New kids on insurance block make use of technology and artificial intelligence
Pause cover when you are not driving and save up to 50% of your premium
New insurance policies making much greater use of technology, including artificial intelligence (AI), are coming on to the market, and they just might reduce premiums on one of your biggest grudge purchases.SA's short-term insurance industry is plagued by a lack of transparency around pricing and a conflict of interest between providers that make profits when you don't claim and policyholders who want benefits, the new kids on the block say. These factors have contributed to the situation where an estimated 32% of all claims in SA are fraudulent, says Marnus van Heerden, a co-founder of Pineapple, which is offering community-based cover for household goods via a digital wallet.Another new short-term insurance provider, Naked Insurance, says its fully digital car insurance prices more accurately for the risk you pose and offers you the ability to pause cover when you are not driving, which can save you up to 50% of your premium. Meanwhile, the use of telematics to assess your driving...
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