Genric Insurance
Genric Insurance is a South African non-life insurer (founded 2005, Centurion) operating a partner-led platform that delivers niche insurance products—gap cover, health, pet, automotive, legal, specie, rental and more—through 50+ specialist UMAs, InsurTechs and brokers, and has been wholly owned by Old Mutual since January 2023.
- Company typePrivate
- Founded2005
- HeadquartersPretoria, South Africa
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Genric Insurance does
GENRIC Insurance Company Limited is a South African non-life insurer headquartered in Centurion (Pretoria) that distributes niche and specialist insurance products through a partner-led platform model. Founded in 2005 with an initial R5 million capital injection, the company was bootstrapped for 18 years before being 100% acquired by Old Mutual in January 2023, after which it operates as a standalone subsidiary within the Old Mutual Group. GENRIC's core business is providing insurance capacity, regulatory infrastructure (FSP 43638, non-life insurer licence, CMS exemption DM1090), and reinsurance backing to more than 50 specialist underwriting management agencies (UMAs), InsurTech startups, and brokers who develop and distribute products targeting segments underserved by traditional insurers.
Genric Insurance firmographics
Firmographics- Name
- Genric Insurance
- Legal name
- GENRIC Insurance Company Limited
- Website
- https://genric.co.za
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Genric Insurance is a South African non-life insurer (founded 2005, Centurion) operating a partner-led platform that delivers niche insurance products—gap cover, health, pet, automotive, legal, specie, rental and more—through 50+ specialist UMAs, InsurTechs and brokers, and has been wholly owned by Old Mutual since January 2023.
- Ownership category
- akta.pro rank
Where Genric Insurance is headquartered
LocationHeadquarters
- HQ city
- Pretoria
- HQ country
- South Africa
- HQ region
- Africa
Offices1 record
Markets served
Genric Insurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure
Revenue model
- Insurance Premiums: GENRIC collects insurance premiums from policyholders across its portfolio of niche insurance products including gap cover, health insurance, mechanical warranty, pet insurance, rental insurance, and specialty covers. Premiums are recurring in nature, typically billed monthly or annually.
- Partnership Fees from UMAs and InsurTech Partners: GENRIC provides risk-financing facilities to UMAs, InsurTech startups, and brokers who bring insurance products to market under GENRIC's licence. Partners retain entrepreneurial control while GENRIC provides capital, compliance infrastructure, and reinsurance capacity, sharing in the economic benefits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Rental Insurance: Starting from 5% of monthly rental amount |
| Subscription | Monthly | Pet Insurance: Comprehensive plan from approximately R400 per month |
| Subscription | Monthly | Health Insurance: Golden Hour (accident-only) under R425 per month for family of four |
| Subscription | Monthly | Credit Shortfall Insurance: Vehicle owners can get cover for a shortfall between R50,000 and R500,000 |
| Unit Pricing | Monthly | Tyre & Rim Insurance: R2,000, R5,000, or R8,000 per wheel options |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Genric Insurance product offering
Product offeringCore offering
GENRIC Insurance Company Limited is a South African non-life insurer that underwrites and distributes a portfolio of niche and innovative insurance products through a partner-led model. The company provides risk-financing capacity, capital, compliance infrastructure, and reinsurance backing to more than 50 specialist underwriting management agencies (UMAs), InsurTech startups, and brokers, who bring products such as gap cover, health insurance, mechanical and motorcycle warranty, pet insurance, rental income protection, gadget, legal, travel, tyre and rim, specie, equine, and credit shortfall cover to market under GENRIC's licensed FSP.
Product overview
GENRIC Insurance Company Limited is a non-life insurer that operates as a platform offering innovative and niche insurance solutions through strategic partnerships with specialist underwriting management agencies (UMAs), InsurTech innovators, and brokers. The company provides a diverse portfolio organized across three main categories: Health insurance products (Gap Cover, Health Insurance, Personal Legal Insurance), Automotive insurance products (Mechanical Warranty, Motorcycle Warranty, Tyre & Rim Insurance, Scratch & Dent Insurance, Excess Waiver Insurance, Credit Shortfall Insurance, Service & Maintenance Insurance), and Specialist insurance products (Pet Insurance, Security Company Liability Insurance, Rental Insurance, Gadget Insurance, Legal Insurance, Travel Insurance, Specie Insurance, Equine Insurance). The company does not raise external capital and was acquired by Old Mutual in January 2023, operating as a standalone entity with over 50 UMA partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- GENRIC Health: Health insurance solutions providing primary and tertiary healthcare benefits for employees and families, offering both off-the-shelf and tailor-made options.
- GENRIC Pet Insurance
Products and services
- Gap Cover Supplementary health insurance covering shortfalls when specialist charges for in-hospital procedures exceed what medical schemes pay, protecting South African policyholders against unexpected medical expense gaps.
- Health Insurance (GENRIC Health) Affordable primary and tertiary healthcare coverage for employees, families, and individuals, offering off-the-shelf plans (e.g., Golden Hour accident-only, Comprehensive Advanced) and tailor-made solutions covering GP visits, dentistry, optometry, radiology, maternity, casualty, and day-to-day benefits.
- Mechanical Warranty Coverage for mechanical and electrical component failures caused by normal wear and tear or unexpected breakdowns on passenger vehicles, safeguarding owners against unforeseen vehicle repair expenses, with roadside assistance included.
- Motorcycle Warranty Warranty coverage for unforeseen mechanical failure on motorcycles under 12 years old with less than 220,000 kms, covering over 13 components plus tow-in charges.
- Pet Insurance (GENRIC Pet Insurance) Medical insurance for cats and dogs covering unexpected veterinary costs due to illness or injury, with no sub-limits, vet of choice flexibility, and premiums from approximately R400 per month.
- Security Company Liability Insurance Professional indemnity and liability coverage specifically developed for security companies, with bespoke wording and international reinsurance backing for risks not covered by general insurance markets.
- Rental Insurance Insurance protecting landlords against tenant default, covering up to three months of lost rental income (up to R30,000/month) and eviction costs (R10,000–R40,000), with premiums starting from 5% of monthly rental amount.
- Gadget Insurance Compensation coverage for theft, accidental damage, and loss of cellphones, tablets, and electronic devices used in South Africa.
- Legal Insurance (Business) Legal protection for businesses including contract drafting, labour dispute assistance, disciplinary hearing support, and debt collection services.
- Personal Legal Insurance Affordable legal alternative providing individuals with 24-hour telephonic legal advice, mediation services, and court representation, including firearm-related legal protection.
- Travel Insurance Comprehensive travel coverage for emergency medical expenses, trip cancellations, lost luggage, flight accidents, and political or natural disaster evacuation.
- Tyre & Rim Insurance Coverage for irreparable tyre and rim damage on passenger vehicles, with benefit options of R2,000, R5,000, or R8,000 per wheel and a three-month waiting period.
- Specie Insurance Coverage for hijacking or theft of cash and valuables while in transit or storage, with tailor-made wording and access to international markets via specialist specie underwriters.
- Service & Maintenance Insurance Coverage for scheduled vehicle services and maintenance costs including oil changes, brake pads, and component replacements for up to 2 services per 12-month period.
- Scratch & Dent Insurance Coverage for minor vehicle damage including scratches, dents, bumper scuffs, and windscreen chips not covered by comprehensive insurance or falling within excess limits.
- Equine Insurance Comprehensive cover for horses including mortality, public liability, personal accident, loss of use, foetus cover, foal cover, stallion infertility cover, transit, and medical plans.
- Excess Waiver Insurance Product designed to protect policyholders against high excesses on motor claims, either absorbing the entire excess or specified portions, for vehicles under 3,500 kg GVM.
- Credit Shortfall Insurance Coverage for the outstanding balance of a financed vehicle in case of total loss, bridging the gap between insurance payout and finance arrangement, covering shortfalls between R50,000 and R500,000.
Quantifiable outcome
- GENRIC Pet Insurance claims include R43,400 for TPLO surgery, R39,200 for shoulder surgery, R37,866 for cruciate ligament surgery, and R39,000 for IVDD back surgery, demonstrating high claim costs comparable to private human healthcare.
- +2 more outcomes
Companies that use Genric Insurance
Customer profileNamed customers3 records
Segments6 records
Ideal customer profiles6 records
Genric Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability7 records
Feature5 records
Genric Insurance partnerships and signals
Strategic signalPartnerships
28 partnerships are on record, tiered core and minor.
- Sirago Underwriting ManagerscoreSirago Underwriting Managers is a specialist gap cover underwriting management agency. They are listed as a gap cover partner of GENRIC and pay significant mega claims showing shortfalls exceeding R40,000 not covered by medical schemes. Sirago represents one of GENRIC's core gap cover distribution partners.
- Cura AdministratorscoreCura Administrators is a gap cover underwriting manager partner of GENRIC, providing gap cover insurance administration services to the GENRIC partner ecosystem.
- Agility Insurance AdministratorscoreAgility Insurance Administrators is a gap cover and co-pay partner of GENRIC, offering tailored gap cover products under the GENRIC umbrella.
- KaelominorKaelo is a gap cover partner of GENRIC, offering ConnectGap products under the GENRIC partnership model.
- Health & AccidentminorHealth & Accident is a health insurance partner of GENRIC, providing specialised gap and accident cover products.
- GENRIC HealthcoreGENRIC Health is the company's own health insurance brand, providing primary and tertiary healthcare benefit solutions for employers and individuals. GENRIC Health offers both off-the-shelf and tailor-made solutions covering basic hospital cover, primary care options, and comprehensive health insurance.
- ARCO360coreARCO360 is a pet insurance partner of GENRIC, offering one of South Africa's most innovative pet medical insurance products for dogs and cats. They handle claims for GENRIC Pet Insurance, with veterinary costs ranging from R15,000 to R43,400.
- Auto F&IcoreAuto F&I is a mechanical warranty partner of GENRIC, providing coverage for mechanical and electrical component failures for passenger vehicles. They offer 30+ component coverage with roadside assistance included.
- Insurance AfricaminorInsurance Africa is a mechanical warranty partner of GENRIC, providing mechanical breakdown coverage for vehicles as part of GENRIC's automotive insurance ecosystem.
- Automotive VAP SolutionscoreAutomotive VAP Solutions is a motorcycle warranty partner of GENRIC, covering unforeseen mechanical failure for motorcycles. Products cover over 13 components, with additional tow-in charge coverage for motorcycles under 12 years old with less than 220,000 kms.
- Quantum Liability Underwriting ManagerscoreQuantum Liability Underwriting Managers is a specialist security company liability insurance partner of GENRIC. They provide professional indemnity cover for the unique needs of the security industry with bespoke wording, international reinsurance backing, and excellent turnaround times.
- Legal GuardiansminorLegal Guardians is a personal legal insurance partner of GENRIC, providing 24-hour telephonic legal advice, mediation services, and litigation expense representation for individuals.
- Firearms GuardianminorFirearms Guardian is a legal insurance partner of GENRIC, providing legal protection services for firearm owners and related legal matters.
- My LawyerminorMy Lawyer is a legal insurance partner of GENRIC, providing accessible and affordable legal alternative services for South Africans.
- CLC InsuranceminorCLC Insurance is a legal insurance partner of GENRIC, offering legal services and insurance products under the GENRIC partnership model.
- GladiominorGladio is a personal legal insurance partner of GENRIC, providing legal advice, mediation, and litigation expense coverage services.
- LinkhamcoreLinkham is a travel insurance partner of GENRIC, providing quality cover for medical expenses, trip cancellations, lost luggage, flight accidents, and other losses incurred while travelling abroad.
- VAPScoreVAPS is a tyre and rim insurance partner of GENRIC, offering coverage for irreparable tyre and rim damage with plan options of R2,000, R5,000, or R8,000 per wheel.
- Polygon Underwriting ManagerscorePolygon Underwriting Managers is a specie insurance partner of GENRIC, providing specialised coverage for cash and valuables in transit or storage. They offer tailor-made wording, expert knowledge of the cash and fine art insurance industry, and access to international markets.
- Empire FleetminorEmpire Fleet is a vehicle-related insurance partner listed on GENRIC's claims page, serving as a contact for GENRIC insurance claims processing.
- Sugar InsuranceminorSugar Insurance is a partner of GENRIC handling insurance claims, listed on the company's claims page contact list.
- Loyalty LifeminorLoyalty Life is a partner of GENRIC listed on the claims page, serving as a contact for insurance claims processing.
- Alivio Financial ServicesminorAlivio Financial Services is a health insurance partner of GENRIC, providing financial services related to health insurance products.
- The Graduate Institute of Financial Sciences (GIFS)coreGIFs partners with GENRIC on the Leadership Program, providing accredited modules on Innovation and Strategy Unit Standards. GIFs also partners with GENRIC on the IISA Youth Accelerator Program and learnership programs, delivering Short-term Insurance NQF qualifications. GIFS supports GENRIC's human capital development initiatives across leadership, innovation, and regulatory examination preparation.
- IISA (Insurance Institute of South Africa)coreGENRIC partners with IISA on the Youth Accelerator Program, which achieved a 100% pass rate for 2024 (20 learners). IISA supports GENRIC in connecting graduates with interview opportunities across the insurance sector. The program develops talent for the insurance industry while addressing youth unemployment in South Africa.
- Ekurhuleni West CollegeminorGENRIC collaborates with Ekurhuleni West College to build a pipeline of new talent through internship programs. The partnership provides graduates with 18-month internships gaining practical experience across the insurance value chain, from product development to underwriting to claims management and customer service.
- InsureAfricaminorInsureAfrica is listed as a valued partner of GENRIC on the company's partner page, providing mechanical warranty and related insurance services.
- QSSAB (Quantum Sure SA Brokers)minorQSSAB is a broker partner of GENRIC, listed on the company's partner page.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Genric Insurance competitors and assessment
Company assessmentDirect peers
- Discovery Insure: South African InsurTech-driven insurer using telematics, vitality-style data, and digital distribution across motor and health. Comparable to GENRIC in tech-led underwriting and South African niche positioning.
- Hiscox: Global specialty insurer known for niche products (liability, specie, professional lines) and strong broker relationships. Comparable to GENRIC in specialty/specie underwriting through partner-led distribution at Lloyd's.
- Hollard Insurance Group: South Africa's largest UMA-style insurance group operating a partner-led model with multiple niche underwriting managers and brokers. Highly comparable to GENRIC's partner-licence platform across health, motor, and specialist lines.
- Beazley: Global specialty insurer operating distinct underwriting divisions across liability, marine, specie, and cyber. Comparable to GENRIC's platform of multiple specialist product lines and UMA-style underwriting structure.
- Bidvest Insurance: South African specialty insurer focused on niche personal lines (motor warranty, credit shortfall, lifestyle) often through partner and embedded distribution. Direct overlap with GENRIC's automotive warranty and credit shortfall products.
Broad incumbents
- Santam: Largest general insurer in South Africa offering property, casualty, motor, and specialist lines through brokers. Overlaps GENRIC's commercial and specialist insurance footprint but at much greater scale and through traditional rather than UMA-led distribution.
- Old Mutual Insure: Sister short-term insurance business of GENRIC's parent Old Mutual, offering broad personal and commercial lines in South Africa. Relevant for parent-portfolio strategic overlap and post-acquisition integration considerations.
- King Price Insurance: South African direct-to-consumer general insurer competing across personal lines with a strong brand and digital distribution. Comparable in targeting underserved SA segments but with a direct rather than UMA-led model.
Emerging players
- Naked Insurance: South African AI-driven InsurTech offering fully digital, usage-based cover. Comparable in deploying AI underwriting and digital-first distribution within the South African niche market.
- Pineapple Insurance: South African InsurTech using a fully digital, peer-to-peer style model for non-life insurance. Comparable in tech-forward approach to niche SA markets and partnership-friendly distribution philosophy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Genric Insurance compliance and trust
Trust signalCompliance3 records
Genric Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Genric Insurance leadership team
Management profileNumber of profiles
Profiles15 records
Genric Insurance subsidiaries and ownership
Company hierarchySubsidiaries2 records
Genric Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Genric Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Genric Insurance
What does Genric Insurance do?
GENRIC Insurance Company Limited is a South African non-life insurer that underwrites and distributes a portfolio of niche and innovative insurance products through a partner-led model. The company provides risk-financing capacity, capital, compliance infrastructure, and reinsurance backing to more than 50 specialist underwriting management agencies (UMAs), InsurTech startups, and brokers, who bring products such as gap cover, health insurance, mechanical and motorcycle warranty, pet insurance, rental income protection, gadget, legal, travel, tyre and rim, specie, equine, and credit shortfall cover to market under GENRIC's licensed FSP.
Is Genric Insurance a public or private company?
Genric Insurance is a private company. It is classified as corporate owned and is currently operating.
When was Genric Insurance founded?
Genric Insurance was founded in 2005. It employs 11 to 50 people.
Where is Genric Insurance based?
Genric Insurance is headquartered in Pretoria, South Africa, in the Africa region.
How does Genric Insurance make money?
Two revenue lines are on record. Insurance Premiums are the primary driver. The others are partnership Fees from UMAs and InsurTech Partners.
Who are Genric Insurance's main competitors?
Direct peers on record are Discovery Insure, Hiscox, Hollard Insurance Group, Beazley and Bidvest Insurance. Broad incumbents are Santam, Old Mutual Insure and King Price Insurance. Emerging players are Naked Insurance and Pineapple Insurance.
Does Genric Insurance have an API?
No public API is recorded for Genric Insurance.