South African fintech startup JaSure has launched an on-demand insurance app that allows users to get insured on the go.
Underwritten by Constantia Insurance Company, JaSure has developed a mobile app and backend system allowing customers to access digital on-demand insurance.
The basic idea is insurance on the go, with the app allowing users to protect their bicycle, camera, golf clubs and binoculars with the flick of a button. Instant insurance, assets can be added in minutes and turned off again whenever they are no longer at risk. Claims can be made using a vide feature.
“By “on-demand”, we mean not only instant insurance at the swipe of a button, but also the ability to select when you want to be covered and when not so that you only pay for cover when you need it,” said JaSure chief operating officer (COO) Jaclyn Prior.
“Ultimately, our goal is to continue to offer dynamic solutions that meet customers’ ever-changing needs in a dynamic, mobile world.”
Though the insurtech industry is undergoing a period of growth, especially in South Africa, JaSure claims to have taken the idea of insurance a step further via its large element of flexibility.
“Not only are we flexible in that we can meet customers’ needs with immediacy, allowing them to switch on and off cover whenever they wish, but we’re also flexible in our ability to respond to change,” said Prior.
“That’s one of the reasons we decided to build our own technology platform. We’re ready to listen to the customer, responsive and able to adapt our offering with a speed unlike that of the more established insurance companies.”
The app has seen a positive early response, but Prior said there is no time to sit back.
“Distribution is key and this is one area where we have been focusing our energy – on finding the right partners countrywide who share our vision of on-demand insurance to cover customers’ precious possessions whenever they need it,” she said.
JaSure, which earns fees for its tech platform and takes commissions on insurance sold through it, is currently only available in South Africa, but will look further afield in the future.
“Long-term, we will certainly look at exploring other markets, or even in the more immediate future, if the right opportunity arises,” Prior said.