OLD MUTUAL Insure and SwiftVee AgriTech have launched a new digital insurance solution called VeeSure to support the needs of the South African livestock buyers and production auction market.
“As the innovators of online livestock auctions in South Africa, we pride ourselves on bridging the divide between traditional agricultural business and the benefits of cutting-edge technology. We are excited to partner with Old Mutual Insure and pioneer innovation in the agricultural insurance sector, which will add significant value to all stakeholders,” says Russel Luck, chief executive of SwiftVee.
“Livestock buyers can now buy animals online via a live-streaming virtual auction, connect with the livestock agent and the auctioneer, and have access to the VeeSure online insurance solution to protect their new proud investment,” adds Hannes Smith, executive of Alternative Business Solutions at Old Mutual Insure.
According to Old Mutual, the following measures have been taken to make VeeSure a safe platform:
- SwiftVee online auctions are done through registered livestock agents only, who are governed by Agricultural Produce Agents Council (Apac) and other regulations.
- SwiftVee will only confirm registration for a specific auction when the buyer has been approved by the registered livestock agent.
- Payments for the animals are done via the registered livestock agent directly after a lot has been sold online.
- VeeSure premium payment is done directly via a secured bank payment gateway, which are also PCI compliant.
- The clients also have to comfort that no credit or debit card information is stored on the SwiftVee or Old Mutual Insure websites.
- Safeguards are used as required by the Protection of Personal Information Act (Popia) to protect the personal information of clients.
“Together, Old Mutual Insure and SwiftVee have a pool of resources, data and digital capabilities, technology, and agricultural risk expertise to deliver this industry first innovation and effortless experience to customers. It is about moving beyond the obvious things customers want and expanding the boundaries to deliver on what we would love customers to experience in future,” said Liza de Beer, product development manager at Old Mutual Insure.
According to De Beer, this platform is not exclusive to Old Mutual customers and it is free.