TDI Insurer Innovation Award - Pineapple pitch deck
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TDI Insurer Innovation Award - Pineapple pitch deck
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TDI Insurer Innovation Award - Pineapple pitch deck
- 2. The most risk-averse The most likely to take up insurance But only 12 percent of 18 to 29 year-olds have renters or property insurance. Young people aren’t insuring Where is the
- 3. Why don’t we buy insurance TRUST ACCESS PRODUCT Why am I paying this? Where does my premium go? I can order a taxi with two taps, why not insurance? I don’t understand my cover and it doesn’t suit my needs.
- 4. What if you could TRUST ACCESS PRODUCT See how your premiums help others. Keep what’s left. Insure with just the snap of a picture. Mobile-first Get month-to-month cover on only the things you want.
- 5. The Pineapple Model The Pineapple App The Pineapple Solution
- 6. What We Do Get young people insuring Trust User Experience Product-lifestyle fit Get a millennial customer base Brand value alignment Rich data and analytics Product design + Upselling For our members For our partner carrier
- 7. Wecurrentlycover Current Pineapple Products @Pineapple_SA Dynamic grouping ability allows users to link up and be grouped with like-profiles to save more Coming soon…
- 8. The Long-term Goal Make insurance a lot cheaper Traditional model Risk (value) Fraud Expenses & Profit Risk (value) Fraud Expenses & Profit SAME RISK LOSSRATIO ~2/3 ~1/3 Pineapple
- 9. Growth 12 000+ members Premium Growth Online Conversion rate 8X Industry Standard Cost per Acquisition 6X less than Industry Human Intervention <20% of customers 25% per month $8MM of assets added Launched 7 months ago
- 10. Social Media Following ~45 000 Industry average: 1000 ReferralsNet Promoter Score 63 Industry average: 29.9 1 in 5 new customers (Without any referral bonus) Love Highest ranked short- term insurance app in SA Ranking
- 11. Awards Ventureburn • Top 5 SA startups • Top Insurtech MyBroadband • Top 5 Tech inventions made in SA Insurtech Intelligence • Top Insurtech to watch Entrepreneur mag • Top 12 tech startups making it big • Top small business to watch • Top Young Black Entreprenuer SA start-up awards • Best Newcomer • Best Fintech startup MTN app of the year • Best Consumer App The Digital Insurer • Global Insurtech finalist
- 12. Competitors
- 14. Next Up Launching motor cover with large SA carrier 2019 @Pineapple_SA Dynamic Grouping perfectly positions product for true autonomous vehicle pricing Facilitate sharing economy Social data + Asset data + Risk data allows us to facilitate transactions in the sharing economy Pineappple USA Seeking Carrier/Funding
- 15. The Management Team Marnus van Heerden CEO CA – Accounting + Law 4+ years Experience Hugo Mouton COO Actuary 10+ years experience Yashoda Ram CMO Marketing Actuary 12+ years exp Ndabenhle Ngulube CIO Software Engineer 5+ years Insurance exp Matthew Smith CEO Actuary 4+ years experience Sizwe Ndlovu CTO Software Engineer 6+ years experience Achim Klennert (Non-Executive Director) CEO Hannover-Re Group Africa Isaac Chidantona (Non-Executive Director) Portfolio Manager Lireas Holdings
- 16. Lets Work Together @Pineapple_SA Client-facing Functions Customer Acquisition Underwriting (joint effort) Bind, renew and vary policy Claims handling Customer support Backend Functions Provide paper (license) Underwriting (joint effort) Risk Capital Reserving Max UW profit = 15% (enables customer give-back) 15% GWPRemuneration: Duty: Carrier
Notes de l'éditeur
- Four out of five adults under 25 live on their own, and two-thirds of adults ages 25 to 29, rent their homes. according to a report from the Joint Center for Housing Studies of Harvard University. https://www.insurancequotes.com/health/millennials-and-insurance However they are the most risk-averse generation and more likely than any other generation to use their hard-earned money for cell phone, home appliance, identity theft, trip, pet and even instrument insurance. https://www.aflac.com/docs/awr/pdf/2016-articles/awr.2016-article-millennials-and-insurance.pdf to backup each statement
- https://www.effectivecoverage.com/8435/millennials-pass-on-working-with-local-insurance-agents/
- -Make a version of this with less copy for when im there to present -Back up these issues with facts “80% of people don’t trust insurers” -Find facts to backup each statement STRUCTURE: Problem – Fact – Our insight https://www.effectivecoverage.com/8435/millennials-pass-on-working-with-local-insurance-agents/
- Returning insurance to a social arrangement with ability to see exactly what is going on and still providing comprehensive cover.
- Current value in insurance = R36 for every R100 in short term insurance policy. Our aim = Increase value to R70 per R100.
- -Add app store rating rather than impressions 80% of customers between 20-30 -Customer reviews -Put 18% referrals with NO incentive stat -NPS
- Download the app on IOS or APP store Watch the demo vids.
- Download the app on IOS or APP store Watch the demo vids.
- These problems lead to fraud. Together with extensive profit margins and expenses the value a consumer gets from insurance is destroyed by the current business model.
- Core team – credibility Advisors - credibility