Technology company, Root earlier today announced the launch of Root Insurance, an exciting new platform API that enables software developers to rapidly prototype and launch digital insurance products into the SA market.
Root’s API enables software developers, using only code, to easily access insurance licences and the full range of insurance and banking-related services needed to launch new digital products.
Designing and launching a new insurance product usually takes many months and requires significant investment into accessing an insurance licence, upfront costs and navigating complex compliance requirements. As a result, innovation in the insurance industry has been slow and many consumers don’t find insurance products suited to their needs.
The improved efficiency makes it viable to deliver more value for money on low-premium products, especially benefiting lower-income families who might otherwise not be able to afford insurance.
Root Insurance is the first insurtech platform of its kind in SA and one of only a handful of such platforms globally. A strong partnership between Root and listed financial services group MMI Holdings Limited (MMI) has been key to making this happen. MMI has provided Root with vital support, ranging from expert guidance to the provision of the underlying insurance licence.
The platform is open to anyone, including individual developers, startups, established brands and insurance incumbents.