South African insurtech start-up Granadilla has announced that its insurtech app has been downloaded more than 30,000 downloads across Android and iOS platforms.
Granadilla, which was launched by founder and CEO Jonathan Walker in July last year, the insurtech offers single-asset and on-demand insurance through its mobile app.
Granadilla provides insurance plans for tablets, smartphones, laptops, smartwatches as well as travel insurance, along with cyclist insurance. These insurance plans are underwritten by Bryte Insurance.
After launching in the South African market, the insurtech start-up has recorded a 454% increase in user numbers and an increase of 111% in insurance plans sold in the second quarter of 2019.
As a result, its second-quarter gross written premiums surged to 102%, up from 87% in the first quarter of 2019.
“Disrupting the way insurance is sold continues to be an exciting challenge,” Walker told theItweb.
“Granadilla’s growth has exceeded expectations, and we’ve consistently enjoyed strong growth figures across all three growth metrics, since the start of the year – proof that the demand for do-it-yourself, cost-effective, app-based insurance is on the rise among South African consumers,” Walker added.
Leveraging AI, machine learning and chatbots together with a cost-effective business model, Granadilla enables the company to sell competitive insurance online.
Targeting futuristic customers
Crossing the traditional lane, the company has started a new insurance offering which enables users to set a date for administrating their insurance plan in future.
Future policy start date allows consumers who know that their new smartphone will arrive on a certain date to administer insurance for it in advance.
The company is also targeting gamers with bespoke gaming insurance. Gamers can buy coverage for gaming rigs, gaming consoles, virtual reality headsets and headphones.
“As a result of customer feedback, Granadilla will also be releasing functionality that allows users to take out cover for someone else, be it an employee, relative or friend,” Walker added.