South Africa-based Absa has agreed to purchase 75% stake in life insurer Instant Life, for an undisclosed sum.

Founded in 2008, Instant Life is an online life insurance distribution platform that provides life, disability and critical illness cover for the customers.

The acquisition is said to complement Absa’s recent launch of the first predictive underwriting solution in Africa.

Absa Life managing director Jannie Venter said: "The acquisition of Instant Life will provide Absa with a scalable platform to grow our Bancassurance business as we will now be able to deliver automated and efficient life insurance through all our customer accessed distribution channels."

"By leveraging Instant Life’s existing digital platform, customers will have access to a self-service function that will allow them to acquire insurance and easily update and manage their policies online."

The deal is subject to regulatory approvals and other conditions, including approval from the South African Reserve Bank.

In June this year, Absa also acquired a controlling interest in First Assurance in Kenya.