Hannover Re Takes a 25% Stake in New P2P Insurtech Pineapple
Three 20-something-year-olds secure R5.2m to take on insurance.#insurance #technology #insurtech #seedfundinghttps://t.co/IH8AMoxlZH pic.twitter.com/uVPU0h247b
— Pineapple™ (@Pineapple_SA) August 29, 2017
Meet Pineapple, a Johannesburg-based startup that plans to offer a P2P insurance scheme for the short-term insurance market, underwritten by short term insurer Compass :
This is the Pineapple way of doing things, as described in a LinkedIn post:
– Remove the conflict of interest in insurance – because “currently, every claim an insurer denies adds to their bottom line”
– Provide transparency – show customers exactly how their premiums are being used
– Reintroduce affinity into insurance
Also, it has recently secured ~$400K from Lireas, the strategic investment arm of Hannover Re Group Africa, in return for a 25% stake in the business , which it considers a “minority” stake. BTW, the startup was formerly called Amyti and this was its initial teaser video:
Bottom Line: busy signing term-sheets and prepping for an end-of-year launch.
