Click2Sure Holdings, a South African full stack digital insurance platform, launched in 2017, has formalised a partnership with Greenlight Re Innovations, part of Greenlight Capital Re, a specialist property and casualty reinsurance company headquartered in the Cayman Islands.
According to Orbis Research, the global insurance market had total gross written premiums of $4,6-trillion in 2016, representing a compound annual growth rate (CAGR) of 4% between 2012 and 2016.
The Click2Sure platform’s API-first approach seeks to tap into that market, by simplifying the creation and deployment of insurance products through digital channels including distributing, managing and purchasing insurance at the point of sale.
The investment has been motivated by two factors. The first is that cloud-based technology that is both modular and scalable, thereby disrupting a traditional face-to-face broker network, call centre, and server-based industry. The second is the experience of the founding partners, serial entrepreneurs Daniel Guasco and Jacques van Niekerk.
Formerly chief technology officer at Naspers, Van Niekerk has served as chief technology officer to several e-commerce companies in South Africa including Takealot, Mr Delivery, and Prodigy Finance.
Guasco previously led Groupon South Africa as CEO and prior to that was the founding director of online group buying website; Twangoo.
“We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability and potential. This partnership has brought global recognition to a South African business and we welcome the insights that Greenlight Re Innovations will introduce to the platform,” explains Van Niekerk.
Greenlight Re CEO Simon Burton comments: “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”