South African insurtech startup Click2Sure has secured funding from Greenlight Re Innovations, part of the Nasdaq-listed Greenlight Capital Re, to begin scaling globally.
Launched in 2017, Click2Sure is a full stack digital insurance platform which enables retailers, service providers, distributors and brokers to bolt on a selection of over 20 custom-developed insurance products at the point of sale.
The insurtech startup is the third company to raise investment from Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets. It will be used to help Click2Sure scale into other markets.
“It’s been quite a year, being selected as one of four fintech’s to be selected onto the inaugural AlphaCode Accelerate programme, and now this. Adoption has already been fantastic with clients like Takealot, Uber, Guardrisk, Xiaomi phones, PriceCheck, and Hyperli, and we expect the legacy of selling through brokers to transform, as technology continues to evolve and reduce admin and time inefficiencies for consumers and businesses,” said Daniel Guasco, Click2Sure managing director.
“When you are dealing with global retailers, financial services companies and mobile networks, they don’t want to sell your product, they want to sell their own or that of big insurers. In that instance, we act as the white-label partner. We provide an insurance platform that enables their offering to be digital.”
For Greenlight Re Innovations, the investment has been motivated by two factors – a unique cloud-based technology that is both modular and scalable, thereby disrupting a traditional face-to-face broker network, call centre, and server-based industry, and the experience of the founding partners, serial entrepreneurs Guasco and Jacques Van Niekerk.
“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,” said van Niekerk.
Greenlight Re chief executive officer (CEO) Simon Burton said his company was pleased to be partnering with Click2Sure and support it as it develops 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,” he said.
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