Old Mutual is taking a new approach to financial and digital wellness through its wellness app named Thrive. This app uses behavior-driven engagement, strategic partnerships and data-driven insights to craft solutions that help users make better financial decisions. We had a chat with Dr. Isaac Nzyoka, COO of Old Mutual Group, who explained to us the app’s strategy, growth and upcoming features.
Thrive’s Strategy
When asked where Thrive fits into Old Mutual’s revenue approach, Dr. Nzyoka said that the app operates on three main fronts:
- Customer Acquisition & Retention where it acts as a key tool for engaging users. Thse help them build financial and wellness habits while maintaining a connection with the Old Mutual ecosystem.
- B2B Partnerships allows partnerships ranging from financial advice platforms to wellness and lifestyle services. These partnerships help Old Mutual enrich its offerings. Dr. Nzyoka noted, “We work with partners who can enhance the experience for our users, whether through financial guidance, wellness support, or lifestyle rewards.”
- Insights Monetization. Thrive uses anonymized user data to gain insights on behavior. This helps Old Mutual and its partners target services better and without compromising the privacy of its users.
Dr. Nzyoka said that partnerships are carefully curated to ensure they improve user experience. Thy can collaborate with startups focused on financial habits, savings and wellness to help users build positive behaviors. Lifestyle rewards and challenges, on the other hand, encourage users to keep using the app.
Privacy and Data Ownership
Users are the primary owners data and insights generated. This data is stored securely on their devices. “Whatever data the app collects belongs to the user. They can share it if they choose, for example with a healthcare provider, but it’s always under their control,” said Dr. Nzyoka.
Old Mutual functions as a data processor, ensuring that personal information is aggregated and anonymized when shared with partners or employers. Thrive was the first fitness app reviewed by Kenya’s Data Protection Commissioner to ensure full compliance.
User Engagement
Currently, 4 in 10 users engage with the app weekly, a figure that has grown steadily over recent months. Dr. Nzyoka explained, “As the user base grows, we actively manage engagement through nudges, rewards and personalized messages to ensure users continue building healthy financial habits.” Thrive’s focus on optimizing the user journey ensures that users remain motivated to complete financial and wellness challenges.
One of Thrive’s most anticipated features is the AI financial advisor which is expected to roll out later this year. The AI will provide personalized, actionable insights at scale unlike traditional advice channels. It will be able to create financial profiles for goal-setting, budgeting and debt management. Using AI will go along way in predictive planning and can help with areas such as estimating the deposits needed to buy a home or achieve long-term savings goals.
Dr. Nzyoka concluded by emphasizing the impact of this feature, “We want to bring professional financial guidance to users across Africa. Our goal is to empower people to make better financial decisions no matter their background or experience with finance.”
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