Pineapple, a peer-to-peer insurance provider founded in Johannesburg, has been awarded the $25,000 VentureClash Innovation Prize provided by Travelers.
The VentureClash Innovation Prize is awarded to VentureClash competitors developing solutions and pursuing market opportunities in insurtech.
“We’re proud to be a part of VentureClash and thrilled to award the InsurTech Innovation Prize to Pineapple,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “Efforts like this help strengthen Connecticut’s innovation ecosystem, attract world-class talent and inspire the big ideas of tomorrow. We congratulate the founders and look forward to following their success.”
Pineapple allows individuals to insure their possessions simply by snapping a picture and uploading it to the mobile application. Customers pay premiums and receive full insurance but are also able to withdraw their unused premiums as cash every year. The company shows its customers how their insurance premiums are used, creating a level of trust that reduces fraud and lowers costs. Pineapple currently has more than 16,000 members, most of whom are between the ages of 23 and 35 and are active on social media.
“Of the many promising early-stage companies we met as part of the VentureClash process, Pineapple stood out as most deserving of Travelers’ Innovation Prize,” said Matt McCooe, CEO of Connecticut Innovations. “Due to the commitments made by partners like Travelers, Pineapple will have the support and ability to continue to grow its business right here in Connecticut.”
VentureClash brings together early-stage digital health, insurance technology (insurtech), financial technology (fintech) and industry 4.0 companies from around the world to compete for the opportunity to receive investment from CI to help them grow and succeed in Connecticut. The Innovation Prize was announced at the VentureClash semifinalist pitch event at Infosys in Hartford on Wednesday, July 31, 2019.
The finals event, which will feature 10 companies, will be on Thursday, October 17, at the Yale West Campus in Orange, Conn. For more information and to register to attend the VentureClash finals, visit www.ventureclash.com.