Santam, South Africa’s leading short-term insurer, has enhanced its digital offering with the announcement that it is increasing its interest in insurtech start-up JaSure by acquiring the remaining 49% shareholding.
Santam purchased 51% of JaSure’s shareholding in 2020. According to the start-up, the acquisition is a significant growth catalyst that will enable clients to access digital services across the Santam Group. This includes its personal and commercial insurance businesses.
“We believe we can open up the potential for increased value-add to our clients and the Santam Group through a 100% 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 commercial and personal insurance business said.
JaSure provides digital insurance to its clients. This allows them to pick what and when they want it.
This insurtech company offers an app-based buying experience for insurance for motor vehicles as well as portable possessions such mobile phones, laptops and photographic equipment.
Clients have the ability to purchase insurance immediately for an individual asset. They can also switch coverage on or off using the app, depending on their needs.
Jaclyn Prior, JaSure’s managing director, said the start-up is excited about the next chapter in the relationship 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,” Prior said.