SafeRide Insurance Solutions (Pty) Ltd Business Plan › Products & Services

4.1 Product Portfolio Overview

SafeRide will launch with a focused portfolio of motor vehicle insurance products designed to address distinct market segments. Each product is structured to be simple, transparent, and competitively priced, with clear policy wording that avoids the complexity and exclusions that frustrate consumers in traditional motor insurance.

4.2 Comprehensive Motor Insurance

SafeRide’s flagship product provides all-risks cover for private motor vehicles, including accidental damage, theft and hijacking, fire, natural perils, and third-party liability. The product is differentiated by several key features:

• Market Value Coverage: Vehicles insured at current retail market value, with annual revaluation and a guaranteed minimum payout of 90% of the insured value in the event of a total loss or theft.

• Flat Excess Structure: A transparent flat excess of R3,500–R5,000 depending on the vehicle category, rather than the complex percentage-based excess structures common in the market.

• Included Benefits: Roadside assistance (24/7 towing, battery jumpstart, flat tyre), courtesy vehicle for up to 14 days during approved repairs, and windscreen replacement with no excess.

• Average Annual Premium: R5,500 per annum for a standard sedan (vehicle value R150,000–R350,000), representing a 10–15% discount to comparable OUTsurance and Discovery Insure products.

4.3 Third-Party Insurance

A cost-effective product covering liability for damage caused to third-party vehicles and property. This product is targeted at budget-conscious vehicle owners and older vehicles where comprehensive cover is not economically justified. Average annual premium of R2,500.

4.4 Fleet Insurance

Customised motor insurance packages for small-to-medium enterprises operating vehicle fleets of 5–50 vehicles. Fleet policies include volume-based premium discounts of 5–20%, centralised claims management, monthly management reporting, and dedicated account management. Target average premium of R4,200 per vehicle per annum for fleets of 10+ vehicles.

4.5 Ride-Hailing Insurance

A specialised product designed for Uber, Bolt, InDrive, and delivery service drivers. This product offers flexible, usage-based pricing (pay-per-kilometre or pay-per-trip options), coverage that extends during commercial trips, and seamless integration with ride-hailing platform data. This segment is currently underserved by traditional insurers, with most ride-hailing drivers operating without adequate commercial-use cover.

4.6 Value-Added Services

4.7 Product Roadmap

4.8 Detailed Pricing Framework

SafeRide’s pricing model is actuarially driven and designed to be transparent, competitive, and sustainable. Premiums are calculated using a risk-rating algorithm that considers multiple factors, each weighted according to historical claims data from the South African motor insurance market. The key rating factors and their impact on base premium calculations are detailed below:

The pricing framework produces the following indicative annual premium ranges by product and vehicle category:

4.9 Claims Philosophy and Process

SafeRide’s claims philosophy is built on the principle that the claims experience is the ‘moment of truth’ in insurance – the point at which policyholders evaluate whether their premium payments have been worthwhile. Accordingly, SafeRide has designed a claims process that prioritises speed, transparency, and fairness.

The end-to-end claims journey operates as follows:

• Step 1 – First Notification of Loss (FNOL): Policyholders report claims via the SafeRide mobile app (preferred), call centre, or website. The app enables photo and video upload of damage at the scene, GPS location capture, and third-party details recording. Target: FNOL completion in under 10 minutes.

• Step 2 – AI-Powered Damage Assessment: Uploaded photographs are analysed by SafeRide’s computer vision AI to generate an initial damage estimate and classification (minor, moderate, major, or total loss). This accelerates the triage process and reduces dependency on physical assessor inspections for straightforward claims.

• Step 3 – Assessor Review and Authorisation: For claims above the AI-assessment threshold (estimated at R25,000), a qualified motor assessor reviews the AI estimate, conducts a physical inspection if required, and authorises repairs. Target: authorisation within 48 hours of FNOL.

• Step 4 – Repair Management: SafeRide assigns the vehicle to an approved panel beater from its national network. The policyholder receives a courtesy vehicle (comprehensive policyholders) and real-time repair progress updates via the app.

• Step 5 – Settlement and Close: Upon repair completion or total loss agreement, SafeRide settles the claim directly with the service provider or policyholder. Target: 90% of claims settled within 7 business days of FNOL.

SafeRide’s claims management system includes a dedicated fraud detection module that uses machine learning algorithms to identify suspicious claims patterns, including repeat claimants, staged accidents, inflated repair estimates, and identity fraud. The fraud detection system is expected to reduce claims leakage by 3–5% relative to the industry average.

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