South African insurtech startup OneSpark has launched what it claims is the world’s first AI-powered, pay-as-you-need, P2P life insurance product in a bid to make policies more efficient and affordable.
At launch, the startup admitted its original suite of products was relatively “tech light”, but promised that upcoming launches would contain multiple innovations from a tech, AI and machine learning perspective.
True to its word, OneSpark has now launched what it is claiming to be a world first life insurance product, “one that’s smart, instant, easy, transparent, and has crazy low premiums”.
“We know how hard you have worked to earn every cent, that’s why treat the premiums you pay as if it’s your money, not ours. We replaced the bloated expenses, large profits and archaic processes with smart tech and powerful AI. Plus, we do life insurance completely differently. We simply take a small fee to administer your policy, pay out claims in times of need and return to you whatever premiums that are left over. This means you can save up to 70 per cent compared to other life insurers,” said Josh Kaplan, co-founder and joint-CEO of OneSpark.