Orchestrating a Smarter Insurance

About Purple Wallet

PurpleWallet is an insuretech app that provides simplified, affordable and automated insurance to SMEs and farmers in Sub-Saharan Africa.

This is our goal

We have collaborated with world-class product providers, distributor integrators, and esteemed orchestrators within the industry to create an insurance ecosystem.

Our aim is to help businesses save costs and enable sustainable growth through cost-effective business insurance.

PurpleWallet uses advanced Artificial Intelligence, Machine Learning, and neural technology to facilitate asset surveying, and generate effortless policy placement through superior underwriting at game-changer pricing.

Our goal is to constantly develop new solutions while putting a strong emphasis on customer experience and continual expansion of our insurance portfolio.

Insurance Market in Africa

Sub-Saharan Africa has a GDP of US$1,917.90 billion, providing business opportunities of US$ ~1 billion. 10% of the market share means a business revenue of US$100 million.

The African insurance market reached a value of US$75.3 billion in 2021.

Due to Africa's low insurance penetration rate (2.78%), many small and medium-sized businesses (SMEs) and farmers are either underinsured or do not have any insurance in place, which can result in a loss of income or the closure of the business due to unanticipated situations. The digital technology industry has boomed in Africa through incubators and start-ups, tech hubs and data centers.

The pandemic has accelerated trends such as digitalization, market consolidation and regional cooperation. The uptake of technology in Africa and the need for access to crucial services such as insurance create an opportunity for an ecosystem that would better service the market.

According to GSMA Intelligence’s report, mobile phone subscribers stood at 46 percent in Sub-Saharan Africa, while smartphone adoption was at 64 percent. GSMA also predicts that Africa will have 120 million new mobile subscribers by 2025, taking the total number of subscribers to 615 million (50 percent of the region’s population).

Purple Wallet Highlights

Collaborator

A player with the ability to fullfill specific business and customer needs and the willingness to contribute innovative ideas.

Distributer Integrator

A player that works closely with specific segments to design and support tailored risk and service propositions

Orchestrator

A player with strong relationships with one or more customer segments. - Provide reach across multiple countries, - Profitable interlinkages within value chain, - Trusted partnership

Product Provider

A Player capable of offering competitive products and can deliver sustainable margins, - Enhance capability of multiple products across lines, - Competitive pricing