Sydney-headquartered insurtech firm BizCover, named one of Insurance Business Australia's top insurance employers for 2021, has officially landed in South Africa (SA) to help local start-ups take out insurance.
Previously, BizCover said it will be known in SA as Bi-me (Business Insurance Made Easy), providing small, medium, and microenterprises (SMMEs) with business insurance underwritten by BizCover partners Hollard Insurance Company, iTOO, and Discovery Insure. It will also provide information to help SMMEs grasp the exact insurance requirements, including pricing and onboarding.
Commenting on BizCover's official entrance to SA via the digital platform, Bi-me CEO Francois Potgieter told ITWeb: “Just as BizCover's founders were bothered that time-starved small business owners had to jump through hoops to get their dream ventures insured, putting up with big players who don't really cater to them, time-consuming paperwork and processes, lack of transparency, and poor service, we believe SA's entrepreneurs deserve a better deal.
“Our digital journey makes insurance purchasing simple by creating an efficient digital-first solution for buying insurance, thus removing inefficiencies, paperwork, and potential errors from the journey. Our process reduces the cost, brings price transparency, and increases efficiency in finding the right solution.”
Bi-me had all the necessary regulatory approvals before its launch in December as SA sees an increase in insurtech firms developing new business models to transform the traditional insurance industry.
With the platform, customers can get instant online quotes from multiple underwriters 24/7 and take out coverage within 15 minutes, which Potgieter deemed a first for the SA business insurance market.
“Fewer than half, and possibly only a third, of SA's 750,000 formal small businesses are insured. Yet in a sector where cash flow is king, it takes just one unforeseen calamity to upset an SMME's balance sheet and spell disaster,” Potgieter said, as reported by ITWeb.
“We are able to provide enhanced customer service through a self-service quoting journey while also providing the option of omni-channel engagement, whether through chat, phone, or e-mail should the customer prefer.”
