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New SA insurtech startup launches affordable insurance plans

A new South African insurtech startup, OneSpark aiming to reinvent insurance and financial products with a variety of plans catering to low-income clients has officially launched. 

New SA insurance startup introduced insurance plans to assist lower-income earners in SA

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Founded by local entrepreneurs, Greg Smith and Josh Kaplan, OneSpark is a new innovation that assists individuals in improving their standard of living. 

With a wealth of experience in actuarial science, both Smith and Kaplan have a stellar record in the financial and insurance sector, winning dozens of awards for their innovative products. 

In addition, Smith and Kaplan assisted the national treasury model with funding requirements for the FeesMustFall crisis and created one of the country’s first and largest Social Impact Bonds. 

In an official press release, Josh Kaplan, co-founder of OneSpark Insurance, provides insight into the creation of the new insurtech startup and how it aims to shake up the industry with an accessible product offering. 

“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. 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.”

OneSpark Insurance

OneSpark is an insurtech industry disruptor, offering cost-friendly solutions for clients seeking insurance. 

Greg Smith, co-founder of OneSpark comments on their objective of bettering the lives of their clients and South Africans through insurance.

‘We are on a mission to make life insurance quicker, more accessible, smarter, and fair…because traditional life insurance just isn’t.” 

The insurance company has reimagined the traditional funeral cover and introduced their Millionaire Funeral Plan. This Funeral Plan allows clients to receive R50 000 if you claim and if you don’t claim clients will get R1 million in cash. This plan will cost clients a mere 99 cents a day.

Various patented products are also available from OneSpark, these products allow clients to protect their key living expenses. If clients claim the Dream Car plan, they are able to buy their dream car, however, with OneSpark if clients do not claim, clients will receive R500 000 cash. The Dream Car plan costs R1.50 a day.

The OneSpark’s University Wallet Plan protects children’s education if you claim, and if you don’t, clients will receive R250 000 in cash to assist in their child’s university costs. This plan requires a payment of R3 per day.

Five-Star Food Plan provides food and groceries to clients who claim, and those who choose not to will receive R100 000 cash from investing R1.50 per day.

Read more: Kenyan micro-insurtech startup secures $2-million
Read more: Cape Town online retailer Yebo Fresh secures funding

Featured image: Josh Kaplan, co-founder of OneSpark (Supplied) 

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