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5 South African-based InsurTech companies disrupting the space with new approaches

By Edlyn Cardoza

February 09, 2023

  • Compliance
  • Ctrl Technologies
  • digital insurance solutions

Ctrl Technologies, Inclusivity Solutions, Naked, Pineapple, Simply, Underwriting, Compliance, Insurance App, Digital Insurance Solutions, Financial Inclusion, Financial Institutions, Online Insurance, South AfricaInsurance has been a valuable option for individuals looking to protect their loved ones from potential threats. However, the barriers to enrolment in any insurance are several, and with many complicated coverage options, the insurance industry is looking for a makeover.

Fortunately, tech-savvy insurance companies, commonly known as the InsurTech industry, have arisen to make the insurance landscape better. InsurTech companies leveraging AI and data science offer an improved user experience at an affordable price.

Despite limited infrastructure obstructing the way of innovation, InsurTech companies in South Africa are still thriving in the space. McKinsey’s report highlights South Africa as one of Africa’s six primary insurance regions, and South Africa accounts for 70% of total premiums, making it the most established insurance market.

Here are 5 InsurTech companies disrupting the space with new approaches:

Ctrl Technologies is a Software as a Service (SaaS) company for the insurance industry. The specialised software can be used by advisors and brokers but also by consumer-facing businesses wanting to expand their offering into insurance products. The backend is integrated with major respected insurance providers, and users can easily compare up to 8 car and home insurance quotes after completing one set of underwriting questions. A proprietary algorithm makes a recommendation based on the user’s unique needs. Compliance requirements and key documentation are built into the software to create a safe and robust system.

Inclusivity Solutions designs, builds, operates, and innovates digital insurance solutions that enable financial inclusion and address the protection gap in emerging markets. They partner with mobile operators, banks, insurance companies and other financial institutions to deliver simple and affordable insurance coverage through mobile phones. Their proven insurance platform integrates with their partners’ systems to facilitate a fully digital customer journey. From sales to policy administration and premium collection to claims, Inclusivity’s platform unlocks the business case for low-cost insurance whilst revolutionising the customer experience.

Naked is the future of insurance. They have rebuilt the entire process from the ground up to make insurance easier and quicker than ever before. Customers get a quote in 90 seconds, all online, and sign up instantly without ever having to speak to a call centre agent. A fully digital insurance experience from sign-up to claims. Get prices on the app and buy instantly without phone calls or paperwork.

Pineapple allows you to insure your stuff and your car in the snap of a picture. They aim to maximise value, affinity, and simplicity in the insurance market by rearranging the way insurance is conducted. You can get an insurance in 90 seconds, with getting claims in 30 seconds. Through Pineapple, you can earn points and get rewards. If you have unused premiums, they give you back.

Disrupting life insurance with straight-through online buying, white label partnerships with banks and insurers, and an online broker portal that facilitates broker selling life, disability and funeral insurance. Simply was founded in 2015 with a mission to secure the financial futures of millions of people. It’s a hard reality in South Africa and many other emerging economies that when a breadwinner dies, his or her dependents are often consigned to poverty. Recognising the dire need for easy-to-understand, affordable life insurance for the mass market – in South Africa and elsewhere – Simply was founded by three partners who had all reached crossroads in their careers and wanted to use what they had learned to do something positive and meaningful.

Also read: Applications of Artificial Intelligence In Banking Q2 2024

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