Game, livestock and horse insurer Kuda has announced the strategic joint venture (JV) with SwiftVEE, the largest online livestock and game-trading platform in Africa by integrating the process for a participating bidder to request an insurance quote with ease during a SwiftVEE online auction (live or online).
Traditionally, the purchase and insurance of livestock and small-stock has been an extremely manual, paper-based and cumbersome process.
The integration enables the information required by Kuda to be pre-populated on the request form, making it easy for the bidder to verify his/her details and select which lots to insure – from all their lots purchased during the auction.
Once the bidder has purchased a minimum of one lot, they are able to request an insurance quote from Kuda.
“One of the key requirements from SwiftVEE was “ease of transaction”, which is perfectly aligned with our value proposition at Kuda,” said Kuda CEO Wéhann Smith.
The JV was established to develop insurance products to suit the needs of SwiftVee’s clients buying game and livestock on their auction platform, and offer tailored insurance products via their technology platform.
Russel Luck, CEO of SwiftVEE, said Kuda has shown innovation excellence within its insurance niche and they were proud to collaborate with them.
“Our collaboration with Kuda will facilitate digital insurance services to meet the needs of an evolving agricultural industry that is increasingly transacting online,” Luck said.
“A further element of innovation is leveraging Kuda’s insurance services in the game and wildlife industry. SwiftVEE is one of the largest online game and wildlife-trading platforms on the continent and with the assistance of Kuda, we can now provide online insurance services to this very important agricultural segment.”
SwiftVEE reaches approximately 100 000 farmers in both Southern Africa and internationally.
As the platform requires only participating online bidders to register accounts, the reach on the platform tends to be much higher due to many interested users able to watch its online auctions or use the platform to look at the auction results, without needing to register.