<b><img class="size-full wp-image-139075 alignleft" src="https://www.cover.co.za/wp-content/uploads/2019/07/Jonathan-Walker_profile-pic.jpg" alt="" width="300" height="300" />Jonathan Walker, CEO of insurtech Granadilla, shares some insights on why he started an insurtech company, the challenges and the learnings.</b>

<span style="font-weight: 400;">When I lost a laptop and cellphone to a car jamming incident, it took the insurance company 8 weeks from claim to payment, which led me to question, and thus consider, the feasibility of developing a better alternative.</span>

<span style="font-weight: 400;">I was running a software company at the time and immediately started developing a technology solution that would both validate customer information up front to speed up the process and simplify the claims process. This is how fully digital insurance company Granadilla was born.</span>

<b>How and when was it formed? </b>

<span style="font-weight: 400;">Granadilla started in September 2017 and was bootstrapped until January 2018 when we received seed funding to develop our minimal viable product and find our ideal underwriting partner.</span>

<span style="font-weight: 400;">We found that partnership in Bryte and was able to launch on 25 July 2018 with two products. Today we have fourteen products and continue to innovate based on what our customers need.</span>

<b>Who are your competitors?</b>

<span style="font-weight: 400;">Granadilla’s competition remains the big, conventional insurance companies which offer short term insurance, however our single-asset insurance offering and low cost make us unique in this industry vertical. We’re perfectly positioned for those looking for cheaper insurance offers and who want a slick, paper-free experience that is available 24/7/365.</span>

<b>What difficulties have you encountered in launching?</b>

<span style="font-weight: 400;">Aside from the typical challenges associated with launching a start-up, the insurance industry itself is highly regulated and increasingly so. Luckily for us, Bryte has taken much of that burden from us. We work closely with Bryte on both a strategic and an operational level.</span>

<span style="font-weight: 400;">Furthermore, access to customers to tell them about a new concept can be tricky and expensive as it requires a lot of brand awareness, brand building and consumer education before you start getting traction.</span>

<b>What advice would you give someone wanting to start a tech product?</b>

<ol>

<li><span style="font-weight: 400;"> I had to learn early on that the sector I chose to operate in – insurance and financial services – is extremely regulated. Technology is fast moving but the strict regulatory environment is a big stumbling block because it hinders your technology development pace. Lucky for Granadilla, our underwriting partner, Bryte, takes a lot of the heat and helps us to move as fast as we can. </span></li>

</ol>

<span style="font-weight: 400;">My tip here is to be willing to find the right partner that will fuel your tech business, because the sector you operate in might render you dead in the water if you’re not fast enough.</span>

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<li><span style="font-weight: 400;"> If you’re a technology business, make sure you always have your finger on your tech. Invest in good skills, it’s worth it. It can be hard to come by good developers and keep them challenged and happy, but it’s been key to our success to date. Early on we’ve had to make some tough decisions on which tech to work with, in order to pick a horse and run with it you have to know what all your options are and filter out the noise, and then move extremely fast. Good people are invaluable here.</span></li>

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<span style="font-weight: 400;">My tip is to find a really good tech partner or CTO with skin in the game who will help you grow, otherwise you’re dead in the water from day one.</span>

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<li><span style="font-weight: 400;"> Be willing to adapt and pivot as much and as often as you need to. Don’t be scared to listen to your customers. Realise that your software is a moving beast that needs to be fed continuously, it requires consistent innovation and tweaking. </span></li>

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<span style="font-weight: 400;">My tip is to be on top of your software 24/7, it’s not a once off project that you can put aside once you’ve put it in place.</span>

<img class="aligncenter size-full wp-image-139076" src="https://www.cover.co.za/wp-content/uploads/2019/07/Granadilla-logo.jpg" alt="" width="1638" height="407" />