If you are looking at life insurance policies, you may want to give the latest offering from startup OneSpark a once over. The company’s new solution, its Millionaire Funeral Plan, is designed to flip the existing funeral cover on its head.
This according to its co-founders Greg Smith and Josh Kaplan, both of whom are former actuaries turned entrepreneurs that are now focusing on how they can innovate the local insurance space.
“We saw that the current insurance landscape for the lowest earning and most vulnerable
members of society was exploitive, making large profits at the expense of the consumer.
By and large, there has been little-to-no-innovation in the insurance space for middle-to-lower-income earners in South Africa, with product choice typically restricted to funeral
cover alone despite the fact that this market segment has their own complex financial
needs and experience severe financial consequences if they experience a life changing
event,” explains Kaplan.
“So, we decided to change this narrative and innovate in an area that the insurance
sector has forgotten and neglected, with world-first products that uplift and empower
individuals to lead better lives,” he adds.
As for the Millionaire Funeral Plan, OneSpark unpacks it quite simply – You get
R50 000 if you claim and R1 million cash if you don’t, with the Plan only requiring 99 cents a day.
“We are on mission to make life insurance quicker, more accessible, smarter and fair…
because traditional life insurance just isn’t,” Smith says.
The startup has also turned its attention to other solutions, with a Dream Car that provides comprehensive cover when you claim, but pays out R50 000 if you don’t, with the plan costing from R1.50 a day.
There’s a University Wallet Plan too, which is designed for those wanting to save up for their child’s education. This plan pays out R250 000 if you don’t claim, with a daily payment of R3 required.
As always, it’s important to note that T’s & C’s apply for the above mentioned plans. It is also worthwhile checking out OneSpark in full before signing up.
Having recently begun operating, it should be interesting to see how this insurance startup fares locally in a sector that has traditionally favoured larger and longer running organisations. But, perhaps like Naked Insurance, OneSpark can find its niche.