By partnering with Root, Telkom’s first insurance product was migrated to Root and ready for customers within two months from the first engagement.
As one of South Africa’s prominent telecommunication companies, Telkom is on a drive to build more customer-first digital financial services for their customers. Their goal is to cater for an underserviced area of the market who are still accustomed to in-person financial services that make use of cash-only interactions.
To be successful, Telkom needed a partner who could help them launch digital insurance offerings that are easy for their customers to understand and access. Specifically, they needed to:
Root’s ability to set up, test and deploy their insurance products quickly was decisive for Telkom. Here’s how we’ll be collaborating to achieve their goals.
The world is undergoing a fundamental shift in how products and services are consumed, and COVID-19 is accelerating this shift. Customers have become accustomed to being able to access anything they need using their cellphones - from entertainment and financial services, to groceries and taxis.
This means that being digital is beyond a future aspiration - it is now a baseline requirement for any business. Companies won’t be able to continue selling existing one-size-fits-all products and experiences anymore. Nor will they be able to exclusively use traditional channels, like in-person sales or material marketing, for reaching customers. Telkom has recognised this shift and is on a mission to meet customers where their expectations are at.
Telkom’s mission is to create products that are:
To provide both short-term and long-term insurance products digitally, Telkom did an extensive search to find the right partners.
Since they themselves were making a big move to remote work, they needed to ensure that they made their business more efficient, set their insurance teams up for success, and opened up more capacity to focus on creating tailored insurance products.
The Root platform makes all of this possible in the following ways:
“Our partnership with Root is instrumental in our digital transformation strategy. Working with Root’s team has been great so far, and we’re looking forward to taking our digital innovation efforts to the next level with them.”
— Sibusiso Ngwenya, Managing Executive of Financial Services at Telkom Business
Schedule a chat today to find out how we can help your insurance initiatives.
At Root, our mission is to rapidly bring about an exciting new world of insurance by creating the API standard for innovators in insurance. This will allow companies to focus on their customers, and build relevant digital experiences that genuinely add value.
We’re very excited to be partnered with one of South Africa’s most prominent telcos, and we look forward to helping them take the leap into digital insurance while building a better, more modern, insurance industry together.
Root is an end-to-end digital insurance platform that enables you to launch new products and digital engagement channels fast. We package all the compliance, regulatory and reporting complexities behind easy-to-use APIs, allowing your team to focus on building great customer experiences.
Are you interested in taking your insurance business to the next level today? Email us at [email protected] or get in touch here to hear more.