Sirago Underwriting Managers
Sirago Underwriting Managers is a financial services provider that offers gap cover solutions for health insurance.
- Company typePrivate
- Founded1993
- HeadquartersCenturion, South Africa
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Sirago Underwriting Managers does
Sirago Underwriting Managers (Pty) Ltd is a South African specialist underwriting manager focused on gap cover, the segment that pays the difference between what medical specialists charge and what medical schemes reimburse. Incorporated in 1993 as SAFCAM and rebranded to its current name in 2010, the company is headquartered in Centurion, Gauteng, and distributes exclusively through insurance brokers across all nine South African provinces. Its gap cover products are underwritten by GENRIC Insurance Company Limited, part of the Old Mutual Group, with funeral cover underwritten by Guardrisk Life Limited, meaning Sirago carries distribution, product, and claims management responsibility while the underlying risk sits with licensed insurers.
The product portfolio comprises nine gap cover options priced from R150 to R645 per month, a funeral cover range at R39 to R117 per month, and Sirago MedCare, an Alternative Dispute Resolution service that assists members with medical scheme claim disputes. Sirago runs claims operations on a daily cycle, processing high volumes of small-ticket claims and tracking mega-claims that averaged R62,900 per case with an overall annual limit exposure of R223,000 per beneficiary. The company cites market context showing mega-claim volume up 512% and value up 437% over 2020-2024, with cancer-related claims up 263%, against an industry base of 9.5M+ South African medical scheme beneficiaries.
The business model is a recurring monthly premium subscription distributed exclusively through licensed brokers and intermediaries, with no direct consumer sales channel. Revenue is generated from underwriting management fees on the policy book plus ancillary services such as MedCare, while the company operates with a small team in the 11-50 employee band. Strategically, Sirago positions itself as a focused specialist rather than a diversified insurer, leveraging long-tenured broker relationships, daily claims cadence, and product extensions such as Exact Cover and Exact with Gap & Co-pay to deepen wallet share within the existing medical scheme ecosystem.
Sirago Underwriting Managers firmographics
Firmographics- Name
- Sirago Underwriting Managers
- Legal name
- Sirago Underwriting Managers Pty. Ltd.
- Website
- https://www.sirago.co.za
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Sirago Underwriting Managers is a financial services provider that offers gap cover solutions for health insurance.
- Ownership category
- akta.pro rank
Sirago Underwriting Managers industry classification
Industry- Product category
- Health Insurance (Gap Cover)
- NAICS
- Insurance Agencies and Brokerages (52421)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Insurance Program Administration & MGA/MGU Services (FSAEADAK)
Keywords
Where Sirago Underwriting Managers is headquartered
LocationHeadquarters
- HQ city
- Centurion
- HQ country
- South Africa
- HQ region
- Africa
Offices2 records
Markets served
Sirago Underwriting Managers business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Gap Cover Premiums: Recurring monthly premiums from gap cover policies that cover medical expense shortfalls between what medical schemes pay and what specialists charge. Premiums are tiered based on coverage level and age bands (54 and younger, 55-64, 65+).
- Funeral Cover Premiums: Recurring premiums from funeral cover policies providing lump sum payouts from R10,000 to R30,000 upon death, with guaranteed acceptance for South African citizens aged 18-65.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Gap Liberal Lite - Essential cover for young adults |
| Subscription | Monthly | Gap Liberal Cover - For the younger generation |
| Subscription | Monthly | Gap Core Cover - Affordable cover for the family |
| Subscription | Monthly | Gov Gap - Tailor-made for government employees |
| Subscription | Monthly | Gap Assist Cover - Great start to gap cover |
| Subscription | Monthly | Exact Cover - Cover for specific excluded procedures |
| Subscription | Monthly | Exact with Gap & Co-pay Cover - Combined procedure and gap coverage |
| Subscription | Monthly | Plus Gap Cover - Affordable all-round protection |
| Subscription | Monthly | Ultimate Gap Cover - Most comprehensive option |
| Subscription | Monthly | Funeral Cover - Plan A |
| Subscription | Monthly | Funeral Cover - Plan B |
| Subscription | Monthly | Funeral Cover - Plan C |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels11 records
Sirago Underwriting Managers product offering
Product offeringCore offering
Sirago Underwriting Managers is a specialist South African underwriter that issues gap cover insurance policies covering medical expense shortfalls between what private medical schemes pay and what specialists charge (up to 500% above scheme rate). The company also offers a whole-of-life funeral cover product with lump-sum payouts from R10,000 to R30,000. Products are distributed exclusively through a national network of licensed insurance brokers and intermediaries.
Product overview
Sirago Underwriting Managers is a specialist gap cover and funeral insurance provider operating in South Africa's private healthcare market. The product portfolio consists of nine distinct gap cover products organized by target segment: Gap Liberal Lite (entry-level for young adults at R150/month), Gap Liberal (400-500% scheme rate for younger generation), Gap Core Cover (family-focused at R395/month), Gap Assist (entry family cover at R440/month), Gov Gap (government employees at R472/month with Persal eligibility), Exact Cover (specific procedure coverage at R227/month), Exact with Gap & Co-pay (combined coverage at R446/month), Plus Gap (mid-tier comprehensive at R511/month), and Ultimate Gap (premium comprehensive at R645/month). All gap products are subject to an Overall Annual Limit (OAL) of R223,000 per beneficiary. A separate Funeral Cover product offers payouts from R10,000 to R30,000. Additionally, Sirago MedCare provides a free ADR service for PMB dispute resolution. Products are underwritten by GENRIC Insurance Company Limited and Guardrisk Life Limited for funeral cover.
Differentiator
Problem solved
Functional benefit
Products and services
- Ultimate Gap Cover The most comprehensive gap cover option in Sirago's portfolio, covering tariff shortfalls up to 500% above scheme rate, co-payments, sub-limits, cancer treatments, emergency room visits, and preventative care. Provides up to R223,000 Overall Annual Limit (OAL) per beneficiary per annum with extensive benefits including cancer cover, preventive care, and premium waivers. Priced from R645 per month.
- Plus Gap Cover Robust, all-round gap protection for established individuals and families. Covers specialist tariff gaps, co-payments, hospital admissions, and selected out-of-hospital procedures. Includes preventative care cover up to R5,000. Priced from R511 per month.
- Gap Core Cover Affordable family-focused gap cover settling claims up to 350% of scheme rate (max 450%). Includes robotic surgery cover (R18,000 sub-limit), penalty fee co-payments (R11,500), and cancer co-payment benefits. Priced from R395 per month.
- Gap Assist Cover Entry-level gap cover for young families providing essential medical shortfall protection. Settles claims up to 500% above scheme rate (max 600%) with robotic surgery cover (R13,500 sub-limit). Priced from R440 per month.
- Gap Liberal Cover Affordable gap cover for the younger generation, covering up to 500% of the medical scheme rate with additional benefits including robotic surgery cover (R15,000 sub-limit), sub-limit enhancers (R32,000), and specialist consultation cover. Priced from R194 per month.
- Gap Liberal Lite Essential, budget-friendly gap cover designed for young adults. Covers in-hospital shortfalls up to 200% above scheme rate (max 300%) with streamlined benefits. Priced from R150 per month.
- Gov Gap Tailor-made gap cover solution for government employees with a valid Persal number. Policy ceases at age 65. Covers up to 500% above scheme rate (max 600%) with co-payment sub-limits of R40,000 per annum. Priced from R472 per month.
- Exact Gap Cover Provides access to a defined list of stated procedures when the medical scheme excludes those specific procedures. Sirago negotiates with service providers and pays claims directly up to stated amounts (e.g., R100,000 for arthroscopic surgery, back surgery, joint replacement). Priced from R227 per month.
- Exact with Gap & Co-pay Cover Combines Exact Cover for specific procedures with additional gap and co-payment cover for events that are covered by the medical scheme. Settles claims up to 300% of scheme rate (max 400%). Priced from R446 per month.
- Funeral Cover Whole of life funeral policy offering lump sum payouts from R10,000 to R30,000 upon death. Guaranteed acceptance for South African citizens aged 18-65 with no medical screening required. Payout typically within 1 business day. Underwritten by Guardrisk Life Limited. Available in three plans: Plan A (R39/month, R10,000 payout), Plan B (R78/month, R20,000 payout), and Plan C (R117/month, R30,000 payout).
- Sirago MedCare ADR Service Free Alternative Dispute Resolution (ADR) service provided through MedCare for all disputed PMB claims exceeding R9,000. Provides policyholders with access to ADR for medical scheme disputes, with discounted rates (60%, 20%, or 15% depending on service tier) for claims below R9,000.
Quantifiable outcome
- Average large loss gap claim of R62,900 can be equivalent to nearly seven years of premium payments for Ultimate Gap Cover family premium of R780/month
- +3 more outcomes
Companies that use Sirago Underwriting Managers
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
Sirago Underwriting Managers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Sirago Underwriting Managers partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- GENRIC Insurance Company LimitedcoreSirago Underwriting Managers is underwritten by GENRIC Insurance Company Limited, an authorised Financial Services Provider and licensed non-life Insurer. GENRIC is a member of the Old Mutual Group. Sirago has won GENRIC Insurance Company Limited's UMA (Underwriting Manager of the Year) award on multiple occasions.
- Old Mutual GroupcoreAs part of the Old Mutual Group, Sirago operates under updated Whistleblowing Policy aligned with Group standards. Reports are managed through Tip-offs Anonymous, an independent service operated by Deloitte. Old Mutual Group Forensic Services also available for fraud reporting.
- MedCarecoreMedCare provides free Alternative Dispute Resolution (ADR) service for all disputed PMB claims exceeding R9,000. Sirago offers this service as a value-added benefit to policyholders, with discounted rates (60%, 20%, 15%) for claims below R9,000.
- Guardrisk Life LimitedcoreGuardrisk Life Limited is the underwriter for Sirago's Funeral Cover products. Guardrisk is a licensed Life Insurer and Authorised Financial Service Provider (FSP:76).
- Broker Consultant NetworkcoreNetwork of Broker Consultants (BCs) located throughout South Africa providing support to countrywide broker network with product training, problem-solving and administration processes. Named consultants include Sue Marsh (Western Cape), Grant Breetzke (Eastern Cape), Liz Smith (KwaZulu Natal), Isabella Lindeman (Free State), Natalie Puchades (Corporate), Candice Moore (Johannesburg/North West), Cobus van Straaten (Pretoria/Mpumalanga/Limpopo).
Scale indicators6 records
Recent moves9 records
Expansion highlights5 records
Sirago Underwriting Managers competitors and assessment
Company assessmentDirect peers
- Stratum Benefits: South African specialist gap cover and supplementary health insurance underwriting manager. Directly comparable to Sirago in product mix (gap cover, co-payment, sub-limit top-ups), distribution model (broker-led), and target customer base (medical scheme members in SA).
- AGRO Health (gap cover): South African gap cover product underwritten by Old Mutual — comparable to Sirago as a competing gap cover offering sold through brokers to medical scheme members facing specialist tariff shortfalls.
- TotalRisk Administrators: South African underwriting manager administering gap cover and health-related insurance products. Comparable to Sirago in its role as an underwriting manager distributing via brokers in the SA private healthcare market.
- Day1 Health: South African health insurance underwriting manager offering gap cover and supplementary medical insurance products through brokers. Comparable niche, distribution model, and customer base as Sirago.
Broad incumbents
- Discovery Health (gap cover): South Africa's largest medical scheme administrator; offers gap cover alongside its core scheme products. Comparable as a competing gap cover provider, but with a far broader portfolio (medical schemes, life, investments) and bundled distribution advantage.
- Guardrisk: South African cell captive insurer and underwriting manager; already partners with Sirago on funeral cover underwriting. Comparable as a broader alternative risk transfer and underwriting manager player in SA.
- Hollard Insurance: One of South Africa's largest short-term and life insurers, offering various health-adjacent products through broker networks. Comparable as a broad incumbent in the SA insurance market with gap-style and supplementary health offerings.
- Old Mutual (Group): Africa's largest financial services groups; parent of GENRIC Insurance Company Limited, Sirago's underwriting partner. Comparable as the upstream carrier whose capacity and brand back Sirago's gap cover book, and as a broad incumbent with its own gap cover offering (AGRO).
- Bonitas (gap cover): Major South African medical scheme offering gap cover alongside its core scheme products. Comparable as a competing gap cover provider with bundled medical-scheme distribution.
Emerging players
- Turnberry Management Risk Solutions: South African underwriting manager and risk solutions provider active in personal lines and specialty insurance. Comparable as a regional underwriting manager operating in the same broker distribution ecosystem as Sirago.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Sirago Underwriting Managers social profiles
Digital presenceSirago Underwriting Managers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sirago Underwriting Managers leadership team
Management profileNumber of profiles
Profiles1 record
Sirago Underwriting Managers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sirago Underwriting Managers M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sirago Underwriting Managers
What does Sirago Underwriting Managers do?
Sirago Underwriting Managers is a specialist South African underwriter that issues gap cover insurance policies covering medical expense shortfalls between what private medical schemes pay and what specialists charge (up to 500% above scheme rate). The company also offers a whole-of-life funeral cover product with lump-sum payouts from R10,000 to R30,000. Products are distributed exclusively through a national network of licensed insurance brokers and intermediaries.
Is Sirago Underwriting Managers a public or private company?
Sirago Underwriting Managers is a private company. It is classified as unknown and is currently operating.
When was Sirago Underwriting Managers founded?
Sirago Underwriting Managers was founded in 1993. It employs 11 to 50 people.
Where is Sirago Underwriting Managers based?
Sirago Underwriting Managers is headquartered in Centurion, South Africa, in the Africa region.
How does Sirago Underwriting Managers make money?
Two revenue lines are on record. Gap Cover Premiums are the primary driver. The others are funeral Cover Premiums.
Who are Sirago Underwriting Managers's main competitors?
Direct peers on record are Stratum Benefits, AGRO Health (gap cover), TotalRisk Administrators and Day1 Health. Broad incumbents are Discovery Health (gap cover), Guardrisk, Hollard Insurance, Old Mutual (Group) and Bonitas (gap cover). Turnberry Management Risk Solutions is listed as an emerging player.
Does Sirago Underwriting Managers have an API?
No public API is recorded for Sirago Underwriting Managers.
What industry is Sirago Underwriting Managers in?
Sirago Underwriting Managers's product category is Health Insurance (Gap Cover). Its primary akta.pro industry code is FSAEADAK, Insurance Program Administration & MGA/MGU Services. Its NAICS code is 52421 and its SIC code is 6411.