These top eight South African insurance technology (insurtech) start-ups are reshaping the insurance sector in South Africa, which lags behind most of the developed world.
Due to high internet data prices and inadequate infrastructure, South African insurance businesses lag behind some of their counterparts in more developed regions of the world in many aspects.
However, economic progress and the quick uptake of digital and mobile services are expected to change all of that, making the smallest market appear to offer the most potential for growth.
Now let’s take a look at the top eight South African insurance technology startups looking to disrupt the insurance industry.
The first insurance technology startup to look out for is Pineapple. Founded in 2016, it set out to redefine the insurance industry with a totally new business model. They streamlined how we insure and claim with their pineapple app, which uses artificial intelligence to detect your stuff and gets you insured in a flash with no paperwork or phone calls.
If you change your mind, you may also switch off your insurance using the app. You may insure your car through their drive-less benefit ,household gadgets, furniture, jewelry, musical instruments, and other items.
InvestSure aims to boost the security of investors. Customers of InvestSure can insure their listed investments against losses as a result of charges that management misled or deceived the public.
The insurtech makes it simple to reduce the risk of large loss at a modest cost. This may make investment look more exciting since it relieves strain.
Inclusivity Solution, which promises to provide easy and inexpensive insurance to growing markets through digital insurance solutions.
Is delivering insurance using mobile phones to reach billions of uninsured people. In order to differentiate themselves, the insurtech integrates actuarial, data analytics, and technology.
David O’Brien launched the Meerkat fintech business in 2016 to engage in the debt collection, insurance, and financial services industries.
Simple solutions are provided to assist customers in reducing their dependency on debt and building resilience for financial emergencies, allowing them to invest in themselves and accomplish their varied financial goals. The startup has received $80,000 in investment to date
Naked Insurance is an insurtech firm backed by Hollard, providing entirely online insurance services, including pricing and claims. By utilizing the Naked Insurance mobile application, policyholders may easily file claims, add new policies, and make adjustments to current products.
Get protected right away, without the need for phone calls or paperwork. The application is powered by AI and does not use contact centers, guaranteeing that you obtain complete coverage at the best possible price.
With the use of technology and financial services, Lumkani, an insurtech startup, aims to strengthen the resilience of underserved communities exposed to high levels of risk. Lumkani uses specially developed Internet of Things (IoT) heat sensors and insurance to reduce the loss of life and property caused by fires in informal settlements.
Lumkani has been able to reduce the impact of fires in low-income neighborhoods by combining technology and financial support.
Two life insurance actuaries founded simply insurance in 2015. The co-founders founded the firm to make life insurance a simpler, less time-consuming procedure by guaranteeing that it is entirely digital.
With policies underwritten by Old Mutual, they simply use data and technology to provide you with the coverage you need at the right price. They provide individual life, disability, and funeral insurance.
Last on the list, JaSure has created a mobile app and backend infrastructure that enables clients to obtain digital on-demand insurance. JaSure was established in 2017 and received money and support from Santam in early 2020.
JaSure, according to Co-founder and COO Jaclyn Prior, enables more inexpensive insurance for personal items through a novel approach to coverage. They can minimize expenses and offer cheaper insurance by putting insurance on an app and allowing for on-demand insurance. JaSure hopes to improve its clients’ value for money by doing so.
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