Tech in Africa
OneSpark, is a South African insurtech reinventing insurance and financial products with several plans catering to low-income clients. Offering market-disrupting low-cost insurance solutions in an innovative rigid market is not easy. OneSpark was founded by entrepreneurs Josh Kaplan and Greg Smith with new innovations that improve their standards and living.
Both co-founders have experience in actuarial science even winning awards for their innovative products. After several years working in the insurance sector creating innovative and award-winning financial products, they founded OneSpark to offer insurance in a manner that includes transparent, inclusive and prioritizes people over profit.
The startup aspires to offer insurance targeted at the lowest income earners and the vulnerable in a model that is less exploitive. Rather than forking out large profits at the expense of the consumer, their approach will incorporate innovative products in a sector that hardly.
In an official press release, Greg the co-founder shared on Ventureburn, how the company is reimagining funeral cover with their Millionaire funeral plan. Where one receives R500,000 on a claim and R1 million cash in the event of no claim. The plan costs partly 99 cents a day. Clients can also get to protect their key living assets such as a Dream Car plan where they receive R500 000 cash from R1.50 a day cover. There is an R250,000 education plan in the event of no claim and R25,000 on making a claim.
