Root has partnered with EasyEquities and Sanlam Indie to rapidly deliver an innovative asset-aware life insurance product to the market. EasyProtect is a product that stands out in a crowded market by providing a unique value proposition. The product offers a fully digital experience for policyholders and provides up to R2 million coverage for customers between the age of 18-40 years old.
There are many term life products available in the South African market, but what makes EasyProtect different is that it covers the gap between what EasyEquities’ customers have (their assets) and what their estate would need to cover their financial liabilities (and to look after their dependants) should they pass away. EasyEquities prompts the customer every 6 months to inform them that they have the option to decrease their cover based on their portfolio growth. What makes this product unique is that the debit order amount remains consistent and EasyEquities will automatically sweep the difference in premium into the customer’s EasyEquities account for them to invest so they can reach their financial goals even faster. Charles Savage, CEO and founder of EasyEquities says, “our commitment to our customers is to continue to deliver innovative products and services that make it cheaper, easier and more fun to build and protect wealth and this product is built with this in mind”.
EasyProtect is a fully digital product, powered by Root’s end-to-end insurance operating system and leverages Root's Embed add-on, allowing EasyEquities to rapidly embed EasyProtect into its existing customer journey without the need for complex integrations. The rollout of EasyProtect strongly validates the power of embedded insurance. By making use of Root's tooling, EasyEquities has maintained a seamless user experience for its customers, reduced the build time and added more value for its customers.
Louw Hopley, CEO & Co-founder of Root says, “This is a significant step forward in our mission to make insurance more accessible and user-friendly for customers, and continue to drive innovation in the insurance industry through strategic partnerships and cutting-edge technology.”
Edwin Theron, CEO of Sanlam Indie says, “We’ve learned a lot while creating our own onboarding process and the EE process builds on this to ensure that there are absolutely no delays in the amount of time it takes to sign up new insurance clients for this new proposition.”
Root's partnership with EasyEquities and Sanlam Indie is a testament to Root's commitment to enhancing and solidifying its existing partnerships with key insurance players and highlights the importance of a strong technical partner. This partnership has also enabled a faster go-to-market strategy, as all three companies worked together to deliver a highly innovative product to the South African market.
If you're interested in learning more about Root and its role as a technical partner, reach out to the team.