Denis Opudo
A South Africa- based startup called Fo-sho insurance was founded in 2016. The insurance company uses modern technology and supporting mechanisms to offer short-term insurance. Later this week, the company announced its plans to expand its operations in South Africa. The startup employs the use of innovative cloud storage and computing systems. The company adopted sophisticated encryption, data security, and individual information storage.
According to the CEO of Fo-Sho, Avi Naidoo, recently, the company secured multi-million investment capital. The venture capital will aid in launching more than $714,000 premium commitment. The most targeted portfolio constitute of the middle class and SMEs applicants. The CEO added that the company knows the existence of market opportunities. The startup research results indicated that large populations of people are not insured. The category ranges from higher-to –lower socio-economic classes in the society.
Avi also noted that despite huge corporate profit margins, barriers to enjoy insurance products and services exist. Mr. Avi emphasized that the company long-term goal is to scale financial independence. The other mandate is to ensure financial equality. For the company to realize its goals, the suitable financial model is mandatory.
