February 7, 2023

Founded in 2017 by CEO Jonathan Elcock and CFO Matt Kloos, CompariSure is a financial services provider that distributes financial services products via its chatbot-driven marketplace, using its proprietary chatbot technology.

The chatbot leverages platforms like Moya, Facebook Messenger, and WhatsApp. CompariSure acts as a digital broker. Since 2017, CompariSure has processed over 120 million messages and sold over 50,000 policies via chat.

The startup distributes financial services products via its chatbot-driven marketplace, using its proprietary chatbot technology that leverages platforms like Moya, Facebook Messenger, and WhatsApp.

Since 2017, it has chatted with over six million South Africans, processed more than 120 million messages, and sold over 50,000 policies via chat. 

The company also builds white-labeled chatbot solutions for financial service providers, enabling them to sell to new customers and service their existing customers via chat.

 Having chatted to over six million South Africans to date, CompariSure aims to bridge the financial and digital exclusion divide in South Africa through chat. 

Recently, CompariSure launched a job creation and skills development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton, and Tembisa, allowing any individual with a smartphone to drive traffic to its chatbot marketplace, and earn a referral commission.

For customers CompariSure’s Digital Marketplace enables users to compare insurance quotes from South Africa’s most reputable and established life insurers in a quick and trustworthy manner.

The InsurTech mobile platform helps consumers to get multiple life insurance quotes within minutes, enabling them to compare policies and find the best fit for them.

Additionally, it has processed over 120 million messages and sold over 50 000 policies via chat since its launch.

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How it Works

Whitelabel ChatBot Solution

The development of chatbots over the past several years is due mainly to the conversational marketing craze propagated by service providers. 

Whitelabel ChatBot functions similarly to other types of APIs and makes it simple to develop a chatbot that is consistent with the rest of your app’s aesthetic.

 White-label chatbot helps businesses develop, resell, and deploy chatbots as their SaaS product on any platform.

 It builds your brand name and engages visitors around the clock. You can use a chatbot for conversational marketing instead of going through the development process.

CompariSure designs and creates custom, built-for-purpose chatbot implementations for financial services providers. 

While these could fulfill any purpose, from sales to client servicing, they specialize in sales and digital distribution.

Their conversational technology allows providers to broaden customer reach while driving down operating costs and also giving the end-consumer that factor and smooth customer experience that has become essential for success in the new digital economy.

End-to-End Capability and Transactions

With Comparisure, you can take customers from the first ad click-through to concluding a sale and receiving policy documents, all via friendly conversational technology.

You can also transact with customers by leveraging existing mass-adopted platforms such as Facebook Messenger and WhatsApp.

Their System is capable of handling complexity, from health underwriting to managing Customer Rewards Programs.

They have an improved marketing ROI by enabling chatbot API integration with Facebook Advertising efforts

Additionally, they have a fully transparent system, with every conversation point tracked, and every Rand spent on Marketing accounted for while their Bespoke AI & ML implementations ensure constant improvement in key metrics.

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Founders

Jonathan Elcock

jonathan elcock

Jonathan Elcock is the Founder and CEO of CompariSure. 

His first job was an internship at an insurance startup where he offered to work for free and rose through the ranks. It was his first taste of entrepreneurship.

He got involved in everything from building out the early admin and CRM systems to designing products and running a 60-seat outbound call center.

Jonathan Elcock attended the University of Cape Town.

Matt Kloos

Matt Kloos

Matt Kloos is Founder & CFO at CompariSure.

Matthew Kloos quit his London job and returned home to Cape Town to embark on a new venture as CFO at CompariSure.

He attended his education at IESE Business School.

Investors & Funding Rounds

UW Ventures, Allan Gray

CompariSure has raised funding from UW Ventures in partnership with Allan Gray to help it increase the uptake of its chatbot solutions.

The company raised funding from 4Di Capital in August of last year, a deal which was unannounced at the time, and has now added UW Ventures and Allan Gray to its investor pool. 

CompariSure has recently also started licensing out its chatbot technology to insurance providers looking to enhance their digital capabilities and has partnered with South Africa’s top insurance providers, including the likes of Sanlam, Old Mutual, and Momentum Metropolitan. 

UW Ventures intends on supporting CompariSure with its scaling ambitions, including into international markets.

CompariSure has also raised $980,000 in pre-Series A funding round for expansion in the South African market.

The funds will be used to help CompariSure expand its footprint in the South African market. The company is looking to expand beyond financial services and has already offered call center automation, sales force management, and market research services.

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Main Competitors

Huize: This is a Chinese third-party insurance services platform.

CoverWallet: It is an online platform that offers insurance management services to its clients.

Insurify: This is a comprehensive insurance quotes comparison platform in America.

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