Tuesday, June 25, 2024
Versofy SOLAR launches new embedded solar system insurance

Versofy SOLAR has announced it is extending its market-leading personalised service through the introduction of an innovative embedded insurance solution for its Solar-as-a-Service and Rent-to-Own customers in South Africa. This pioneering approach provides a reliable safety net for solar PV systems, protecting customers from theft and damage.


Co-Founder and CEO of Versofy SOLAR, Ross Mains-Sheard, explains, “We understand that the decision to go solar is a significant one for any South African household. That’s why we’re excited to offer an added layer of protection for Versofy SOLAR systems against potential risk.”


Ross Mains-Sheard, Co-Founder and CEO of Versofy SOLAR

This first-of-its-kind embedded insurance solution is available since 1 January 2024 providing coverage for solar panels, inverters, and batteries. So, even if a panel gets damaged, customers won’t be left in the dark for long.


Versofy’s embedded insurance initiative fills a critical gap in traditional insurance offerings. It addresses the complexities and shortcomings often experienced by homeowners in insuring solar installations. “Our approach simplifies the insurance process, removing the burden from our customers. Historically, insurance for solar installations was the sole responsibility of homeowners, with the result of unintended policy lapses, confusion around ambiguous coverage terms, or worse, a reluctance to obtain insurance at all. By providing built-in insurance to the installation price, Versofy SOLAR relieves customers of the heavy lifting with a hassle-free alternative,” says Mains-Sheard.


How does embedded insurance work?

While traditional insurance methods often require customers to juggle between installation providers and insurance companies when they lodge a claim, Versofy provides an integrated solution. “Our insurance solution protects Versofy’s hardware, but with a transparent, customer-first approach, eliminating common insurance frustrations with a superior, seamless and far more user-friendly experience,” he adds.


In the event of damage, theft, or natural disasters, Versofy SOLAR manages all insurance-related procedures. This ensures rapid response and repair without any additional cost to the customer. The company’s initiative is backed by Mutual & Federal Risk Financing Limited in collaboration with broker partner, Pangea Wealth.


Solar maintenance benefit

Versofy is also extending its innovative offering to households which have purchased their solar systems outright through its Versofy Care benefit. This comprehensive service package includes panel cleaning, warranty claim assistance, and financial protection against unforeseen repair or replacement costs, thus extending the benefits enjoyed by Versofy’s subscriber base at a competitive rate.


“Our objective with Versofy Care is to provide a financial safety net for any of our customers who chose to purchase their system upfront, or those that have settled their rent-to-own systems but still want the customer centric service that Versofy provides, safeguarding them against unexpected expenses and ensuring the longevity of their investment,” says Mains-Sheard.


He adds that Versofy’s introduction of embedded insurance is part of the company’s broader commitment to being at the forefront of solving real-world problems with forward-thinking solutions. “Our mission has always been to empower our customers through sustainable and reliable solar energy solutions. With our new embedded insurance offering, we’re proud to continue leading the way in making solar energy more accessible, worry-free, and customer friendly.”