OUTsurance this week launched a retail investment offering to complement its suite of direct-to-consumer short-term and life insurance products.
The new service, OUTvest, offers goal-based advice and passive investment solutions via a website and an app combining “robo-advice” technology and a call centre. The aim is to make it easy for lay people with no investment knowledge to put away something each month towards a goal. Contributions may go into a tax-free investment if required.
“The OUTvest user interface has been developed to be as intuitive and easy-to-use as possible. You can add or withdraw funds, stop, start or change contributions at any time, at no cost and with no penalties. You will also be able to comply with the Fica requirements speedily via the app or website. Your personal ‘dashboard’ will offer a summary of your investments and a guage of how well you are tracking your goals. Investments start from R100 a month,” OUTsurance says.
OUTvest has partnered with CoreShares, a manager of index-tracking passive funds, which is providing four funds to cater for the different levels of risk and investment horizons of investors.
Willem Roos, the group chief executive of OUTsurance, says: “We’re living in a digital age where people are more comfortable using smart websites and apps to make decisions previously only entrusted to a face-to-face adviser. OUTvest makes investing simpler, smarter and more affordable, with the consumer at the centre.”