Insurance platform Root has joined forces with digital financial services provider FinChoice to launch a personal accident plan designed specifically for South Africa’s tech-savvy, urban population.
The new product, underwritten by Guardrisk, offers a lump sum of up to R50 000 for accidental death and permanent disability, plus an additional R2 000 which can be used for airtime, travel or groceries.
Using Root’s insurtech platform, FinChoice has been able to launch this insurance product faster and more efficiently. The speed to market has been cut drastically, and the system allows customers to be covered as soon as they sign up.
Louw Hopley, founder and CEO of Root, says: “This partnership showcases the ease with which branded entities can enter the insurance space. They can increase the value they offer to their existing customer base by leveraging their current distribution networks and their understanding of their clients’ needs to offer relevant targeted insurance products.”
Marc Touche, insurance manager at FinChoice, adds: “We are excited to leverage the Root partnership to offer a cutting-edge insurance experience to our digitally-savvy user base. The addition of the Accident Plan to our portfolio of financial products highlights our commitment to providing a convenient and comprehensive solution for our customers.”