Sanlam acquires fintech Q Link

Wednesday 1 June 2022 08:06 CET | News

South Africa-based insurer Sanlam has bought fintech Q Link to attain a payment application software.

The software manages deductions in both the payroll and bank collection streams. Sanlam’s officials stated that they are seeing the social impact, especially around financial inclusion and improving the lives of previously disadvantaged communities through the provision of financial access and high growth prospects from this sector.

Q Link services more than 4.5 million employees, collecting USD 290 million in monthly premiums for over 133 clients, many in the insurance industry. Sanlam explained that the company’s software improved collection success rates while optimising costs.

The concept of ‘affordability and control’ ensures that only valid and affordable deductions are processed through employee payrolls, Sanlam company stated. Currently, the company facilitates collections for over 30% of all recurring retail life insurance premiums in the country. The Emolument Attachment Order solution has saved South African public sector employees more than USD 19 million in invalid and over-deductions from court orders since 2014.

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Keywords: fintech, acquisition, digital payments, insurance, insurtech
Categories: Payments & Commerce
Companies: Q Link Holdings, Sanlam
Countries: South Africa
This article is part of category

Payments & Commerce



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