4Surity Founder Lwando Ndlangalavu Explains How His Start-Up Is Innovating The Financial Sector
4Surity Founder Lwando Ndlangalavu Explains How His Start-Up Is Innovating The Financial Sector. In an interview with Multichoice Group, 4Surity founder Lwando Ndlangalavu explained how his startup is Innovating the financial industry. Startups bring a lot of disruption to industries and this can be beneficial to the people as they will be doing things in a much more efficient manner.
Ndlangalavu said, “The South African banking sector faces a huge problem with billions of rands extended on financing homes and vehicle finance. So I came up with a solution, we have developed a software as a service that notifies banks when a compulsory insurance policy has lapsed or cancelled prematurely, in a country with low insurance penetration this increases the collateral risk. The banking sector stability is important to our economic growth and what people forget is that when they cancelled their policy prematurely they, next time they apply for finance their application may be declined.”
This innovative idea will help a lot of people who were not aware of the implications that come with cancelling a policy prematurely. The banking sector will now be able to secure people’s assets without worrying about them cancelling their insurance policy prematurely. This solution brings disruption as things will no longer be done the same way as they were done. People will make sure that they stick to their insurance policy so that they can avoid being declined next time they apply.
4Surity provides automated insurance risk monitoring to the financial sector – the first of its kind on the continent. The company boasts a unique business model that harnesses the latest technology to address collateral risk faced by customers. There used to be no automated system that allows financial institutions to monitor when a customer cancels their insurance policy on financed assets and 4Surity has changed that.
