// INDUSTRY UNLOCKED //
Rooting for Africa ’ s insurance industry
FinChoice – a sister company to HomeChoice – has launched a Personal Accident Plan using Root ’ s platform , with the aim of selling life insurance to its urban customer base . Here , Louw Hopley , Founder and CEO of Root , tells us more about how this partnership is benefitting both companies , as well as the current state of South Africa ’ s insurance industry .
OOT HAS JOINED forces
R with FinChoice , which is an SME , to launch a Personal Accident Plan designed specifically for South Africa ' s tech-savvy , urban population . The new product , underwritten by Guardrisk , offers a lump sum of up to R50,000 for accidental death and permanent disability , plus an additional R2,000 which can be used for airtime , travel or groceries .
Using Root ' s InsurTech platform , FinChoice has been able to launch this insurance product faster and more efficiently . The speedto-market has been cut drastically , and the system allows customers to be covered as soon as they sign up .
Here , Louw Hopley , Founder and CEO of Root , tells us more about this partnership and how it has benefitted the company and the insurance industry in South Africa .
Can you tell us more about Root and its mission ?
Our mission is to turn large companies into innovative insurers . We help companies which are ready and motivated to enter the digital age and meet consumers where they are . We do this by building an insurance operating system – a platform that brings all the different insurance players together to work together easily , irrespective of which technology they already have .
What does your day-to-day look like at Root ?
I am focused on the direction of the company and resolving any bottlenecks on that path . I try to wake up before 7am , read the news , go for a run and aim to be online around 8am .
My workday usually starts with a check-in with Charlotte Koep – Root ’ s COO , who does an excellent job of keeping the rest of the business focused .
I generally keep my diary open as far as possible from recurring meetings to reduce distractions . This allows me to focus on the most important opportunities or problems . We have a hybrid remote work policy , but I prefer to be at the office to see the team in person because face-to-face water cooler chats are invaluable .
WE HELP COMPANIES WHICH ARE READY AND MOTIVATED TO ENTER THE DIGITAL AGE AND MEET CONSUMERS WHERE THEY ARE .
Intelligent SME . tech