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TDI Startup Insurtech Award - Pitch deck Pineapple
This document summarizes Pineapple, a South African insurtech startup that provides insurance products tailored for millennials. Pineapple aims to address issues of trust, access and suitable products that prevent young people from purchasing insurance. Their mobile-first platform allows customers to easily purchase month-to-month coverage for just the items they want. Pineapple has experienced rapid growth since launching 7 months ago, insuring over 12,000 members with a cost per acquisition 6 times lower than industry standards. They hope to expand their offerings and customer base while maintaining their focus on the millennial market.
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TDI Startup Insurtech Award - Pitch deck Pineapple
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- 2. The most risk-averse Themost likely to take up insurance But only 12 percent of 18 to 29 year-olds have renters or property insurance. Young people aren’t insuring Where is the
- 3. Why don’t webuy insurance TRUST ACCESS PRODUCT Why am I paying this? Where does my premium go? I can order a taxi with two taps, why not insurance? I don’t understand my cover and it doesn’t suit my needs.
- 4. What if youcould TRUST ACCESS PRODUCT See how your premiums help others. Keep what’s left. Insure with just the snap of a picture. Mobile-first Get month-to-month cover on only the things you want.
- 5. The Pineapple ModelThe Pineapple App The Pineapple Solution
- 6. What We Do Getyoung people insuring Trust User Experience Product-lifestyle fit Get a millennial customer base Brand value alignment Rich data and analytics Product design + Upselling For our members For our partner carrier
- 7. Wecurrentlycover Current Pineapple Products @Pineapple_SA Dynamicgrouping ability allows users to link up and be grouped with like-profiles to save more Coming soon…
- 8. The Long-term Goal Makeinsurance a lot cheaper Traditional model Risk (value) Fraud Expenses & Profit Risk (value) Fraud Expenses & Profit SAME RISK LOSSRATIO ~2/3 ~1/3 Pineapple
- 9. Growth 12 000+ members Premium Growth Online Conversionrate 8X Industry Standard Cost per Acquisition 6X less than Industry Human Intervention <20% of customers 25% per month $8MM of assets added Launched 7 months ago
- 10. Social Media Following ~45 000 Industryaverage: 1000 ReferralsNet Promoter Score 63 Industry average: 29.9 1 in 5 new customers (Without any referral bonus) Love Highest ranked short- term insurance app in SA Ranking
- 11. Awards Ventureburn • Top 5SA startups • Top Insurtech MyBroadband • Top 5 Tech inventions made in SA Insurtech Intelligence • Top Insurtech to watch Entrepreneur mag • Top 12 tech startups making it big • Top small business to watch • Top Young Black Entreprenuer SA start-up awards • Best Newcomer • Best Fintech startup MTN app of the year • Best Consumer App The Digital Insurer • Global Insurtech finalist
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- 14. Next Up Launching motorcover with large SA carrier 2019 @Pineapple_SA Dynamic Grouping perfectly positions product for true autonomous vehicle pricing Facilitate sharing economy Social data + Asset data + Risk data allows us to facilitate transactions in the sharing economy Pineappple USA Seeking Carrier/Funding
- 15. The Management Team Marnusvan Heerden CEO CA – Accounting + Law 4+ years Experience Hugo Mouton COO Actuary 10+ years experience Yashoda Ram CMO Marketing Actuary 12+ years exp Ndabenhle Ngulube CIO Software Engineer 5+ years Insurance exp Matthew Smith CEO Actuary 4+ years experience Sizwe Ndlovu CTO Software Engineer 6+ years experience Achim Klennert (Non-Executive Director) CEO Hannover-Re Group Africa Isaac Chidantona (Non-Executive Director) Portfolio Manager Lireas Holdings
- 16. Lets Work Together @Pineapple_SA Client-facingFunctions Customer Acquisition Underwriting (joint effort) Bind, renew and vary policy Claims handling Customer support Backend Functions Provide paper (license) Underwriting (joint effort) Risk Capital Reserving Max UW profit = 15% (enables customer give-back) 15% GWPRemuneration: Duty: Carrier
Editor's Notes
- #3 Four out of five adults under 25 live on their own, and two-thirds of adults ages 25 to 29, rent their homes. according to a report from the Joint Center for Housing Studies of Harvard University. https://www.insurancequotes.com/health/millennials-and-insurance However they are the most risk-averse generation and more likely than any other generation to use their hard-earned money for cell phone, home appliance, identity theft, trip, pet and even instrument insurance. https://www.aflac.com/docs/awr/pdf/2016-articles/awr.2016-article-millennials-and-insurance.pdf to backup each statement
- #4 https://www.effectivecoverage.com/8435/millennials-pass-on-working-with-local-insurance-agents/
- #5 -Make a version of this with less copy for when im there to present -Back up these issues with facts “80% of people don’t trust insurers” -Find facts to backup each statement STRUCTURE: Problem – Fact – Our insight https://www.effectivecoverage.com/8435/millennials-pass-on-working-with-local-insurance-agents/
- #6 Returning insurance to a social arrangement with ability to see exactly what is going on and still providing comprehensive cover.
- #9 Current value in insurance = R36 for every R100 in short term insurance policy. Our aim = Increase value to R70 per R100.
- #11 -Add app store rating rather than impressions 80% of customers between 20-30 -Customer reviews -Put 18% referrals with NO incentive stat -NPS
- #12 Download the app on IOS or APP store Watch the demo vids.
- #13 Download the app on IOS or APP store Watch the demo vids.
- #14 These problems lead to fraud. Together with extensive profit margins and expenses the value a consumer gets from insurance is destroyed by the current business model.
- #16 Core team – credibility Advisors - credibility