Constantia Insurance to Launch On Demand Insurance Scheme in South Africa
Think: a Johannesburg-based insurance brand by Constantia Insurance that is planning to offer on demand insurance (coverage you can turn on or off) for electronics, cycling and golfing gear.
Refresher: this isn’t Constantia’s first venture into digital-slash-insurtech . (1) It’s the main underwriter behind Fo-Sho, a South African-based P2P insurance startup that wants to give policyholders the opportunity to form groups with similar risk profiles.
Also, (2) it recently launched The Insurance Club, a digital portal for auto, home and renters insurance. Its car insurance scheme is suitable for those that don’t drive much as customers can pay-per-mile once they’ve installed a “Smart In-Car Device” that keeps track of their miles balance. This is what Constantia refers to as prepaid insurance with premiums consisting of a fixed portion for risks not associated with driving, and a variable portion for risks associated with “being away from a chosen Risk Address”; the latter is calculated by the mile.
Bottom Line: not bad for a 66-year-old insurer. “Our investment in this concept illustrates our commitment to building new platforms that make insurance more accessible, improves service capability and provides clients with choices to align cover to specific needs” – CEO Volker von Widdern.