Click2Sure – Insuretech & SAAS Insurance Software Solutions
InsurTechs like Click2Sure’s is cloud-based, modular and scalable software as a service (SaaS) that enables any company to digitise an insurance value chain from
the distribution and onboarding of insurance products through to administration and reporting.
It enables non-insurance companies, whom we call Affinity Partners, to easily incorporate insurance products into their offering to customers and create an additional, profitable revenue stream. Platforms like ours enable multiple insurance distribution channels – in store/ in branch and online; via QR codes, SMS, USSD codes, instore terminals, tills or the e-commerce journey – and issue policies to more customers than any traditional call centre or broker can do in the same period of time. Best for Short Term Insurance, Extended Warranties or Credit Life Insurance, when the decision-making process is not a complex one and a customer can decide to purchase insurance in a matter of seconds. We give any business the opportunity to easily launch insurance products, reach more customers with them and gain deeper customer insights. It makes a great administration tool for an enterprise and policyholder, with all policies’ details on one digital dashboard. There are several benefits with this type of insurtech solution: cost saving (SaaS is cheaper than on-premise, legacy software); zero capex outlay (you just pay monthly licence fees); no maintenance issues (this becomes the responsibility of the SaaS provider); effortless implementation (our platform can go live in as short as 30 days); scalability (the solution grows along with your business growth); data security and, most importantly, deep customer insights – as the data on your customers is consolidated, in real-time and with one customer viewpoint, businesses can easily offer more value to customers by improving the relevance of the offerings to them, increasing the customer relationship and loyalty.
Embedded Insurance: a game-changing insurance industry innovation: The biggest insurance industry disruption coming out of insurtech SaaS like Click2Sure’s is the enormous business opportunity of embedded insurance for any non-insurance enterprise. It opens a completely new revenue stream for companies that have never sold insurance before. Embedded insurance is the digitally-enabled sale of an insurance product by any company, via multiple customer touchpoints. It requires transforming the whole traditional insurance value chain into digital form to enable any company, in any sector, to seamlessly integrate insurance solutions into their customer offering, either as a complementary add-on to their core offering (pet food; cars; laptops, etc.). Ultimately, for the consumer, embedded insurance enables quality, relevant insurance policies at lower prices. Meanwhile, retailers benefit in three ways:
Increased Customer Lifetime Value (LTV): Embedded insurance overturns the decades-long traditional approach to insurance – buy something now, insure
it later. By offering insurance up front at the point of sale, embedded insurance gives customers the cover they need in real-time, when it is top of mind, fast and effortlessly. The take-out for the customer? They feel that the company understands their needs in terms of convenience of purchase, simplicity of product and peace of mind. The benefits for the company offering embedded insurance? First-time customers are likely to become repeat customers; existing customers are more inclined to stay with the retailer, and both groups are likely to increase their basket size during their shopping journey.
A new revenue stream: Research shows that consumers are more likely to opt for embedded insurance cover with higher-cost items. Consumers paying more than R15 000 for purchase are most likely to buy up-front insurance for it, with a 30% take-up. Retailers dealing in higher-ticket products like appliances, computers,
jewellery, motorbikes, tyres and cars should take note. In the automobile space specifically, the take-up of insurance cover offered at the point of sale can rise
as high as 85% (PYMNTS Retail Product Insurance Study, USA, 2020). Research also suggests that even offering embedded insurance on low-ticket items sold
online, prompts increased buyer interest in those items – sometimes turning a possible purchase into an actual purchase. Embedded insurance revenue opportunities: Higher end of the market – high insurance take-up/ lower end – increased purchase. By far the most common type of insurance taken up at point of sale is the Extended Warranty, making this a logical focus area for retailers to begin with in terms of embedded insurance offerings, followed by funeral policies.
Deeper insight into customers’ purchase behaviour: By switching on embedded insurance, a retailer’s data becomes more integrated and rich across inventory,
orders, sales and after-sales. This aggregation of “big data” enables the company to do various things: assess risk, predict future customer behaviour or recommend
relevant products and services to customers. This capability, to offer more personalised engagement to customers, adds further to customer loyalty and
ultimately, the company’s revenue.
It’s genuinely a big deal: In summary, our SaaS platform is an enabler for non-insurance companies to launch insurance products and grow their business – and an enabler for insurance companies to sell more products to more customers, onboard faster and administer much more efficiently with less manual work. Both parties gain one consolidated source of data informing decisions on products they sell, customer segments to prioritise, how to upsell, cross sell or introduce other products and how to continually build a relationship with the customer, delight them and grow them into brand evangelists.