A fruitful future for insurance

By: Pineapple

“The Pineapple isn’t a single fruit; It is actually a collection of individual berries that bunch together to protect each other for sustained growth, much like insurance”

In 2016 a group of budding South African’s from various educational backgrounds embarked on a journey to rethink insurance. Today, they launch Pineapple – a fresh take on the insurance industry.

Not only have they made insurance as simple as snapping a picture, but they have flipped the entire insurance business model on its’ head – taking what was once seen as a grudge purchase, and turning it into an enjoyable, fun and fair experience.

Matthew Elan Smith explained the advantages of using Pineapple, “Pineapple provides comprehensive insurance cover and the ability for members to keep all of their premiums not used for paying claims, as well as track in real-time exactly how their premiums get used on a cent-by-cent basis; A completely transparent experience!”

Their fresh approach has created such a buzz that it has traditional insurers taking notice and investors, such as Lireas Holdings, putting big money behind them.

Pineapple’s business model aims to achieve affinity, fairness and simplicity in order to decrease costs, cap profits and deter fraud in an effort to create the maximum possible value for a consumer from their insurance policy.

What makes Pineapple different is that premiums paid are deposited into each member’s individual Pineapple Wallet. This premium deposit gives members full insurance cover. When a claim occurs, all wallets contribute in a small way to help pay the claim. Members can withdraw all unused deposits each year, in cash.

We asked Sizwe Ndlovu what will happen to a claim if wallets run out: “A small portion of the wallet deposit pays for peace of mind, so that valid claims are always paid even if wallets run out.”

Co-founder Marnus van Heerden further explains “People can only win by going with Pineapple – if all wallets are depleted, you still have comprehensive cover, and if wallets are not depleted you get to keep all the leftover funds in cash each year, on top of the comprehensive cover you enjoyed. It will be a no-brainer for people to adopt this simple and easy way of getting insured.”

Since announcing the concept last September, Pineapple has garnered an unprecedented amount of hype and attention, with a social media following of over 35 000 curious South-Africans.

Early Beta members have had positive things to say so far:

Brandon Levenberg tweeted: “Finally accepted for Pineapple insurance. 😉 YEEEESS. This is going to be huge in 5 years. Maybe sooner. Insurance simple and easy!”

Jaryd Hermann left this review: “I guess the general standard of apps coming from SA are just below par with the apps we use that are developed abroad. But not this one, top notch!”

While Sakhisizwe Mase said: “Works like a dream, already insured my first item. Quick, easy and the layout of the app is great.”

Their smart use of AI (Artificial Intelligence) and decentralisation allows members to take control of how their wallets are used by connecting, in a Facebook-like fashion, to other Pineapple members they trust. This helps members to protect themselves against the fraud epidemic currently rotting the insurance industry.

Ndabenhle Junior Ngulube finished off by saying: “If insurance and a traditional African stokvel had a tech enhanced baby, it would look a lot like Pineapple. Value is returned to members, members have influence over how risk is shared and they get fully indemnified cover. It combines the best of both models. The full insurance promise of the traditional insurance model as well as the control, flexibility and ownership of a stokvel. We call it insurance V2.0”

Items are easily insured by simply snapping a picture!
Currently, Pineapple offers comprehensive cover on individual items such as laptops, cell phones, sporting equipment, cameras, couches, TVs, drones, bicycles and more. Motor insurance is currently being developed and will soon be part of Pineapple’s offerings.

People can get snapping with Pineapple now by downloading the app available on both IOS and Android.

Pineapple is an authorised financial provider, FSP 48650, and is underwritten by Compass Insure, FSP 1218.

Pictured above: The Pineapple Team