Enhance Your Value-Offering while increasing your margin.
Embedded Insurance
What is Embedded Insurance?
You already have customers and transactions but your customers have a frustration you can't solve.
We bring the niche insurance product, the compliance and the claims handling that help your clients while earning your business an additional revenue stream.
A simple integration with no compliance burden and happier customers.
Get a new revenue stream from your customer base - no FSP license required.
What problem do we solve with embedded insurance?
Your customers trust you and are buying from you. But every time they need insurance - whether for their phone, appliance, service delivery, goods in transport, etc - they find it somewhere else. You are handing the relationship to someone else at a critical life cycle stage and loosing a revenue stream doing it.
Becoming a licensed FSP or capitalising your own Cell takes months, capital and a compliance burden that takes you away from your core business and focus.
We solve that as a licensed, tech-enabled digital broker.
We source relevant, niche, cost-effective products that integrate directly into your product/service offering. By insuring per transaction at volume, the premium per customer is cost-effective and doesn't deviate from the core business that made your customers love you in the first place. We also handle all claims with AI and human agents.
How does our embedded insurance process work?
1. We understand your business and source the right product for your customer base.
We use large, well-known insurers to customise (or create) niche, relevant, cover that solves a frustration for your customer when using your product or service. This could be GIT cover for E-commerce, extended warranties for appliance purchases or Ticket Refund Guarantee for ticketing platforms.
2. We digitise the product and create an API for you to integrate into your platform.
We then convert this product into a click-to-buy format and give you an API to integrate into your platform. This is done in-line with all relevant legislation including FAIS and POPI. We work with you to optimise the user journey to make onboarding seamless for the end customer.
3. We want you to focus on your core business and grow your customer base.
Our call center supports your customers when they have questions or need to claim. We don't want you handling any insurance admin - we want to support your growth as we have a vested interest in your transaction volumes.
4. You earn an additional revenue stream from what you are already doing.
We structure the process in such a way that your business can earn additional revenue stream in a full-compliant and seamless way. We regularly review the processes and optimise them together to reduce any friction to your customer.
Why choose us instead of building embedded insurance yourself?
1. No FSP License or Capital Required
Insurance has to be purchased or intermediated with a FSP license in South Africa. Getting an FSP license can take many months before you can even start speaking to an insurer about getting an intermediary agreement.
If you want to completely own the value chain and product, capitalising a Cell is an option but it generally comes with a substantial capital requirement of hundreds of thousands or millions of Rands.
2. Compliance Burden
Businesses are already burdened with all the red tape required to run a business in South Africa. Adding FAIS, FICA and other regulatory requirements to this generally does not create a positive ROI.
3. Experience and Advice
Having over a decade of experience in B2B2C insurance distribution and headed by a CFP® Professional, SureStart has the necessary skills and experience to conceptualise, digitise and implement successful digital projects.
4. Track Record
SureStart has issued cover to over 300 000 unique customers to date and processed millions in claims. We care about you and your customers.
5. Additional Revenue without the Costs
We don't believe insurance should be a grudge purchase. A correctly structured solution can provide your business and customers with a tailored, value-increasing proposition and revenue stream without the cost associated with running a FSP.
Frequently asked questions on embedded insurance
1. How long does it take to integrate a product?
Two factors affect how quickly we can transact with a new platform: does the product exist already and what priority are you giving the integration into your development queue.
If a product exists, has been digitised already and is given priority into your development queue, implementation and testing can be completed in two to four weeks.
If a product needs to be created and digitised, we work on a three to six month expectation.
If you do not prioritise the integration, the implementation may be delayed significantly depending on your backlog. If warranted, we can work on a flat file until development capacity becomes available.
2. How many customers/transactions do I need to integrate an embedded solution?
Most problems in insurance can generally be solved with volumes. The more transaction volumes and data you have, the easier it is for us to create a product and get good pricing. We specialise in platforms with thousands of transactions a month but we are always excited to see if we can create a solution for your business.
3. Is my data safe?
Yes. Our system is ISO 27001 certified and we regularly pass audits with large insurers. All our staff do annual FICA refreshers which include AML and Terrorist Financing modules.