Root, Connect partner to offer POS insurance
Root, a South African insurtech platform, has forged a strategic partnership with Connect by Admiral, in the United Kingdom.
Connect is a subsidiary of Admiral Group, the world's largest insurer, and is an API-first, integrated insurance platform.
Businesses that introduce an insurance offering through Connect, according to the companies, can give their clients finance and insurance protection for their goods with a single payment, incorporated at the point of sale.
Connect says that it is generating interest from companies seeking to provide a comprehensive and relevant product offering to their clients.
"The early signs are very positive, and we've received good feedback so far," said Louw Hopley, co-founder of Root.
"Connect demonstrates the power of APIs in enabling innovative partner distribution and means businesses can not only offer their products and services, but also insurance coverage for them, providing clients with a turn-key service."
"It's only natural that when we buy something we care about, we want to make sure it's protected," said Russell Fisher, CEO of Connect. “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 partnership comes as Root expands into the United Kingdom as it seeks to increase its reach.
According to the insurtech, which has over one million active policies on its platform, expanding into the UK was a ‘logical next move’.
Root is an end-to-end insurance platform that currently has 55 live products, and assists businesses in Africa, UK, and Europe in developing, selling, and managing digital insurance products