Jasure a out on-demand has been bought by Santam by purchasing the remaining 49% stake in the group which it did not already own.
Earlier in 2020, the country’s largest short-term insurer acquired a 51% stake in jasure which was strategic move to increase Santam’s digital offerings to its customer base and potential new clients particularly in the commercial and personal (C&P) insurance business.
Jasure which was founded in 2017 operates completely digitally through an app, competing with other fastest-growing insurtech companies like Naked and Pineapple Insurance.
This move will allow Santam access to the younger digital natives that make up a big portion of the potential client base for financial services companies in SA now, adding to Santam’s market share, which is currently over 22%.
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“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 maximizing the Santam efficiencies and wider distribution capability” Santam’s executive head for commercial and personal insurance, Edward Gibbens said
“The company was excited about its next chapter under Santam as it will improve the ability to take on more growth opportunities”, Jasure MD Jaclyn Prior also said
