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SixThirty, a US-based tech venture fund has invested in Cape Town-based InsureTech company, Click2Sure.
This is the first time the US-based venture fund has invested in an African company
With the reported, yet undisclosed amount of investment funding, Click2Sure will be able to further develop its product offering.
In addition, it will assist in the promotion of Click2Sure’s focus on ensuring businesses that offer insurance take advantage of the benefits of digitisation with an overall reduction in admin costs, real-time reporting data, and further insight.
Daniel Guasco, co-founder of Click2Sure explains that the investment has allowed the tech startup to possibly branch into new international markets
“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.
In an official press statement, Click2Sure explains the motivation behind the investment.
“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.”
Founded in 2016 by Daniel Guasco and Jacques Van Niekerk, the Insurtech company’s platform allows retailers, service providers, distributors, and brokers to offer a wide selection of developed insurance products at the point of sale.
Guasco provides insight into the functions of the tech-based company.
“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,” explains Guasco.
Through the process of digisation, clients are able to save time on filing or undertaking insurance or policy applications. The unique service allows Click2Sure clientele of insurers to speed up the process of marketing new products developed and increase their revenue stream.
Customers are able to purchase insurance via any digital channel, depending on their preference. Some of these channels include WhatsApp, SMS, eCommerce, and QR Codes. Customers of insurers can access immediate insurance cover on their purchased goods or asset via an easy-to-use mobile app.
Guasco points out the benefits of their product for customers and insurers.
“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.”
Featured image: Daniel Guasco, co-founder and managing director of Click2Sure (Supplied)