Ecommerce has become the hottest topic among South African retailers, but something that might not be a consideration is insurance.
Insurance is a grudge purchase for many, but local startup Surestart makes it easy to enhance your ecommerce platform by adding the option to insure products or add insurance to a product offering.
“COVID-19 has rapidly ramped up the success of ecommerce businesses with whom we partner,” explains executive director at Surestart, Travys Wilkins. “In fact, we’ve seen a 400 percent increase in sales throughout lockdown. There’s been a marked shift in consumer demand and buying behaviour. Where insurance was traditionally sold face-to-face via brokers, social distancing meant that customers had to get comfortable buying insurance via digital channels.”
This means that as a business, adding insurance to your offerings can help to enhance your platforms.
For instance, SweepSouth has added two Surestart offerings to its platform. The first is add-on cover for damage, theft or fire while the other is domestic insurance.
Surestart’s processes don’t require much human intervention so you can keep operating costs low. There’s also the added benefit of not having to become an authorised financial services provider and the risk being shared among Surestart’s insurance partners.
Surestart’s presence in the market is interesting for us as it is flipping the traditional insurance market on its head. Rather than being cold called out of the blue, a customer now decides for themselves whether they want insurance or not.
This is something Wilkins has mentioned stating that he sees the new normal for insurance will take a hybrid model with outbound staff complemented by digital channels.
“Covid-19 hasn’t been all rosy however, the business saw losses in its travel and entertainment sectors which underlined how important diversification of revenue streams is,” Wilkins concluded.