Exactly one year ago this month, insurance app Granadilla was launched into the South African market.
Underwritten by Bryte Insurance, Granadilla experiences positive growth across various indicators including user numbers, policies sold and gross written premiums (GWP).
Jonathan Walker, founder and CEO of Granadilla says, “disrupting the way insurance works continues to be an exciting challenge. It’s exciting because Granadilla’s growth has exceeded expectations and because trends show that the market is becoming more digitally savvy.
“We’ve consistently enjoyed strong growth figures across all three growth metrics, since the start of the year. Proof that the demand for do-it-yourself, cost-effective, fast app-based insurance is on the rise amongst South African consumers.”
In terms of Granadilla’s product mix, the majority of customers have one policy, but that is slowly changing as more people are adding additional products with each passing month.
Smartphone Cover is the most bought product, however, Travel Cover and Laptop Cover are growing the fastest.
Most customers (82%) have one item insured, whilst 12 % have two policies. Three policies have been taken by 3% of the customer base. The most policies held by clients are seven.
The average value of insured trips under our Travel Cover product is R69 222.00, for jewellery items it is R26 441.00, for laptops it is R19 509.00 and for cameras it is R16 611.00.
With no benchmark to work against, consumer trends, product trends and demand has been a monthly, and at times daily, process of data collection and engagement with consumers.
“We initially thought we’d attract a young, digital-first audience in their early twenties. However, our average customer is 32 years old, with the bulk of customers being between the ages of 28 and 43. Our female base is growing. Compared to 39% at the start of 2019, our base is now 44% Female and 56% Male. Just after launching, our base was male dominant and mostly iPhone users. That has changed significantly, with iOS app downloads accounting for less than 5% of our user base these days, which reflects Android’s popularity in South Africa,” says Walker.
What new functionalities can customers expect
Granadilla recently released a functionality for new customers to set a future policy start date, which has made an immediate impact. For example, consumers who know that they will be getting their new smartphone on a particular date can already administer insurance cover for it.
For more information go to www.granadilla.ai