Guardrisk, a South African cell captive insurance provider, is on the lookout for innovative insurtech startups to invest in via its ZAR50 million (US$2.8 million) LAUNCHPAD initiative.
According to Guardrisk, a subsidiary of Momentum Metropolitan, the initiative seeks to leverage the power of its tech-enabled ecosystem in order to unlock potential for the development of relevant solutions that will generate value for customers, the chosen entrepreneurs, partners, and also the company.
Xolani Nxanga, managing executive for microinsurance and insurtech lead at Guardrisk, said, “Insurance companies operating in today’s fast-paced and competitive market must adapt in order to thrive in the ever-evolving digital economy and business environment. This includes responding to unique difficulties in the company and sector as well as shifting demands from customers. “Technology, particularly insurtech solutions, are rapidly providing the capacity to transform one’s company and meet customer concerns.”
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Nxanga added that “Guardrisk is by nature an entrepreneurial business. Therefore we comprehend the obstacles and possibilities entrepreneurs have in creating and expanding their companies – and are nimble enough to assist them in traversing these growths and creating products and solutions that match client demands while simultaneously providing simplicity, flexibility, and cost-effectiveness.
“We are pleased about the potential to work and cooperate with entrepreneurs and venture capital investors to establish a robust insurtech ecosystem in South Africa that goes beyond sector boundaries and leverages innovation to address real consumer and business concerns.”
Guardrisk Innovation to possess has a partnering firm
Guardrisk is committed to making investments in companies within the sector and is equipped with the necessary capacity in order to bridge the gap between technology and insurance. Businesses capable of employing technology to deliver solutions to a particular service or key process within the insurance value chain stand a chance to benefit enormously from the company’s hunt.
The company aims to collaborate with and invest in insurtech start-ups/scale-ups that provide solutions such as customer engagement and distribution, product pricing, enhanced underwriting and risk management processes, policy administration systems, claims process automation, and fraud detection.
In addition, a partnering business must have a full-stack insurance solution; an insurance provider is a start-to-finish, technology-first insurance solution that solves all aspects of the insurance value chain. This implies that such a company must use technology and AI, backed up by data analytics and big data solutions, to provide customers with specific insurance products.
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Benefits of partnering with LAUNCHPAD
Partnering with Guardrisk provides the selected firm with a significant developmental edge. Among the many advantages offered by partnering with Guardrisk under the LAUNCHPAD program includes the ability to scale their business with the company’s vast ecosystem, access to industry experts, and enhanced speed to market. Also, partnering firms will, however, get to retain their IP.
Guardrisk will collaborate with venture capitalists via LAUNCHPAD to co-invest in and aid entrepreneurs in insurtech scale-ups, as well as startups where the solution is creative and compelling enough to produce actual and demonstrable economic value.
The project will provide both financial support by way of funding and non-monetary aid in the form of business and technical mentoring, specifically designed to meet the needs of each individual entrepreneur. Furthermore, the company will help its clients locate the most efficient and lucrative distribution channels that are a perfect fit for their unique ventures.