by DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – THE country’s largest short-insurer has launched what is lauded as South Africa’s first digital insurance solution for micro township enterprises.
Santam, in partnership with MoyaApp, has unveiled the solution, which will cost between R75 and R195 a month, providing these businesses with financial security and recovery in the event of a loss.
Santam’s entry-level digital insurance solution offers three cover options at different price points.
The Starter solution is available at a monthly premium of R75, the Standard option costs R125 and the Premium solution is available at R195.
All options offer protection for stock and contents, personal accident and political riot.
The Standard and Premium cover options also offer cell phone insurance for the business owner’s smartphone.
“However, the SASRIA cover is perhaps the most important feature of the Santam Emerging Insurance solution,” said Gloria Tapon-Njamo, Acting Chief Executive Officer of Santam’s Partnership Solutions business unit.
Each package provides up to R500 000 of cover for special risks such as civil commotion, public disorder, strikes, riots and terrorism.
The small, micro and medium-sized enterprise (SMME) sector is an important growth engine for the South African economy.
Yet the critical need for greater support in creating a more enabling environment has never been stronger, with recent statistics from a study by the University of the Western Cape revealing that 70 percent to 80 percent of local small businesses fail within the first five years.
The Santam Emerging Business Insurance product is available to MoyaPay clients from this month and will become more widely available over the next three to six months.
Businesses with an annual turnover of up to R2 million qualify for the Santam Emerging Business product. The product is entirely digital, with all processes from the inception of the policy to the lodging of claims managed entirely data-free through the MoyaApp.
– CAJ News