Shefi Ben-Hutta
Editor at Coverager
Compass Insure Hannover Re Pineapple

Hannover Re Takes a 25% Stake in New P2P Insurtech Pineapple

 

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.

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