What is Pineapple Insurance?
Pineapple Insurance is part of a new generation of insurance providers surging forward to change the way insurance works. Founded in 2018 after Silicon-Valley-style rethinking of how insurance works, Pineapple Insurance is a South African insurance company that brings innovative solutions to the table.
Their goal? Rebuild the trust between insurance providers and the insured. Stop the cycle of fraud and denied claims. Increase the insured’s value for money, and remedy high levels of fraud and exorbitant profit margins.
What Makes Pineapple Insurance Different?
With Pineapple Insurance, you can get a policy more easily than with traditional means. Making claims is easier and processed digitally. You get returns depending on how you claim during the year. Thanks to Pineapple’s fresh vision of how insurance works, they can offer their customers ground-breaking ways of insuring their belongings. Pineapple functions primarily through a mobile application, although the head office is there if you get into a fix. No call centre or complicated process. Just an easy-to-use app and switch on-switch off insurance.
How to Sign Up with Pineapple Insurance
Instead of phoning the insurance provider, filling in a bunch of forms, and jumping through a bunch of hoops, you can get a policy with Pineapple by downloading their app and following a few easy steps. Once you have signed up on the app, just take a picture of the item(s) you want to insure. The Pineapple artificial intelligence system will figure out what it is and give you a quote for insuring the item. If you want to insure it after viewing the quote, just flick a button.
Switching Insurance on and Off
Most insurance providers do not offer the option to switch cover off and on without following a process or suffering penalties. Pineapple insurance offers their customers the option to switch their insurance on or off any time they want by swiping a button on or off on the pineapple insurance mobile application. This innovative offer puts control back in the insured’s hands. If they decide to switch cover off for any item, the risk is their choice.
Insurance is payable monthly in advance. This means that if you switch it off and on daily, you will not benefit much. Switching your insurance off needs to be thought out and planned, so that you can actually save on your premium if needed.
Pineapple’s New Insurance System
By thinking outside the box, Pineapple’s founders innovated a fresh way of looking at insurance. Instead of pooling all premiums and paying out as few claims as possible so that the insurance provider benefits the most, all premiums go into a digital wallet. When a claim is made, funds are deducted from all wallets in the community, divided equally. At the end of the year, whatever funds remain can be drawn for your personal use.
This system is meant to reinstate trust between the insurance provider and the insured. In addition, Pineapple views insurance through a filter of community, where each insured individual’s wallet of premiums contributes to any claims made instead of it all going to the insurance provider. At the end of the day, more control has been placed back into the insured’s hands.
What Kind of Insurance Does Pineapple Offer?
You can insure objects through Pineapple insurance. Any object that you own can be insured through them. You will need to take pictures of the item, so it needs to be a tangible possession. You will be charged a monthly premium, and you may cancel at any time. Cancellation will take effect at the end of the month in which you cancel.
The Pineapple insurance on offer can be compared to home contents insurance that has been individualised and revolutionised. All claims include an excess in the form of a percentage of the claim. This is to protect the community, according to Pineapple.
Insured individuals get cover for theft of items that aren’t left unattended (unless concealed or locked away in a car or on your premises). Cover includes accidental loss or damage anywhere in the world, although claims are only paid in Rands. Remote blocking is included in theft cover too. Other loss or damage events covered include fires, explosions, power surges, impact, wind, water, hail, leaks, floods, and more.
Because Pineapple Insurance is designed to increase trust between the insurance provider and the insured, they take your honesty seriously. When processing a claim through the app, you must confirm that you are being honest. If you are found to have been dishonest, there could be serious repercussions including legal action.
If you claim, it will increase your premium amount. This is because your risk profile changes and in order to lower the amount of small, unnecessary claims that deplete the community’s wallet.
DISCLAIMER: The information provided in this article is meant for informational purposes only and should not be construed as legal, medical, or financial advice. Facts stated in this article are correct at the time it was published.
Sources: Pineapple Insurance
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