5 InsurTech companies disrupting the South African insurance industry          

By Delisha Fernandes

In recent years, the South-African insurance industry has witnessed significant disruption from the emergence of InsurTech companies. These technologically advanced firms are utilising technology to enhance consumer experiences, boost productivity, and provide new types of insurance products.

InsurTech combines ‘insurance’ and ‘technology’; technological advances provide savings and effectiveness to the insurance industry model. The InsurTech idea represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to grow and enhance the business model of an entire industry.

Here are 5 InsurTech companies disrupting the South-African insurance industry:

• Lumkani

Lumkani is a social enterprise with a mission to mitigate the loss of life and property caused by slum fires in South Africa and across the globe. Lumkani has developed and distributed its networked early warning fire detection system to over 40,000 homes in informal settlements across South Arica to accomplish this. The company provides household insurance against fire to informal homes. Lumkani has agent networks which distribute both fire detection and fire insurance products in some of the highest fire risk areas of South Africa.

• Naked

Naked is an InsurTech company. They have rebuilt the entire process from the ground up to make insurance more accessible 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.

• Pineapple

Pineapple is an InsurTech company launched in South Africa in 2018 with a per-item insurance product called “My Stuff.” The company later expanded to offer auto insurance with “My Ride.” In 2022, Pineapple partnered with Travelers in the United States and white-labelled their platform. The InsurTech company enables individuals to insure their stuff and car in the snap of a picture. The company aims to maximise value, affinity, and simplicity in the insurance market by rearranging how insurance is conducted.

• Pula

Pula is an agricultural InsurTech company that designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure yield risks, improve their farming practices, and bolster their incomes over time.

• Yalu

Yalu is a life insurance provider aiming to offer the most affordable, transparent, and rewarding products and services to the South African consumer.  The company aims to become a powerful torrent, giving life to all around it as it grows. They are ready to carve new paths and bring new life into the insurance game. Yalu is black-owned. The founding team has over 20 years of insurance industry experience and superior technical expertise. The company is founded on the simple principle of “doing right by our customers”.

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