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Insurance is regarded as a grudge purchase for many consumers, a precaution that drains your paycheck every month should any catastrophe occur. The value insurance buyers get from insurance policies has been degraded by heavy expenses, big profit margins, and fraud.
Seeing the flaws of the traditional insurance model, products, and user journey, South African Insurtech company, Pineapple set out to change the narrative by employing artificial intelligence (AI) and a new business model. Pineapple is South Africa’s first peer-to-peer insurance company aiming to maximize simplicity, value, customer transparency, fairness, and affinity in the insurance market.
Through a mobile application, Pineapple allows users to insure their goods with just the snap of a picture. The AI engine then identifies the item and allows the user to purchase the recommended monthly premium with ease. Premiums go into the customer’s Pineapple wallet, the use of which customers can monitor in real-time and, at the end of each year, withdraw all leftover premiums.
With a goal to reinvent traditional insurance globally, Pineapple plans to roll-out more insurance products as well as scale to other regions within and outside the continent.