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Short-term insurer Santam has invested an undisclosed amount in JaSure — a Johannesburg based insurtech which has done away with the role of CEO.
JaSure allows users to get insured on the go via an app it launched in the middle of last year.
Users can insure tech (including cellphones and laptops), bicycles and other sports gear, photography equipment, eyewear, camping gear and musical instruments for accidental damage, loss and theft worldwide, with the tap of a button.
The startup claims that protecting an item with JaSure takes just two minutes. Users submit claims without needing to fill out any paperwork, by using a video feature instead, with the claim status is monitored each step of the way, in the app.
Johannesburg based insurtech JaSure was founded in 2017 by a group of friends and has no one in the CEO role
Effective from 1 January, Santam has become an investor and underwriter for the startup’s product offering.
JaSure co-founder and COO Jaclyn Prior (pictured above) told Ventureburn today that the startup was founded in late 2017 by a group of friends based on a shared belief that South African’s deserve an on-demand insurance product that “competes with the best in the world”.
The startup’s founding team consists of Prior, who worked formerly at Chubb insurance, Bradley Smith, Richard Heslop, Jason Paidoussi and Abigail Schilperoort.
All five, except Smith, work full time in the business. The current full-time team consists of six members located in Gauteng and Cape Town, said Prior.
She declined to comment on whether any of the founding members had invested any of their own money in the startup and said she could not reveal how many clients the startup had signed up so far, for competitive reasons.
No one with CEO title
While none of the founders currently serves as CEO, Prior said the flat structure hasn’t been a challenge for the startup.
“It’s just the way the business has been structured to date,” she said, adding that the various team members strategise across the company’s various divisions.
Prior may have emerged as the natural leader, but she pointed out that she’s “not big on job titles”.
She said the startup’s current focus is on recruiting a multi-disciplinary team and developing the product and technology.
While JaSure’s relaxed approach without a CEO might suite a small firms such as theirs, there’s no telling what the future may hold, especially if the startup grows to become a bigger more cumbersome team.
Featured image: JaSure co-founder Jaclyn Prior (Facebook)