Simply and PaySpace have launches first Insurtech ever. Insurtech is coined from the words insurance and technology just like Fintech. It refers to the use of technology innovations to squeeze out savings and efficiency from the current insurance industry model. Small businesses can now get life cover for their staff all online, and import employees’ details with just a few clicks, all thanks to the partnership deal between Simply and PlaySpace.
Simply Financial Services provides great value life insurance packages for families and employees. For the first time, small and medium-sized businesses could buy life, disability and funeral cover online, or via a call center, under split seconds. The product has been so far successful with a record of 50-100 new groups signing up monthly. The product is simple to understand and easy to use.
According to Simply’s Deputy CEO, Simon Nicholson, he said:
“SMEs have generally not been on the radar for group risk providers in the past. Commission levels are low compared and onboarding has been pretty manual. It just hasn’t been worthwhile for brokers, and insurers haven’t been able to find alternative channels. Simply’s digital process changes all of that – customers can now buy cover in minutes with Simply taking care of much of the back-end admin. We’re excited. By targeting people through their employers, we can keep premiums low and cover people who would otherwise not be covered.”
Also, Tjaart Esterhuyse, managing director of RGA South Africa, one of Simply’s reinsurance partner, concurs:
“We are proud to work with insurtechs like Simply to bring new solutions to market. Simply’s digital approach to providing insurance to small employer groups is not only innovative, but it is also expanding the market to those who have not previously had group cover.”
Simply’s most important values is to make life insurance simple and easy to understand, to make customers buy and use it as possible. The team quickly realized that the uploading of employee details at the quote and sign-up stage and the maintenance of employee details after sign-up were real friction points for SME owners. This could lead to frustration and schedules not being kept up to date and employees not being put on the cover.
On noticing these issues, Simply started by integrating via API with a cloud-based payroll system provider, PaySpace. This brought about the partnership between Simply and PaySpace thereby launching the first Insurtech ever. What PaySpace simply does is to simplify payroll so that their customers can focus on growing their businesses. PaySpace customers can now use their PaySpace credentials to get a quote, buy cover and keep their schedules up to date on a monthly basis. The integration means PaySpace users can rest assured that their group life cover is in place and up to date and if something happens to one of their employees the claim will be paid.
The Director at PaySpace, Warren Van Wyk, is enthusiastic about this partnership. He said that:
“Simply have demonstrated true innovation with their integration to PaySpace. Payroll is the heart of every business and must be kept up to date for various statutory requirements, so it makes complete sense to be able to use it an up-to-date source of employee information for insurance purposes. We are delighted with Simply’s approach as they have completely changed the game in the group cover space by removing a very large admin barrier in terms of onboarding SMEs and keeping their employee data up to date.”
On extending the solution beyond PaySpace, Miller said:
“We’re excited about what we’ve achieved with PaySpace. We think the integration adds customer utility and will ultimately increase stickiness for both us and PaySpace. We realise, though, we need to integrate with more providers for the solution to really add value broadly. We now have the plumbing in place to add other providers quickly and easily, and we hope to have two or three more partners signed up by the end of the year.”
Concerning the partnership deal, miller said;
“By partnering with a big, established player with a trusted brand, we can scale our impact exponentially. Our goal is to protect the financial futures of millions of people. This deal gets us there faster.”
As Simply has embraced these opportunities, their efforts have been noticed both home and abroad by large industries and insurance companies who are looking to partner with Insurtechs and accelerate its digital efforts. What a good time for Simply.!
Like to read more? Click here
