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Click2Sure provides an embedded insurance platform that allows consumers to buy insurance as an instant add-on to any product sale or service. This brings insurance to consumers right at the point of sale, instead of leaving them to seek it out as a separate journey elsewhere – and it is fundamentally reinventing the way insurance is sold. 

Want a new revenue stream and closer customer ties?

In the retail space, embedded insurance may take the form of extended warranties on products (explained in detail here) or stand-alone insurance products for consumers’ lifestyle needs. Both can be launched as “white-label”, meaning they are branded and marketed as a retailer’s owned property, with the embedded insurance software powering them sight unseen.  

By partnering with Click2Sure, as well as a licensed underwriter, South African retailers can now launch white-label extended warranties and insurance –  and join the high-growth embedded insurance market.

The business case is clear: customers who already have an affinity and trust for a retailer are likely to be as comfortable buying insurance from it, as they would a white-label
product from the aisles. 

In turning customers into policy holders, retailers unlock three business benefits:

  • A new ongoing, incremental revenue stream.
  • A more entrenched long-term customer relationship, with multiple touchpoints.
  • A growing bank of customer data, enabling future cross-selling and up-selling opportunities.

Now clicking with retail customers around South Africa

Click2Sure is currently partnered with two leading retailers, which together have 800+ stores across southern Africa. 

For the first retailer, we have enabled the take-up and management of extended warranties on purchases across its South African store footprint. This allows our client’s customers to purchase products with an add-on extended warranty during the check-out process, through self-service tablets integrated with our client’s systems. 

According to data from Cover Genius, 59% of consumers are not offered a warranty or protection on purchases, even though 60% report an affinity for purchasing insurance from brands they know and trust. That’s a revenue-generating and customer-pleasing opportunity our client quickly recognised.

For the second, we are developing a full insurance line to serve our client’s customers’ needs including household contents insurance, homeowners’ insurance, funeral cover, personal accident cover and legal expenses cover (see our spotlight on microinsurance here). With our platform integrated into its systems, our client will be able to easily identify relevant insurance products to offer to customers based on their product purchase behaviour.

The rate of insurance penetration in Africa is still low. South Africa leads with just 16.99% penetration. Yet the demand from low-middle income consumers for affordable insurance cover is high. Our client partnered with Click2Sure to bridge this gap across its sizable customer base.


Both of our retail clients  already had the key to a successful insurance business in place: distribution. From the shop floor to the online space, they have thousands of repeat customers already comfortable with their brand persona, product assortment and customer service.

With Click2Sure threading the embedded insurance solution into our clients’ systems as a white-label offering, their customers perceive it as a welcome evolution of existing value added services (VAS), by a retailer that continually innovates better ways to serve them.

Mythbusting: the barriers to successful implementation have fallen …

 
Many retailers may realise the opportunity that lies in white label insurance – but feel that implementation would be tricky, investment would be costly and administration would be onerous. Let’s unpack these three factors:

Implementation

Through the cloud SAAS (software as a service) Click2Sure has engineered, an omnichannel insurance platform can be embedded into your business systems without disrupting the existing framework, or requiring new hardware. The end result is the integration of the insurance product(s) across your various departments for whom policy distribution, take-up and administration become visible on one shared platform. 

Implementation can also be conducted in phases, if your systems are a bit more complex or “legacy” in nature. In most cases, we have achieved go-live of a white-label minimum viable product (MVP) in 30 days – or less.

Cost

In the old days, launching in-house insurance would have required more office space, new staff, specialised hardware and more. As the digital insurance solutions we engineer are fully cloud-hosted software as a service (SaaS), you would pay only for implementation, and then an ongoing subscription to use Click2Sure’s underlying insurance products, on which your insurance offering would sit. Need-to-knows:

  • Modest upfront investment (implementation only)
  • Cloud software is leased, not purchased with a costly license
  • No operating expenses – unlike the traditional insurance model
  • Little to no distribution costs (your store network + digital channels)
  • If you expand capacity in the future, there are no restructuring costs
  • No need to hire new administrative staff
  • Service interruptions are our responsibility – not yours

Administration

A big stumbling block to new entrants to the insurance market used to be policy administration; the never-ending management of insurance policies via paper, pen or at best, Excel sheets – as well as the management of accurate policy data for compliance and regulatory requirements. 

Because policy administrators deal with large quantities of constantly-changing information, it is vital to have a real-time, digital policy administration system. Click2Sure’s cloud platform makes insurance administration 100% digital, automated to the highest degree possible and user-friendly wherever human input is required.

There are other insurtechs – why Click2Sure?

  • The Click2Sure platform is fully scalable in nature – meaning it can be practically implemented for any small or large retailer, and grow as your business grows.
    It’s also modular, meaning it can digitise all or only part of the insurance value chain. Some clients want to digitise administration first, then move on to distribution thereafter. Others start with just one insurance product, then add more once they see the business benefit. We mould the software to fit your unique business needs.
  • The platform can be configured to suit any type of retailer – or business type. We can configure the same platform for OEMs, couriers and carriers, proptechs, loan providers, proptechs, neobanks and more.
  •  Deep fintech, retail and insurance industry knowledge – this is our founder, Daniel Guasco.

“We’re interested – what’s the next step?”

The biggest sources of opportunity are collaboration and partnership … We need to expose ourselves to that as a matter of doing business.” Mark Parker, CEO, Nike.

  • The Click2Sure team would meet with you to assess your current business systems, processes and envisioned insurance product(s).
  • We would configure and integrate your insurance management platform without disrupting your systems’ security or business continuity.
  • The software’s modification, testing and go-live would proceed in accordance with an agreed timeline: we usually aim for a minimum viable product (MVP) within 30 days.
  • Click2Sure would provide your team with training on the administration portal, ensure a smooth implementation and provide ongoing support.
  • Later, we can assess the policy data you’ve been collecting and help you understand how to use it to guide strategic decision-making.

Call the Click2Sure team on +27 (10) 045 4019 or email [email protected] to set up an introductory, no obligation meeting. We hope you take this journey in innovation with us!