Digital Insurance Agenda

Kopano: Delivering insurance to emerging markets

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on May 14, 2018

Kopano from South Africa enables insurance in emerging markets by providing embedded digital solutions to its partners. Kopano works with organizations to create insurance propositions that deepen client relationships, enhance value propositions, and/or create new revenue streams. They develop propositions for their partners that provide relevant insurance products to their customers. They deliver innovative products at the lowest possible cost with the best client experience.

Kopano leverages digital technologies, for both front-ends and core systems, and has implemented end-to-end digital experiences that service the entire customer journey, from sales, to servicing, and claims. Their digital infrastructure has significantly reduced insurer-related operating costs, in one case, 30%, for a combined short-term and life product. Their focus is not on specific technologies or discrete parts of the insurance value chain, but rather, they relentlessly pursue opportunities to embed tailored, low-cost insurance products that meet the financial and servicing needs of customers at points in time where insurance is most relevant (and not when insurance becomes an after thought)

Kopano provides its partners with turn-key solutions which includes both technology and insurance components. From a technical perspective, Kopano provides full-stack cloud-based systems that are highly scalable and flexible. They cater for both short-term and life insurance within personal lines as well as commercial lines. Kopano’s core insurance systems provide the capability to meet the needs of the entire customer journey including policy administration, claims fulfilment, reporting, and billing/collections. Further, Kopano provides its partners with user experiences that are tailored to their underlying customer bases; these range from web to chat-bots to APIs.

Relationship with Hannover Re
From an insurance perspective, their relationship with Hannover Re enables them to provide access to licenses across many geographies. Kopano also supports its partners with product development to ensure suitability and market competitiveness, strategic guidance in terms of branding and go-to-market approaches, as well as pricing.

How it works
Kopana has developed a short-term insurance product that targets high income consumers for Loom, South Africa’s first digital insurer. LOOM is an example of an end-to-end digital insurance company that runs purely on Kopano’s tech stack.

LOOM is transforming the way a customer can purchase and manage insurance by creating an experience that is fast, friendly, and fair. Powered by artificial intelligence, with a touch of human, they have eliminated many of the costs a traditional insurer faces and passed the benefit back to the consumer as lower premiums. Coupled with stellar customer service, they ensure protection at all times and claims are settled in an instant.

Why we selected Kopano for DIA Amsterdam
Kopano operates in Africa which is a great opportunity as there is limited penetration of insurance in several territories. While it comes with its own set of challenges and an evolving regulatory landscape. Their combination of deep technical and insurance expertise enables them to operate within this market and create solutions that truly benefit customers.

At DIA Amsterdam Kopano will provide a general overview of its business model and share examples of their live propositions.

Who is Kopano?
Kopano was founded in 2016 by Gustav Praekelt, Duran Hamer, and Eleftherios Kyriazis. Kopano operates from Johannesburg, South Africa, has a team of 16, and has raised capital from and is supported by the Hannover Re Africa Group.

Prior to Kopano, Gustav founded Africa-based Praekelt Group, a leader in the creation of mobile platforms and services for the majority world. He also founded the Praekelt Foundation, a social business that develops scalable mobile solutions for social good, whose programmes have reached over 100 million people across 30 countries in Africa.

Prior to Kopano, Duran worked for 8 years as a management consultant for True North Partners, a boutique European financial services consulting firm and Discovery, a leading insurer. The majority of his career was spent consulting to various insurance institutions on a diverse range of projects from regulatory programmes through to developing inorganic growth and expansion strategies. Duran serves as a subject matter expert in both the product and distribution spaces in the short, and long-term insurance industries.

Prior to Kopano, Ele worked for 7 years as a management consultant for both True North Partners, a boutique European financial services consulting firm and Deloitte Consulting. He has extensive strategic and financial knowledge across both banks and non-bank financial institutions including short-term insurers, long-term insurers, brokerages and asset managers.

Gustav Praekelt, co-founder Kopano

Barcelona 27 - 29 June 2023


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