back Back

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

By Edlyn Cardoza

February 09, 2023

  • Compliance
  • Ctrl Technologies
  • digital insurance solutions
Share

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

Previous Article

February 09, 2023

Nomentia and FTS partner on cash and treasury management projects

Read More
Next Article

February 09, 2023

Leaf Wallet app rebranded to BOSS Money as part of expansion across Africa

Read More






IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024

Compliance

Global wealth growth rebounds with major shifts expected by 2030, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Thought Machine and Quantifeed partner to modernize banking

Read More

Today

Duck Creek Technologies delivers HDFC ERGO’s new core InsurTech solutions

Read More

July 12, 2024

SaaScada & Partes sign embedded finance partnership in Switzerland

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024