Digital transformation is a business imperative in the insurance industry, and thus a consumer imperative. With this in mind, it has set the benchmark for insurtech in South Africa.
Granadilla is disrupting the process of insurance by offering an itemised, easy-to-apply for insurance product that can be done from its app.
Smartphone Cover is the most bought product, but Travel Cover and Laptop Cover are growing the fastest.
Most customers (82%) have one item insured, whilst 12 % have two policies. Three policies have been taken by 3% of the customer base. The most policies held by clients are seven.
The average value of insured trips under the Travel Cover product is R69 222, for jewellery items it is R26 441, for laptops R19 509 and for cameras R16 611.
With no benchmark to work against, consumer trends, product trends and demand has been a monthly, and at times daily, process of data collection and engagement with consumers.
Jonathan Walker, founder and CEO of Granadilla says: “Disrupting the way insurance works continues to be an exciting challenge. It’s exciting because Granadilla’s growth has exceeded expectations and because trends show that the market is becoming more digitally savvy.
“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, fast app-based insurance is on the rise amongst South African consumers.”
In terms of its product mix, the majority of customers have one policy, but that is slowly changing as more people are adding products with each passing month.
“We initially thought we’d attract a young, digital-first audience in their early twenties,” says Walker. “However, our average customer is 32 years old, with the bulk of customers being between the ages of 28 and 43. Our female base is growing. Compared to 39% at the start of 2019, our base is now 44% Female and 56% Male. iOS app downloads account for less than 5% of our user base these days, which reflects Android’s popularity in South Africa.”