Greenlight funding to boost SA insurtech disruptor
CAPE TOWN – Click2Sure Holdings, a South African full stack digital insurance platform, launched in 2017, has announced the formalisation of a partnership with Greenlight Re Innovations, part of Greenlight Capital Re, a specialist property and casualty reinsurance company headquartered in the Cayman Islands.
The announcement heralds recognition from the prolific organisation, and sets the local company on course to scale the business globally.
According to Orbis Research, the global insurance market had total gross written premiums of $4.6 trillion (R65 trillion) in 2016, representing a compound annual growth rate of 4 percent between 2012 and 2016. The platform's innovative API-first approach seeks to tap into that market, by simplifying the creation and deployment of insurance products through digital channels including distributing, managing and purchasing insurance at the point of sale.
The investment has been motivated by two factors – a unique cloud-based technology that is both modular and scalable, thereby disrupting a traditional face-to-face broker network, call centre, and server-based industry. Secondly, the experience of the founding partners, serial entrepreneurs Daniel Guasco and Jacques Van Niekerk.
Formerly CTO at Naspers, Jacques has served as chief technology officer to several e-commerce companies in South Africa including Takealot, Mr Delivery, and Prodigy Finance. Daniel previously led Groupon South Africa as CEO and prior to that was the founding director of online group buying website; Twangoo. The combination delivered a proposition that has attracted the attention of global players.
"We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability and potential. This partnership has brought global recognition to a South African business and we welcome the insights that Greenlight Re Innovations will introduce to the platform," explains van Niekerk.
Greenlight Re chief executive Simon Burton said: “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”
Guasco, Click2Sure managing director and partner in Team Africa Ventures, says, "It's been quite a year, being selected as one of four fintech’s to be selected onto the inaugural AlphaCode Accelerate program, and now this. Adoption has already been fantastic with clients like Takealot, Uber, Guardrisk, Xiaomi phones, Pricecheck, and Hyperli, and we expect the legacy of selling through brokers to transform, as technology continues to evolve and reduce admin and time inefficiencies for consumers and businesses."
“When you are dealing with global retailers, financial services companies and mobile networks, they don’t want to sell your product, they want to sell their own or that of big insurers. In that instance, we act as the white-label partner. We provide an insurance platform that enables their offering to be digital,” he concludes.
Click2Sure is the third investment announced by Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.
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