As Dotsure marks a decade of innovation, I am compelled to reflect on our journey over the past 10 years as pioneers and innovators in the insurance industry.
Dotsure has a long history of innovation. We were the first company in South Africa to launch 100% online motor insurance. This was an incredible feat, born out of a need to simplify the process of quoting and managing policies.
We observed the market and industry very closely and found that the process of quoting and buying insurance was arduous and cumbersome for the customer.
To remedy this, we thought: Let’s go digital!
Our mission was to use technology and innovation to demystify the insurance experience and help South Africans buy insurance as fans, not begrudgingly.
While this idea was ahead of its time in South Africa, international markets had already started integrating digital strategy into their insurance models.
Bringing that model to South Africa gave us crucial learnings to build and grow our capabilities, as well as stay ahead of brands that had more resources, but not necessarily the right focus or capabilities.
We knew this uncharted territory was worth exploring, because it would benefit the customer in the long run and change the face of the industry over time.
It took discipline and belief to stay the course in the face of the initial slow uptake, but we always believed that it would work. And it did.
By introducing South Africa’s first-ever 100% online motor insurance, we became early adopters of digital car insurance, and positioned ourselves as innovators and pioneers in the insurance industry.
Since then, Dotsure has led through innovation and by asking: “Are we doing enough to improve the customer experience?”
Dotsure was also the first insurer to use telematics to determine car insurance premiums based on a customer’s individual driving behaviour. And the company was the first to introduce the “name your price” approach to insurance, which allows a customer to dictate what premium they can afford to pay and we then build the cover around that price.
There have been many firsts for us in this industry, which have landed us accolades over the years and made us proud to have been resilient and persistent all those years ago.
The big leagues
A decade later, our company has put its stake firmly in the ground. Our recent purchase of Hollard’s direct personal lines business has allowed us to join the big leagues.
This transaction is massive for us – we have successfully migrated a significant number of policies from Hollard to Dotsure across three verticals (pet, motor and business).
Further, for Hollard, the second-biggest insurer in the country, to trust us with the purchase of its direct book is a big feather in our cap and a boost in confidence from a credibility point of view. This is truly a significant moment for us.
Although Dotsure is best known as a pet insurer, we also have extensive experience in motor insurance and business insurance.
Thus, transferring policies across pet, motor and business insurance has been a smooth transition for us.
The transaction took upwards of 10 000 person-hours across the Dotsure business to get it across the line – and we did it!
It stands as a great testament to the tenacity and resilience of the organisation and its employees, who took on the challenge of tying two complex ecosystems together and providing customers with a seamless experience, despite the regulatory hurdles and a global pandemic.
This transaction has now positioned Dotsure as a major player in the insurance industry with the scale and credibility to take on the Goliaths of the South African market.
A smaller brand like Dotsure taking on massive legacy brands, some that have been around for 100 years or more, with endless capital and power is a story that should motivate everyone to believe that it can be done.
We have always had a steadfast spirit and believed in the growth potential of the company. We used innovation to get ahead and it has paid off, leading us to break records and disrupt the status quo.
Our plans for the next 10 years include using innovation to continually improve the customer experience while further demystifying insurance.
We want to challenge legacy brands and Goliaths in the industry by setting new standards of customer service and being the driving force behind bringing costs down for the consumer. I believe Dotsure can bring that to the table.
We’re ramping up our mission to create bespoke packages for customers, where they pay only for the insurance they need, not for a package we insist they have.
We’re also sticking to our firm belief in educating the consumer – we don’t hide behind the fine print; we believe in explaining it.
We’re going to be bringing further technology solutions to the market, all designed to make purchasing cover and claiming on that cover more customer-oriented.
And we are streamlining and speeding up our claims process.
Our goal is to be the fastest, most cost-effective and most customer-friendly insurance company not just in South Africa, but in the world – after all, if you don’t have big dreams, you can’t do big things.
By David Roache