Online insurance distribution company, SureStart has acquired CompareGuru, an independent insurance comparison platform, from Silvertree Internet Holdings.
CompareGuru joined the SureStart stable from 1 June 2019.
SureStart enables anyone to buy or sell digital financial services, instantly and seamlessly, by using the cloud-based Briisk Instant Transaction Platform.
CompareGuru CEO Travys Wilkins said that the acquisition will enable the brand to offer innovative white-labelled insurance solutions to the South African market whilst still furthering its goal of digitising the insurance process completely.
“Our focus has shifted substantially in the past 12 months, moving away from the inherently invasive nature of insurance sales. Our mission is to continue offering a hands-on approach to guiding, assisting and servicing our clients – effectively closing the gap between the insurer and the end consumer – whilst ensuring the most efficient, innovative route to cost-effective comprehensive cover.”
Wilkins says the acquisition will also enable SureStart to leverage CompareGuru’s existing license agreements.
Established in 2013, CompareGuru provides free, unbiased side-by-side quotes on short-term and long-term insurance products, ranging from vehicle insurance and life insurance to building insurance. Wilkins said that a key focus for the business in the short term will be updating the products to include both funeral and travel insurance.
In addition to the above suite of products, CompareGuru now also boasts a Private Wealth division, named CG Private Wealth, offering unbiased financial guidance to high net-worth individuals.
“We’ll be furthering our focus on tech-enabled financial planning and wealth management solutions for individuals and businesses under this brand.” Wilkins will fulfil a dual role as executive director of SureStart as well as CEO of CompareGuru and CG Private Wealth.
“We’re confident that this move will allow us to scale the offering utilising the technology now available to us to simplify processes and provide consumers with the most relevant solutions to their needs. In addition, we’d like to make an impact in an industry that has largely remained powered by face-to-face and sales-driven activities for the better part of two decades,” Wilkins said.
In 2018, CompareGuru acquired Noble Wealth Financial Services (renamed to CG Private Wealth), with outgoing CEO, Clemens Wolf, replaced by Travys Wilkins.