South African firm Fo - tech has launched with the aim of providing short - term insurance policies for lower - income portions of the population . The firm says it makes use of artificial intelligence , machine learning and data mining in underwriting its risks . Fo - Sho has reportedly written over ZAR10 m ( $ 5000 ) in premiums during a testing period . Customers will be able to register and apply for coverage in as little as 30 minutes , the firm says .
South African insurtech Fo-Sho has launched with the goal of providing short-term insurance policies for lower-income portions of the population. The firm says it makes use of artificial intelligence, machine learning and data analysis in underwriting its risks. Fo-Sho has reportedly written over ZAR10m ($729,000) in premiums during a testing period. Customers will be able to register and apply for coverage in as little as three minutes, the firm says.