Grin Insurance, Kenyas first digital-only car insurance company, has released its flagship mobile application, reported Reuters.The app lets customers pay premiums in instalments and pause coverage whenever they travel abroad.Grin will process claims...
Grin Insurance, Kenya's first digital-only car insurance company, has released its flagship mobile application, reported Reuters.
The app lets customers pay premiums in instalments and pause coverage whenever they travel abroad.
Grin will process claims in a week rather than the industry standard of 30 days, said Ms Jihan Abass, a 26-yearold Kenyan who is Grin's founder and CEO. “It allows you to buy your insurance policy in less than two minutes.”
In addition to the app, Abass’ 14-person team has another company, Lami, that sells the technology platform used to build Grin so other businesses can use it to create their own digital insurance products. Lami raised $500,000 in seed funding and aims to close a further funding round by March.
Digital insurance can drive down the cost of all forms of insurance because it increases transparency of data and analytics, said Ms Abass. While the team’s first foray is in motor insurance—selling policies underwritten by Kenyan insurers including Pioneer and Monarch— they hope to use their platform to provide other forms of insurance, she said.
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