Short-term insurer OUTsurance has unveiled a retail investment service to complement its suite of direct to consumer short-term and life insurance products.
According to the company, OUTvest is a service that is accessible via a mobile app or the Web site that will help users save money while also offering investment advice.
"The service's key points of difference include its intuitive do-it-yourself digital front-end, low fees and intelligent goal-based calculators, which will help investors understand how much to save to achieve their goals as well as algorithmic passive investment strategies and professional human advice," said the company in a statement.
The service will allow users to manage, add or withdraw funds as well as change contributions without any additional cost or penalties.
Willem Roos, group CEO of OUTsurance, says the insurer hopes to bring change to the industry through digital disruption.
"In a country with a low savings rate, a large advice gap and expensive investment products, we want to help consumers easily and cheaply save and invest.
"Just like OUTsurance turned insurance on its head, we're aiming to do the same with investing. We're living in a digital age where people are more comfortable using smart Web sites and apps to make decisions [while] previously this was only entrusted to a face-to-face advisor. OUTvest makes investing simpler, smarter and more affordable with the consumer at the centre."
Roos adds the service's dashboard will offer a summary of a client's complete OUTvest landscape and how well they are tracking against their individual goals.
The platform also includes a social investment service called Crowdvest, which allows users to invite friends and family to invest collectively towards a shared goal.
OUTsurance has partnered with index tracker CoreShares, which has four unit trusts to cater to the different levels of risk and investment horizons for its OUTvest clients.
According to the company, OUTvest service fees are competitive and investments can start from R100 per month.
The service is available on iTunes, Google Play and the Web site.
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