In order to improve its digital offering, Santam, South Africa’s top short-term insurance, has acquired the remaining 49% stake in local insurtech company JaSure.
Clients may pick what they want to insure and when they want to insure it with JaSure’s digital insurance service. Its app allows customers to buy insurance for a single asset in real-time, with the ability to turn coverage on and off as needed.
The startup sold a 51 percent ownership of Santam in 2020, and the entire takeover was a big growth enabler for the Santam Group, especially in its Commercial and Personal (C&P) insurance division, according to the company.
“We believe we can open up the potential for increased value-add to our clients and the Santam Group through a 100 percent ownership. We aim to leverage the existing and powerful client experience and younger market reach of JaSure, while maximising the Santam efficiencies and wider distribution capability, including the Sanlam Group,” Edward Gibbens, Santam’s executive head of the C&P insurance business, said.
According to JaSure’s managing director, Jaclyn Prior, the firm is looking forward to the next phase of its partnership with Santam.
“We have co-created a unique model with Santam that balances JaSure’s entrepreneurial core and digital innovation, and Santam’s depth of insurance expertise. The JaSure founders and management team are excited about the next chapter, which enables further collaboration and increased support; it elevates our ability to take on a growing market opportunity. This is a significant milestone for the JaSure business,” she said.
