SocGen invests €1m in Czech health InsurTech startup

Written by Hannah McGrath
14/02/2020

Societe Generale (SocGen) has invested nearly €1.1million in Czech online life insurance startup Mutumutu.

Societe Generale Assurances, the insurance branch of the French banking giant has made the investment through CreativeDock insurance holding as the lender aims to extend its involvement in the InsurTech market.

Mutumutu was created in 2018 as an in-house project of the Prague company builder CreativeDock. The company’s prevention programme is based on a cash-back mechanism on the insurance premium, which connects to mobile health applications and rewards clients for an active and healthy lifestyle.

For example, the data provided by an app-connected wearable could earn the client up to 30 per cent cashback on premiums.

The funding hands SocGen Assurances a significant and strategic minority stake in CDIH and allows Mutumutu to develop its operations, with the aim of tripling its client base within the next year.

Ingrid Bocris, deputy general manager of Societe Generale Assurances, 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.”

Jindřich Lenz, chief executive of Mutumutu said: “We will be further promoting a healthy lifestyle. We will add other sports to the mobile application, which will add options to get insurance cheaper and more affordable. We are preparing extensions for higher-income clients who want wider coverage.”