SocGen invests in life assurance startup that offers cheaper premiums for fitness band wearers

Societe Generale has invested EUR1.1 million in a Czech online life assurance startup that offers discounts on premiums in return for a healthy lifestyle.

Mutumutu was created in 2018 as an in-house project of the Prague company builder CreativeDock. The company's business model relies on a prevention programme based on a cash-back mechanism on the insurance premium, through connection to mobile health applications.

Clients are rewarded for an active and healthy lifestyle with up to 30% premium’s cashback.

Ingrid Bocris, deputy general Manager of Societe Generale Assurances, says: “We support the modernisation 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.”

She says the bank retains an option to further increase its stake in the company by the end of 2020.

Mutumutu says the investment will help it to reach a goal of tripling customer numbers within the next 12 months.