TechInAfrica – OneSpark, a largest insurance company in South Africa, provides a new solution for its members to try the new product, called Millionaire Funeral Plan. This plan is created to turn the existing funeral cover on its head.
According to the Co-Founder of OneSpark, Greg Smith and Josh Kaplan, OneSpark is prioritizing the way they can innovate the space for local insurances.
OneSpark discovered the exploitative landscape for insurance for the lowest income and most vulnerable members of society. This exploitation aims to uplift the profits at the expenditure of the consumer.
Josh Kaplan said that there is almost no innovation of insurance space for people in South Africa who earn middle-to-lower-income, with the limitation of funeral products, regardless of the fact that this industry segment has complex financial needs and has intense financial consequences if it experiences a life changing event. Hence, OneSpark makes a change on the area where the insurance aspect has irrecoverable and ignored. This change comes with the world-first products that rise and enable individuals to take better lives.
The Millionaire Funeral Plan brings a simple plan for its members. All members will receive R50.000 if they claim and R1 million cash if they don’t with the package that only needs 99 cents per day. According to Greg Smith, OneSpark wants to change insurance’s life quicker, more accessible, smarter, and fair.
This company also provides a Dream Car and University Wallet products that will bring comprehensive cover for the members.