Guardrisk, a South African cell captive insurer, is seeking forward-thinking insurtech firms to support through its ZAR50 million (US $2.8 million) LAUNCHPAD project.
The effort, according to Guardrisk, a Momentum Metropolitan subsidiary, intends to leverage the power of its tech-enabled ecosystem to open doors for the development of pertinent solutions that will benefit consumers, the chosen entrepreneurs, partners, and Guardrisk.
“The digital economy and the business landscape of today are constantly changing, making it essential for organisations in a fast-paced and competitive sector like insurance to evolve to stay relevant. This means adapting to specific business and industry challenges and changing customer needs,” says Xolani Nxanga, managing executive for microinsurance and insurtech lead at Guardrisk. “Technology – and insurtech solutions, in particular – increasingly provide the ability to transform one’s business and address client challenges.”
Via LAUNCHPAD, Guardrisk will collaborate with venture capitalists to co-invest in and help company owners in scale-ups that focus primarily on the insurtech sector as well as companies whose products are novel and engaging enough to provide real, quantifiable economic value.
The project will offer each entrepreneur specialized help, including both financial support through funding and non-financial support through business and technical mentoring. In order to match each venture’s competence, support will also entail locating the greatest and most efficient distribution channels.
“Guardrisk is by nature an entrepreneurial business, so we understand the challenges and opportunities that entrepreneurs face in building and scaling their businesses – and are nimble enough to help them navigate these, grow and develop products and solutions that meet client needs while simultaneously enabling convenience, flexibility, and cost-effectiveness,” said Nxanga.
“We are excited about the opportunity to partner and collaborate with entrepreneurs and venture capital investors to build a robust insurtech ecosystem that pushes beyond industry boundaries and uses innovation to solve real customer and business challenges in South Africa.”