South African insurtech start-up Fo-Sho plans to expand its short-term, peer-to-peer insurance product to other emerging economies after it reaches a "tipping point" domestically. The company has raised $45 million in funding from investors including the venture capital firm Andreessen Horowitz, according to an announcement on Wednesday. The firm targets the 15% of adults in South Africa needing insurance, without being able to afford it.
South African insurtech start-up Fo-Sho plans to expand its short-term, peer-to-peer insurance product to other emerging economies after it reaches a "tipping point" domestically. The product combines with social underwriting to reduce short-term insurance costs, and is reliant on policyholders forming groups with similar risk profiles, creating risk finance pools. The firm targets the 15% of adults in South Africa needing insurance, without being able to afford it.