Santam launches digital insurance for micro businesses from R75 a month

  • Santam is rolling out a digital insurance offering aimed at micro businesses in South African townships.
  • The offering is made possible thanks to a partnership with MoyaApp.
  • It will allow micro business owners to get digital insurance for between R75 and R195 a month.

Santam has announced a partnership with data-free messaging platform MoyaApp to offer the country’s first ever digital insurance solution for micro township enterprises.

The short-term insurer says the digital insurance will be available to micro businesses in SA for between R75 and R195 a month, allowing owners to gain access to cover and security in the event of a loss.

Breaking down the above pricing, Santam says this solution is split between three tiers.

“The Starter solution is available at a monthly premium of just R75, the Standard option costs R125 per month and the Premium solution is available at R195,” it unpacked in a press release sent to Hypertext.

“All options offer protection for stock and contents (due to fire, explosion, acts of nature, malicious damage and impact of objects), personal accident (the enterprise is compensated in the event of the owner’s death or permanent disability) and political riot (F4 SASRIA cover), with the value of cover for each risk increasing relative to the package,” the insurer continued.

This new digital insurance product will be available to MoyaPay clients this month, Santam confirms, and will become more widely available over the next three to six months. It also points out that businesses with an annual turnover of up to R2 million qualify for the Santam Emerging Business product.

“The Standard and Premium cover options also offer cell phone insurance for the business owner’s smartphone, which is an essential tool to ensure business continuity for township entrepreneurs who often run their entire operation from their phone,” added Gloria Tapon-Njamo, the acting-CEO of Santam’s Partnership Solutions business unit.

“However, the SASRIA cover is perhaps the most important feature of the Santam Emerging Insurance solution. Each package provides up to R500 000 of cover for special risks such as civil commotion, public disorder, strikes, riots and terrorism,” she concluded.

[Image – Photo by Super Straho on Unsplash]


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