Santam, South Africa’s leading short-term insurer, has increased its interest in local insurtech startup JaSure by acquiring the remaining 49 per cent shareholding, in a bid to enhance its digital offering.
JaSure offers digital insurance to clients, effectively empowering them to choose what they want to insure and when to do so. Its app allows clients to purchase insurance instantly for an individual asset, with the option to switch cover on and off, based on their needs.
The startup sold a 51 per cent stake to Santam back in 2020, and said the full buyout was a significant growth enabler that would realise digital offerings for clients across the Santam Group, particularly in its Commercial and Personal (C&P) insurance business.
“We believe we can open up the potential for increased value-add to our clients and the Santam Group through a 100 per cent 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.
Jaclyn Prior, JaSure’s managing director, said the company was 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,” she said.