As part of the overarching MMI strategy formulation, MMI has decided to turn the threat of innovative business models and technology into a powerful opportunity for growth in the long term.
A disruptive innovation capability, called Exponential Ventures, has been set up to respond to and take advantage of opportunities created by technological disruption in the financial services, insurance and health markets. The business case of the unit was officially approved at the MMI Board Strategy session in November 2015. Exponential Ventures has access to capital and resources to invest in potentially disruptive innovation opportunities around the theme of financial wellness. The team based in the UK and South Africa and the overall mandate is 70% global investments and 30% South African and Africa investments.
1. Scaler opportunities: Technology-based businesses, which when combined with MMI’s assets (e.g. brand, distribution, insurance skills), show meaningful potential to rapidly generate exponential growth in revenue and profit;
2. Optimiser opportunities: Technology-based businesses that have the potential to deliver significant savings in expenses for MMI’s existing business; and
3. Venture developer opportunities: Investing in and developing disruptive ventures that reach new markets, meet new needs, leverage new business models and show the potential to fundamentally disrupt the financial services, insurance and healthcare markets.