Frankfurt-listed Fintech MyBucks S.A has launched an industry-leading insurance tech product in South Africa called SureCloud, the first step in rolling out end-to-end insurance tech in the rest of Africa.
MyBucks, recognised for its leading proprietary technology that is pioneering the digital banking revolution, has introduced two products – legal assistance and funeral cover – in its South African market, under its Getsure SA brand, that will form the foundation for a multi-product insurance solution in multiple countries operating off its platform.
SureCloud slots into the ever-evolving and highly innovative space of fast, efficient, intelligent technology changing the finance landscape.
The platform minimises human intervention and unleashes the power of a fully automated and integrated intelligent technology platform. The self-sufficient online platform offers customers the ability to get a simple quote, capture a policy themselves and have the entire process completed within minutes. This is technology turning the red tape of traditional industry on its head.
GetSure SA went live with SureCloud in April 2018, enabling complete end-to-end functionality with overwhelmingly positive feedback from end users. SureCloud allows complete policy take-up, amendment of existing policies and logging of claims without any intervention by agents.
“The customer is 100% in control and can manage his insurance portfolio at any time that is convenient for him,” said Dave van Niekerk, Executive Chairman of MyBucks. This type of always-on and human-less solution follows the very successful model of other MyBucks financial products and speaks directly to the digitally savvy African consumer that has high mobile internet access.
“There is a simple quote functionality, whereby the client can select the sum that needs to be insured and members to be covered. The client can easily change his/her selections and proceed once happy with the quote. Once he/she has captured the minimum info required, the policy is concluded, and full policy contract documents are emailed to the customer.” said van Niekerk.
Van Niekerk adds: “This platform places us in a very strong position because it is a key that unlocks many economies for both the group and other potential partners.
“We will certainly be adding more products such as short-term insurance, medical insurance and hospital cash and gap cover and then be rolling this out in our other markets with Botswana, Zimbabwe and Zambia in the pipeline next. There is also massive potential for this platform to be made available for business-to-business partnerships. The future of insurance is here, and we are at the leading edge.”