South African insuretech firm, Click2Sure, has received an undisclosed amount of funding from US-based tech venture fund, SixThirty. This makes it the first African company to receive investment from the fund.
Click2Sure, (founded in 2016 by Daniel Guasco and Jacques Van Niekerk), will channel the funds toward developing its product. It will also be used to onboard businesses onto its insurance digitization platform which promises to slash admin costs, receive real-time data, and offer further insights.
The firm’s co-founder, Daniel Guasco, said the investment would enable the startup to expand into new markets internationally.
Guasco said, “Another reason we are thrilled to have SixThirty onboard blue-chipGo-To-Market Summer programme, where we were introduced to key individuals, Executives and other Founders well placed in the US market within blue chip companies, to help us get a foot in the door, and mentor us on what the US market and stakeholders expect to see from a startup and technology partner.”
The US-based venture fund, SixThirty invests globally in early-stage Fintech, Insuretech, and cybersecurity tech-based companies. SixThirty was prompted to invest in Click2Sure due to the rapid movement towards digitisation in the wake of the Covid-19 pandemic.
Click2Sure explains in a statement, “SixThirty’s investment in Click2Sure was motivated by a recognition of the surprisingly low penetration of digital distribution in the insurance industry. Along with the forced digitalisation ushered in by COVID-19, SixThirty found Click2Sure’s exclusive focus as an enabler of digital distribution a key differentiator that can help it scale into new sectors and markets.”
Guasco explains, “Click2Sure doesn’t sell insurance. We provide our clients who sell insurance with a comprehensive cloud-based, a digital platform for the distribution, management, and purchasing of insurance at the point of sale.”
The platform helps users save time spent on filing or undertaking insurance or policy applications. Click2Sure also enables insurers to speed up the process of marketing new products developed and increase their revenue streams.
Platform users are able to purchase insurance via their preferred digital channel, some of which include; WhatsApp, SMS, eCommerce, and QR Codes. Customers of insurers can then access immediate insurance cover on their purchased goods or asset via an easy-to-use mobile app.
Guasco adds, “Digitisation has many benefits for consumers; being able to use digital channels increases accessibility for the under- and uninsured, enables customisation of insurance cover, and assists customers in getting the most affordable insurance cover.”