Santam, the short-term insurer, has acquired the remaining 49% stake it doesn’t already own in insurance-technology company JaSure for an undisclosed sum. This comes two years after Santam acquired 51% of JaSure.
Company sources say that the buyout will bring digital offerings for clients across the financial services group, particularly in its commercial and personal (C&P) insurance business.
JaSure offers app-based digital insurance to clients, allowing them to choose what they want to insure and when to do so. Clients typically insure items such as motor vehicles, cellphones, laptops, cameras, bicycles, sports equipment, camping gear, eyewear and musical instruments using the app.
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Clients can purchase insurance instantly for an individual asset, with the option to switch cover on and off through the app.
“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 C&P insurance business, said in a statement.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry