Root has launched its new Root Insurance product, which provides a platform for developers to build insurance products using its API.
The platform is designed to reduce financial investment, upfront costs, and compliance problems by providing developers with a framework that allows them to launch a fully-compliant insurance product in only a few days.
“The platform not only reduces costs and time to market drastically, it also takes care of administering the insurance policies – everything from issuing policies to collecting premiums and handling claims,” said Root CEO Louw Hopley.
The API is easy to use and allows developers to sign up customers, define product features, and add debit orders using a few lines of code.
Root Insurance is the first platform of its kind in South Africa, said its makers, and it has partnered with listed financial services group MMI Holdings for support on insurance licence and guidance.
The company has also worked with OfferZen to test the capabilities of the platform by building operational products within 48 hours at a hackathon.
Root Insurance is fully operational and several new insurance products have already been developed on the platform.