[South Africa] Insurtech startup JaSure raises funding from Santam Insurance
South Africa’s on-demand insurance technology (Insurtech) startup JaSure has raised funding from the country’s leading short-term insurer Santam.
Details about the funding amount of funding were not revealed but according to Andrew Coutts, head of Intermediated Business at Santam, says they are excited about welcoming JaSure into the Santam fold, especially for its app-based technology and innovative approach to meeting client needs.
The partnership is effective from 1 January 2020 and JaSure will operate as a juristic representative on Santam’s FSP license.
JaSure offers digital, on-demand insurance to clients, effectively allowing them to choose what they want to insure and when to do so.
Its offering is app based and provides on-demand insurance for portable possessions like cellphones and laptops, photography, bicycles, other sports gear, eyewear, camping equipment and musical instruments. Insurance can be purchased for an individual item for a specific period of time, and the cover can be turned on and off at the client’s discretion.
“We are very impressed with JaSure’s new approach to insurance that uses technology to reduce complexity, cut costs and reach new markets. We look forward to bringing it to our existing and new Santam clients of the future.” Coutts said
Coutts also confirmed that while JaSure’s offering will initially be targeted to affinity groups through digital channels, discussions are in progress to understand how intermediaries can access and leverage their innovative solutions.