3 African InsurTech companies to watch out for in 2023

By Edlyn Cardoza

Since forever, insurance has been a valuable option for individuals looking to protect their loved ones from potential threats. The pandemic has further reinforced the necessity of preparing for the unexpected. 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. They also help reduce the requirement for repetitive processes and tailor plans to each customer’s needs. As insurance companies work to offer better customer experience, InsurTech has enjoyed a steady rise to power.

Below are 3 African InsurTech companies to watch out for in 2023:

• Naked

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 center agent. A fully digital insurance experience from sign-up to claims.

• Pineapple

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 how insurance is conducted. You can claim your insurance in 30 seconds and get the total insurance in 90 seconds. If you have unused premiums, Pineapple returns them back.

• PULA

Pula is an agricultural insurance and technology 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. Pula is radically restructuring insurance, using technology and parametric insurance to insure the previously unbanked, uninsured, untapped market of 1.5 billion smallholders worldwide.

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