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Versofy SOLAR launches embedded solar system insurance

  • Versofy SOLAR has launched an embedded insurance solution for its Solar-as-a-Service and Rent-to-Own customers in South Africa.
  • The subscription-based solar provider says the new offering “provides a reliable safety net for solar PV systems.”
  • The embedded insurance solution is a first of its kind for South Africa and provides coverage for solar panels, inverters, and batteries.

The proliferation of solar home solutions in South Africa shows no signs of stopping as citizens struggling with continued energy woes look for alternatives. In order to safeguard newly acquired solar systems for the home, Versofy SOLAR has announced the launch of its embedded insurance offering.

Versofy SOLAR introduced the embedded insurance solution for its Solar-as-a-Service and Rent-to-Own customers in SA, describing it as a first-of-its-kind offering that has been available since 1st January 2024 locally, providing coverage for solar panels, inverters, and batteries.

“We understand that the decision to go solar is a significant one for any South African household. That’s why we’re excited to offer an added layer of protection for Versofy SOLAR systems against potential risk,” noted co-founder and CEO of Versofy SOLAR, Ross Mains-Sheard (pictured below).

“Our approach simplifies the insurance process, removing the burden from our customers. Historically, insurance for solar installations was the sole responsibility of homeowners, with the result of unintended policy lapses, confusion around ambiguous coverage terms, or worse, a reluctance to obtain insurance at all. By providing built-in insurance to the installation price, Versofy SOLAR relieves customers of the heavy lifting with a hassle-free alternative,” he added in a release sent to Hypertext.

For those wondering how the embedded insurance works, Versofy explained that in the event of damage, theft, or natural disasters, the company manages all insurance-related procedures.

“Our insurance solution protects Versofy’s hardware, but with a transparent, customer-first approach, eliminating common insurance frustrations with a superior, seamless and far more user-friendly experience,” enthused Mains-Sheard.

“This ensures rapid response and repair without any additional cost to the customer. The company’s initiative is backed by Mutual & Federal Risk Financing Limited in collaboration with broker partner, Pangea Wealth,” the release concluded.

[Image – Photo by Giorgio Trovato on Unsplash]

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