Black-Owned Insurer will revolutionize the Insurance Industry with its New Licence

Esurity Founder and CEO, Isaac Chipswa.

Esurity will bring long awaited financial inclusion to the market.

Esurity Life Solutions was recently approved for a micro-insurance licence by South Africa’s financial services industry regulator, The Prudential Authority. As an authorized Microinsurer Esurity can now offer affordable insurance products to previously financially excluded customers in the market.  The company is only one of a handful of fully black owned companies to hold an insurance licence. Founder and CEO, Isaac Chipswa, notes “After waiting for over two years to have our application approved by the regulator, we can now underwrite and provide competitive life insurance products to all South Africans. We are committed to the promise of breaking more barriers and changing the narrative for the financially excluded.”

Prior to obtaining its licence to underwrite insurance, Esurity operated as an independent insurance brokerage with a national footprint for close to a decade. The company currently employs over 150 South Africans who are mostly under the age of 35. Esurity plans to continue building on this foundation by creating more jobs and developing skills within its team to ensure customer satisfaction through targeted product offerings.

Image: Esurity prides itself on employing young people.

While the need for insurance is evident, the need for affordable and inclusive cover is even clearer. As one of a few companies approved by the Prudential Authority and having achieved this remarkable success, Esurity will provide life insurance solutions to individuals, families, and groups without having to be underwritten by the dominant players in the market. The objective of the license is aligned with Esurity’s values and trajectory which aim to offer relevant and value for money insurance solutions to the majority of South Africans who have been previously excluded.

“We take pride in the fact that Esurity is intentional about protecting the progress of our clients through inclusive insurance solutions leveraging both technology and high-touch engagements,” said Chipswa. The entrepreneur goes on to say, “This marks a major milestone in the continued transformation of South Africa’s insurance industry.”