate real savings in their own name.
Founded by actuary Mutoda Mahamba (formerly of Hannover Re, Absa Insurance, Alexander Forbes, and Momentum Metropolitan), Solvency launched in February 2020 after receiving a minority investment from Genric Insurance Company in June 2019. The company was originally incubated as Cascade Cover and participated in AlphaCode, the Rand Merchant Investment fintech accelerator, in 2017. An underwriting and distribution partnership with New National Assurance Company (NNAC) -- South Africa's most transformed insurer -- launched in November 2020 and NNAC became the primary underwriting partner.
The platform is 100% digital and sold online via solvency.co.za, targeting consumers who want transparency and control over where their insurance premiums go.
At a Glance
- Headquarters
- Midrand, Gauteng, South Africa
- Employees
- 1-10
Category & Focus
- Category
- Distribution & Sales
- Subcategories
- Digital direct insurance embedded savings
- Insurance Verticals
- P&C Personal
- Target Customers
- Consumers
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Last updated: 2026-04-03