Root launches new insurance platform
Root, the company behind the programmable banking account and card, has launched a new insurance service, which it hopes will disrupt the market with a fresh fintech approach.
The insurance services are supported by MMI Holdings, and will provide developers, startups and brands with a platform to develop insurance products “in a matter of days”, offering consumers more choice and better value for money.
According to the group, this is the first’ InsurTech’ platform of its kind in South Africa, and one of only a handful of such platforms globally.
Much like its programmable cards and banking accounts, the Root Insurance serves as a platform for other groups to use to develop their own insurance products.
The platform gives developers a way to easily integrate policy issuing straight into a customer experience – be it through an an app, website or call centre – and handles various billing and collection methods.
The platform allows systems to integrate through its API, and it has experts on hand to help customers develop their products.
The company has also worked with OfferZen to test the capabilities of the platform by building operational products within 48 hours at a hackathon.
“Several new insurance products have already been developed on the platform, including a life insurance product aimed at young parents,” Root said.
Currently the two insurers using the platform (Hero Life and CarSure) are both underwritten by MMI company, Guardrisk.
Other examples of how the platform could be used include:
- Lessor Insurance: A rental company concerned about damage to their property or their household contents could offer lessors household insurance when they let out their homes.
- Education Insurance: a startup could easily offer parents termed life insurance to ensure their children’s education is covered.
- Funeral Cover: A community of loyal retail or banking customers, a church congregation or a sports team could offer cheaper, easier access to funeral cover.
Read: Insurance data shows how many South Africans can afford a new car right now
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