South African financial services firm Sanlam has launched Go Cover, an on demand insurance app. South Africans and foreign tourists can now access instant accident cover via their smart phones.
According to Sanlam, Go Cover is a first in the South African Market. After downloading, the app requires an on-off registration and optional nomination of a beneficiary or contact person.
Sanlam built the app using observations of how the digital era has changed the way people purchase products. Jack Kruger, head of design at Sanlam said: “We identified the unbundling of services, a move towards micro-services and services being available on demand, as major trends behind contemporary digital business models, such as AirBnB, Uber and Spotify. People want quick, easy to understand, affordable and convenient products and this is what we want to offer them with Go Cover.”
The product offers three levels of cover. For 24-hour cover: a premium of 10 rand gives cover of up to a 100,000 rand, 20 rand for up to 500,000 rand or 30 rand for up to 1 million rand. The daily rate lessens as the period extends.
Go Cover targets people who don’t necessarily want to purchase a product with monthly premiums, but still need periodic, quality cover. It can be bought by anyone in South Africa, including foreign tourists. Kruger points out that the app can also suit people who require a degree of workplace protection – either for themselves, or their employees.
“If you have workers who are occasionally deployed to perform high risk activities, Go Cover might be more ideal than longer-term cover,” Kruger commented.
African Business Review