The rise of insurance marketplaces, driven by technology, is the focus of this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Vis Govender, co-founder at Everything.Insure and group CEO at FirstEquity Group.
The discussion focuses on the future of the insurance technology (insuretech) industry and the rise of marketplaces in the sector.
FirstEquity Group is a collection of 17 companies across South and East Africa, the Indian Ocean Islands and India and is the holding company of Everything.Insure.
Everything.Insure is a marketplace that Govender says is replacing “the traditional physical broker-consumer relationship”. He says the company is breaking barriers, for both consumers and insurance brokers, by removing paper and time constraints from almost every insurance function. For consumers, this includes changing insurance plans, policies and how much coverage a consumer wants to have.
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Since launching in the first quarter of 2023, Govender says the platform is rapidly gaining market share. This year, the company announced the launch of its commercial insurance marketplace offering which includes on-demand insurance processing for a range of commercial businesses.
Topics of discussion include: the structure of FirstEquity group; Everything.Insure’s business model; defining insurance marketplaces versus aggregators; trends in the sector; and strategy for growth.
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