Greenlight Capital Invests in SA’s InsurTech Disrupter Click2Sure

Daniel Guasco Click2Sure
Daniel Guasco Click2Sure

Former Naspers CTO Jacques Van Niekerk ex co-founding director of Groupon South Africa Daniel Guasco have secured funding for their startup known as Click2Sure Holdings.

The startup has secured funding from Greenlight Re Innovations, part of Nasdaq-listed Greenlight Capital Re.

Up until now, Click2Sure has been substantially funded by Team Africa Ventures – Guasco and business partner Wayne Gosling’s personal technology investment fund.

Click2Sure is a digital insurance platform which enables retailers, service providers, distributors and brokers to offer a selection of over 20 custom developed insurance products at the point of sale.

The funding will assist the Cape Town-based insurtech disrupter to scale the business globally.

“We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability, and potential,” explains van Niekerk.

“This partnership has brought global recognition to a South African business and we welcome the insights that Greenlight Re Innovations will introduce to the platform.”

Click2Sure is the third investment announced by Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.

The investment in Click2Sure has been motivated by two factors – a unique cloud-based technology that is both modular and scalable, thereby disrupting a traditional face-to-face broker network, call centre, and server-based industry.

According to Orbis Research, the global insurance market had total gross written premiums of $4.6 trillion in 2016, representing a compound annual growth rate (CAGR) of 4% between 2012 and 2016.

The Click2Sure platform’s innovative API-first approach seeks to tap into that market by simplifying the creation and deployment of insurance products through digital channels including distributing, managing and purchasing insurance at the point of sale. The APIs integrate into the checkout process of e-commerce stores, offering a seamless one-click experience for customers.

Secondly, the investment by Greenlight Re Innovations could be attributed to the experience of the founding partners, serial Guasco and van Niekerk.

Jacques van Niekerk Click2Sure
Jacques van Niekerk Click2Sure

Formerly CTO at Naspers, Jacques has served as Chief Technology Officer to several e-commerce companies in South Africa including Takealot, Mr. Delivery, and Prodigy Finance. Daniel previously led Groupon South Africa as CEO and prior to that was the founding director of online group buying website; Twangoo.

The combination delivered a proposition that has attracted the attention of global players.

Established in 2004, Greenlight Re is a company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland.  It offers risk management products and services to the insurance, reinsurance, and other risk marketplaces.

It focuses on delivering risk solutions to clients and brokers. The company claims to manage its assets as per a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.

“We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers,” Greenlight Re CEO Simon Burton said.

“The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”

Click2Sure Holdings was launched in 2017.

The startup, which allows customers to receive immediate cover at the point of sale, partners with retailers, service providers, distributors, and brokers globally.

Guasco, Click2Sure managing director, said it’s been quite a year, being one of four FinTech’s to be selected onto the inaugural AlphaCode Accelerate program, and now this.

“Adoption has already been fantastic with clients like Takealot, Uber, Guardrisk, Xiaomi phones, Pricecheck, and Hyperli, and we expect the legacy of selling through brokers to transform, as technology continues to evolve and reduce admin and time inefficiencies for consumers and businesses,” explains Guasco.

“When you are dealing with global retailers, financial services companies and mobile networks, they don’t want to sell your product, they want to sell their own or that of big insurers. In that instance, we act as the white-label partner. We provide an insurance platform that enables their offering to be digital.”

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A lover of technology, entrepreneurship and urban places by nature. An award-winning financial writer. He has pieced together an intrepid living writing online, working as a technology blogger and writer, even publishing stories on the Internet of Things (IoT)). A former Southern Africa Correspondent for Thomson Reuters news agency.

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