About Switch
Switch is a Transportation, Automotive & Logistics company based in Cape Town (South Africa) founded in 2017 by Bradley Smith and Jaclyn Prior, and was acquired by Santam in June 2020. On-demand insurance for personal items is delivered via mobile app. It operates on a On-Demand Services and Pay-per-Use / Usage-Based model in Transportation, Automotive & Logistics and Financial Services sectors. Switch offers products and services including Car Insurance, Home Items Insurance, Tech Insurance, and Gear Insurance. Its focus areas include Insurance and Non-Life Insurance. Its legal entity is Santam. Its competitors include Naked, Ctrack and MiWay Blink; 2 of its 3 listed competitors have raised funding.
Company details
Digital insurance solutions are offered by Switch, a division of Santam, focusing on flexible, on-demand coverage for various personal assets. Car, home items, tech gadgets, and gear are insured based on user preference and usage. The service allows customization of coverage item-by-item through an app, ensuring convenience with instant sign-up and effortless claims processing. Dynamic premiums are calculated monthly based on asset usage. The financial services sector, specifically non-life insurance, is primarily targeted with an emphasis on user control and accessibility.
Products & Services of Switch
Switch offers a comprehensive portfolio of products and services, including Car Insurance, Home Items Insurance, Tech Insurance, and Gear Insurance.
Coverage for cars is provided on-demand as needed.
Selected home items are insured based on choice.
Instant coverage for tech gadgets is offered online.
Gear coverage is activated only when required.
Funding Insights of Switch
- Total Rounds 1
- Investors Count 1
All 1 funding rounds of Switch with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb 2020 | Seed | – | Santam | – |
1 investors in total: 1 institutional.
Investors in Switch
Switch has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Santam.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Santam is recognized as a leading short-term insurance provider in South Africa. | santam.co.za | Bellville, South Africa |
Investor details for Switch
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People of Switch
2 people are tracked at Switch (2 in leadership).
| Name | Role | Group |
|---|---|---|
Bradley Smith | Co-Founder & Director | Leadership |
Jaclyn Prior | Co-Founder & COO | Leadership |
Complete people profiles for Switch
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Timeline of Switch
3 dated milestones of Switch across 3 years, from founding to its latest funding, stage changes and deals.
- Founded Switch is founded.
- Funding First funding round.
- Exit Acquired by Santam.
Competitors of Switch
Switch has 3 listed competitors in our database, 2 of them funded. They include Naked, Ctrack and MiWay Blink.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| naked.insure | 2016 | Johannesburg, South Africa | $69.76M | Usage-based car insurance is delivered via an AI-driven mobile app. | ||
| ctrack.com | 1985 | Centurion, South Africa | $23.4M | Provider of fleet management products and solutions for the insurance sector | ||
| miwayblink.co.za | 2020 | Midrand, South Africa | Delivers app-based car insurance and claim solutions tailored for individuals. |
Detailed competitors of Switch
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Related news about Switch
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Frequently Asked Questions about Switch
Switch was founded in 2017 and raised its 1st funding round 3 years after it was founded.
Switch is headquartered in Cape Town, South Africa. It is registered at Cape Town, Western Cape, South Africa.
Digital insurance solutions are offered by Switch, a division of Santam, focusing on flexible, on-demand coverage for various personal assets. Car, home items, tech gadgets, and gear are insured based on user preference and usage. The service allows customization of coverage item-by-item through an app, ensuring convenience with instant sign-up and effortless claims processing. Dynamic premiums are calculated monthly based on asset usage. The financial services sector, specifically non-life insurance, is primarily targeted with an emphasis on user control and accessibility.
Switch's top competitors include Naked, Ctrack and MiWay Blink.
Switch offers Car Insurance, Home Items Insurance, Tech Insurance, and Gear Insurance.
Switch has 1 investor. Key investors include Santam.
Switch operates through Santam.
Yes. Switch was acquired by Santam in June 2020.