Local insurtech start-up Root has announced its first strategic partnership in the UK, with Connect by Admiral, a subsidiary of insurer Admiral Group.
The partnership comes after Cape Town-founded Root entered the UK market in May − its first foray into global markets.
Connect is an application programming interface (API)-first embedded insurance platform, developed for businesses to incorporate insurance solutions into their offerings.
In a statement, Root says companies that launch an insurance offering through Connect can offer their customers finance and insurance protection for their product with one simple payment, embedded at the point-of-sale.
According to the start-up, Connect is attracting strong interest from a range of businesses looking to deliver a comprehensive and relevant product offering for their customers.
Founded in Cape Town in 2016 by CEO Louw Hopley, Root was established to make it easier for companies to achieve their goals of launching insurance products and embedding their services into modern channels.
“We’re delighted to partner with Admiral Pioneer to provide the API connectivity architecture behind their innovative Connect platform,” says Hopley.
Admiral Pioneer is a new entity within Admiral Group, with the aim of seeding, launching and scaling new businesses to grow and diversify Admiral in the future.
“The early signs are very positive and we’ve received good feedback so far. Connect really shows the power of APIs in enabling innovative partner distribution and means companies can not only offer their products and services, but also insurance cover for them, providing a turnkey service to customers,” Hopley adds.
“It makes the journey simpler for customers, helping them to build resilience and security into their product purchases, and makes the processes more streamlined for businesses.”
Russell Fisher, CEO of Connect, adds: “It’s only natural that when we buy something we care about, we want to make sure it’s protected. The best, and most convenient time to do this is when making the purchase. Embedded insurance makes this possible, offering customers the insurance they need, for the things that they love, at the point of sale.
“The digital age makes it easier than ever to bring associated products together into a single customer experience, and working with Root has enabled us to deliver a plug-in insurance service for businesses looking to offer insurance cover for their products and services.”
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