South African on-demand insurtech startup JaSure has raised funding from insurance company Santam and also secured a partnership with the firm to help it scale.
The instant insurance product means assets can be added in minutes and turned off again whenever they are no longer at risk, while claims can be made using a video feature.
The startup has now secured backing from Santam, which invested in another South African insurtech startup – Ctrl – last year. Aside from the funding, which is undisclosed, JaSure will also operate as a juristic representative on Santam’s FSP license.
Andrew Coutts, head of intermediated business at Santam, said JaSure’s offering would initially be targeted to affinity groups through digital channels, but discussions are in progress to understand how intermediaries can access and leverage its innovative solutions.
He said his company was excited about welcoming JaSure into the Santam fold, especially for its app-based technology and innovative approach to meeting client needs.
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“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.
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