Kevin Nyango
An insurance product has been launched in South Africa by Fo-Sho that will make short-term insurance with long-term benefits with self-insurance made possible for everyone. The current ongoing Startupbootcamp accelerator in Cape Town made it possible for Fo-Sho to access a multimillion capital investment which will help them to start premier commitment of more than $71, 400 from the combined effort of School of Mechanical Manufacture Engineering (SMME) and the upcoming middle-class sign-up.
The Fo-Sho group has been operational for more than 50 years helping them to gunner more experience on coming up with the products aimed at improving insurance market. The product is aimed at making insurance covers accessible and affordable to people who are not in a position to acquire the current policies due to their financial status.
The products rely on those who have insurance policies to form groups with the same risk profiles to have the same saving pool to minimize the risk financing cost and to have more payments during the time of claiming back the premiums. The application reduces the time of applying and getting the insurance cover. One can get insurance quickly, comfortably and on their terms within three minutes.
Avi Naidoo who is the CEO of Fo-Sho talked of the need to sort out some critical financial tools and accessibility of things like insurance in case people want to fix the gap of financial equality.
