How Insurance Start-Up One Spark SA Seeks To Provide Innovative Insurance Solutions To The Public
How Insurance Start-Up One Spark SA Seeks To Provide Innovative Insurance Solutions To The Public. One Spark SA is an insurance company that challenges the status quo, it pushes the boundaries of what is possible, by building amazing insurance products that can change people’s lives, save them money and make the world a better place.
The company starts every task by defining an impossible goal. It’s team of brilliant minds and creative power sets out making the impossible, possible. For too long, insurance has been slow, complex and obscure, the company wants to change that by building an insurance product with everyone, for everyone.
One Spark SA is solving problems, rather than selling boring old financial products. It wants to make the world a better place and change people’s lives through One Spark. The company is tasked with protecting its client’s lives and being there whenever they need help, during the highlights and low moments. Its team of engineers, product designers and actuaries work side by side to enhance its AI algorithm, providing a model which can calculate precise risk in less than a second.
In 2020, after working at a leading global insurer and learning everything they could, the founders of the company decided to challenge themselves to do better. They founded Onespark from Johannesburg, Cape Town and New York, hired their first and second team member, received their first round of capital investment, built its tech foundation, and they partnered with GenRe, a division of Berkshire Hathaway Corporation. In 2021, the company took its first product live to market, expanded the dream team to 27 of the most talented individuals, signed partnerships with brand ambassadors, Siya Kolisi and Lungi Ngidi, ideated and built a consumer focussed activation model and partnered with Google.
The company believes that at old life insurers, clients pay more each month for things that are out of their control, like other people cancelling, other people claiming and their future cover. One Spark does things differently as clients can only pay for what they need today and only for things in their control.
