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It said JaSure’s offering was app-based and provided on-demand insurance for portable possessions such as cellphones and laptops, cameras, bicycles, sports gear, eyewear, camping equipment and musical instruments.
Insurance could be purchased for an individual item for a specific period, and the cover could be turned on and off at the client’s discretion.
JaSure will operate as a juristic representative on Santam’s financial services provider licence.
Andrew Coutts, the head of Intermediated Business at Santam, said that JaSure’s offering would initially be targeted to affinity groups through digital channels, and discussions were in progress to understand how intermediaries could access and leverage their innovative solutions.
Deloitte, in its 2019 Insurance Industry Outlook, said consumers increasingly wanted more control over their cover. A survey of life insurance consumers indicated that 90 percent of buyers preferred self-management of policies through digital channels.
One-quarter of those operating in the sharing economy said they want cover they can activate or deactivate as needed. About 22 percent indicated that they were interested in being automatically insured when buying/renting services or possessions to manage this risk.
On the Jasure websit, the company said it provides insurance that is tailored to a person's lifestyle. The company does not want to make it complicated with policies or call centre queues.
"Just switch on cover for your valuables when you need it."