Latest news with #Outsurance
Zawya
05-08-2025
- Automotive
- Zawya
South Africa: Stand out SMEs empowered with $55,594 grant funding
Outsurance's Enterprise and Supplier Development (ESD) programme continues to drive growth and innovation for South Africa's small and medium-sized enterprises (SMEs), with nine finalists from three active cohorts from the programme recently competing in a Shark Tank-style pitch event to win a share of R1m. All the businesses who participated in the 2025 OUTsurance Kwande ESD programme The Outsurance Kwande ESD Programme, founded in 2019 and supported by small business development specialist Edge Growth, targets businesses within OUTsurance's value chain, including panel beaters, towing companies, builders, plumbers, electricians, and other artisans and supports their growth through mentorship, funding, and strategic development. The top three winners of the Outsurance Grant Pitch, which was held at OUTsurance's head office in Centurion on 18 July, were End of the Road Panel Beaters, who took first place with R500,000; Tekton, who was awarded R300,000 for second place; and Springfield Panel and Paint, which secured third place with R200,000. Participants and judges at the 2025 OUTsurance Kwande ESD programme. End of the Road Panel Beaters is an auto body repair shop based in Phoenix, Durban, established in 2004 by Robert Ngwane and Siyanda Phirie. The company has grown from humble beginnings to a trusted partner for vehicle owners, fleet managers, and insurance companies, and offers a comprehensive range of services, including panel beating, spray painting, and collision repair. Tekton is a company specialising in automotive repair and maintenance services, operating across multiple locations, including Paarl, Worcester, and Wynberg in the Western Cape. Tekton provides a range of services including panel beating, auto body repairs, and painting. Springfield Panel and Paint is a female-owned auto body repair shop located in Springfield Park, Durban. Founded in 2013 by Rosy Govindasamy, Springfield offers a range of services, including frame and structural repairs, oil spot repairs, auto body painting, suspension and alignment, and insurance claim assistance. Winners of R500 000 – End Of The Road Panel Beaters. Edge Growth has partnered with Outsurance to design and implement the Kwande ESD Programme for over five years, with a total of 62 SMEs having participated to date. Acting as the strategic and operational backbone of the initiative, Edge Growth delivers expert facilitation, technical mentorship, business development support, and access to funding opportunities. Together with Outsurance, Edge Growth has developed a customised ESD strategy that responds to the specific challenges and opportunities within the Outsurance supply chain, with Edge Growth responsible for tracking outcomes, assessing business performance, and ensuring the programme supports Outsurance's transformation and procurement goals. This year's finalists went through a rigorous preparation process including pitch workshops, ideation sessions, and one-on-one mentorship. These sessions, facilitated by Edge Growth, helped participants refine their business cases and propose bold, sector-relevant solutions to real-world industry challenges. A distinguished panel of judges evaluated the finalists based on relevance to the challenge presented, innovation and feasibility, the potential for real-world impact and scalability and overall pitch quality. The panel included Velani Mboweni (co-founder and CEO of mobility platform LULA Loop), Martin Kingsburgh (head of claims procurement at Outsurance), Keneiloe Selamolela (chief transformation officer at Outsurance) and Thato Legong (COO of Outsurance Shared Services). This event illustrated the wider programme's commitment to unlocking entrepreneurial potential and fostering sustainable business growth. Beyond the funding, the initiative provides SMEs with access to skills, markets and funding opportunities, with the aim of not only growing small businesses within the OUTsurance value chain, but also uplifting the communities in which they operate.
Irish Independent
19-07-2025
- Automotive
- Irish Independent
Irish drivers spend average of €10,373 to keep their car on road each year
From maintenance and depreciation to fuel and parking, the cost of running a car is now approximately €864 per month or €28 per day. Analysis conducted by an insurance company used Ireland's most popular car as a benchmark – the Hyundai Tucson. The research by Outsurance found that the highest cost comes from depreciation, as a 2024 Hyundai Tucson valued at €40,000 will have depreciated by approximately €6,274 over this year, based on standard valuation tools. One of the key factors driving the cost of car ownership for most drivers is fuel, especially amid ongoing price fluctuations, the insurance company said. Fuel costs €10.40 per 100km at a price of €1.76 per litre for petrol, or €8.60 per 100km based on a cost of €1.68 per litre for diesel as of July 2025, according to the Sustainable Energy Authority of Ireland. For a 1.6-litre Hyundai Tucson travelling 15,000km annually, this equates to approximately €1,560 a year, the study said. Annual upkeep, from regular servicing at €249 to unforeseen costs, such as replacing tyres, and general maintenance like car washes, totals €736 per year on average, the company said. Insurance is the next big cost for motorists, with the average car insurance premium in Ireland sitting at €616, according to the Central Bank's 2024 national claims information database. Parking costs across the country range from €1.20 to €5 per hour, depending on the location, the study said. It comes as the average motorist can pay for parking for around 156 hours in a year, equating to €484 annually. Motor tax costs depend on vehicle emissions, but with a range of 141-187g/km for the Hyundai Tucson, motor tax is estimated at €435 annually. Frequent motorway users will spend approximately €208 on tolls, assuming 80 trips at an average cost of €2.60 each. With toll costs ranging from €1.70 to €3.50, depending on when a driver is travelling and which toll road they use, motorists could pay at least the average of €208 annually. The routine NCT is a legal requirement, and another cost for the drivers. With a price of €60 per test, most cars under 10 years old are tested every two years, averaging €30 per annum, while retests incur a €40 fee if needed. Outsurance chief marketing officer Ian Kennedy said the 'unforeseen costs of car ownership often catch people off guard'. "While most motorists factor in fuel and insurance, many overlook the expenses that can significantly add up, like a new set of tires and tolls,' he said. "Costs that haven't been budgeted for can be tricky to deal with, considering the impact of inflation on people's purchasing power,' he added.
Irish Times
18-07-2025
- Automotive
- Irish Times
Motorists can spend €10,000 annually to keep car running
New research from Outsurance Ireland has indicated that when unforeseen costs are factored in, Irish motorists can expect to spend an average of more than €10,000 a year to keep their petrol or diesel car running. Using the most popular car in the Republic, the Hyundai Tuscon, as a benchmark, the insurer found that drivers can spend an average of €1,560 annually on fuel alone. Outsurance's calculation assumes that the motorist travels 15,000km in the year, the national average driven distance in 2023, according to the Central Statistics Office. Motorists will also have to fork out €616 for insurance, based on figures from the Central Bank's 2024 National Claims Information Database, the firm said. READ MORE However, the steepest costs facing motorists relate to depreciation of their vehicle. A Hyundai Tuscon valued at €40,000 will have depreciated in value by around €6,274 in the year, Outsurance said. Meanwhile, maintenance, which can include unforeseen costs like the replacement of tyres, can cost motorists some €736 on average annually. [ Motor insurance claim costs up 25% in past year, Central Bank finds Opens in new window ] When other outlays like National Car Test (NCT) testing and motor tax are factored in, the average cost of running a car now equates to €865 each month or €28 a day, adding up to €10,373 annually. 'The unforeseen costs of car ownership often catch people off guard,' said Ian Kennedy, chief marketing officer at Outsurance. 'While most motorists factor in fuel and insurance, many overlook the expenses that can significantly add up, like a new set of tyres and tolls. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 'Costs that haven't been budgeted for can be tricky to deal with considering the impact of inflation on people's purchasing power. ' Mr Kennedy said motorists can take practical steps to keep their costs down like using fuel price comparison websites and shopping around for car insurance. 'Careful driver behaviour also goes a long way as it helps reduce costs down the line,' he said. 'For example, regular harsh braking is only going to mean forking out for a new set of tires faster or clever route planning can also reduce unexpected out-of-pocket expenses.'
Irish Times
21-05-2025
- Automotive
- Irish Times
Outsurance Ireland plans to hire further 100 staff in second year in business
South African insurer Outsurance 's fledgling Irish business plans to hire a further 100 staff in the next 12 months, bringing its total workforce to 250 as it gains traction in the market. The announcement comes as Outsurance Ireland marks its first year in operation, focusing on motor and home coverage. The company claims that motorists who have switched to the firm have saved an average of €97 on their car insurance in the past year, based on its in-house data. Outsurance Ireland chief executive Peter Broome declined to comment on the level of premiums the company secured in its first year – or on underwriting targets. The company previously said that it expects to invest €160 million developing the Irish business in its first three years in operation. READ MORE 'I feel strongly that our success is based not only on our great value proposition, but also the customer-first approach and human interaction, which is central to the Outsurance experience,' he said. 'You'll speak to a person – not a bot – when you call us at Outsurance and we have a strong record of answering more than 90 per cent of calls within 20 seconds.' Outsurance is among several companies that have moved recently to get into the Irish market following a series of reforms aimed at reducing volatility and coverage costs in a historically highly volatile market even by the cyclical nature of insurance internationally. 'I've entrepreneurial spirit in my veins' – Apprentice star Jordan Dargan Listen | 44:45 Italian insurance giant Generali last year bought Liberty Mutual's businesses in Ireland, Spain and Portugal in a deal worth €2.3 billion. It marked a return by the Italian group to the Irish general insurance market more than two decades after it closed its Dublin office, which had been writing small amounts of property and casualty business as well as commercial insurance at the time. Fintech Revolut entered the car insurance market in 2023 in partnership with US-based AIG.
