One of South Africa’s most prominent short-term insurers, Santam, has made an undisclosed investment in JaSure, a “CEO-less” insurtech startup that is barely two years old.
Yes, you read it right: JaSure is an insurtech startup that has ditched the CEO role and the founding members appear to be making it work.
Founded in late 2017 by Jaclyn Prior, Bradley Smith, Richard Heslop, Jason Puidoussi and Abigail Schilperoort. JaSure is looking to carve a niche for itself by making it possible for users to get insured on the go via an app it launched in the middle of last year.
Users can insure tech (including cellphones and laptops), bicycles and other sports gear, photography equipment, eyewear, camping gear and musical instruments for accidental damage, loss, and theft worldwide, at the push of a button.
The startup claims that getting insurance cover for an item with JaSure takes just two minutes. Users submit claims without needing to fill out any paperwork, by using a video feature instead, while the claim status is monitored each step of the way through the app.
Prior, one of the startup’s co-founders, told Ventureburn that the startup was founded on the belief that South African’s deserve an on-demand insurance product that “competes with the best in the world”. However, she wouldn’t reveal how many clients have signed up so far.
By virtue of the funding deal, Santam has become an investor and underwriter for the startup’s product offering, effective from January 1.
On how JaSure manages to keep things going without anybody filling the CEO void, Prior maintains that it hasn’t been much of a challenge.
“It’s just the way the business has been structured to date,” she said, adding that the various team members strategise across the company’s various divisions.”
At the moment, JaSure is understood to be focused on recruiting a multi-disciplinary team and developing the product and technology. And the backing from Santam is expected to go a long way.
Featured Image Courtesy: JaSure/Facebook