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Pineapple

Sector: Insurance
Country: South Africa
Founders: Marnus van Heerden, Matthew Elan Smith, Ndabenhle Junior Ngulube
Funding: N/A
Founded: 2017
Investors: N/A

Details

Big profit margins, heavy expenses and fraud ruin the value that an insurance buyer gets from their policy. That is why Pineapple set out to change this, a task which required a complete overhaul of insurance as most do and know it with an entirely new business model that aims to achieve affinity, fairness and simplicity to decrease costs, cap profits and deter fraud in an effort to create more value from an insurance policy than the traditional model. The Pineapple model has its roots in what is a traditional South African Stokvel, developed further to be decentralised, digital, completely scalable and fully comprehensive insurance cover with no chance of claims not being able to be paid due to a lack of funds. The startup is a peer-to-peer decentralized insurer based in South Africa that gives its members fully indemnified insurance coverage. Last year, the Johannesburg based insurtech startup was accepted into the US-based Hartford InsurTech Hub as well as the Google Launchpad Accelerator.