SA’s OneSpark launches AI-powered, pay-as-you-need life insurance coverage product
South African insurtech startup OneSpark has launched what it claims is the world’s first AI-powered, pay-as-you-need, P2P life insurance coverage product in a bid to make insurance policies extra environment friendly and inexpensive.
Disrupt Africa reported late final yr on the launch of OneSpark, powered by a “important, dollar-based” funding spherical secured in October.
At launch, the startup admitted its unique suite of merchandise was comparatively “tech mild”, however promised that upcoming launches would comprise a number of improvements from a tech, AI and machine studying perspective.
True to its phrase, OneSpark has now launched what it’s claiming to be a world first life insurance coverage product, “one which’s good, prompt, simple, clear, and has loopy low premiums”.
“We all know how exhausting you’ve got labored to earn each cent, that’s why deal with the premiums you pay as if it’s your cash, not ours. We changed the bloated bills, giant earnings and archaic processes with good tech and highly effective AI. Plus, we do life insurance coverage fully otherwise. We merely take a small charge to manage your coverage, pay out claims in occasions of want and return to you no matter premiums which might be left over. This implies it can save you as much as 70 per cent in comparison with different life insurers,” stated Josh Kaplan, co-founder and joint-CEO of OneSpark.