This archive report was first published on 12 November 2019.
Published on November 12, 2019, a report by the Automobile Association (AA) revealed that a significant portion of South Africa's drivers are uninsured. Approximately 65-70% of the estimated 12 million vehicles on the country's roads lack insurance coverage.
This alarming trend is not only a concern for the drivers themselves but also for the nation as a whole. In the event of a crash, there is only a three in ten chance that the other party involved will be insured and able to cover the damages.
FinChatBot, a company that develops AI-powered chatbots for the financial industry, is taking steps to address this issue. They will be hosting a hackathon on November 22-23, 2019, in Sandton, Johannesburg, to develop a vehicle insurance chatbot that uses gamification to educate potential insurance customers.
The event, sponsored by Budget Insurance, Accenture, the French Embassy, and French Tech, aims to create a chatbot that builds trust and increases sales of policies for insurance companies. Budget Insurance has committed to implementing the winning solution, making it the first insurer in South Africa to do so.
Developers with basic to advanced coding experience are invited to participate in the hackathon, which offers a R10,000 cash prize and potential job opportunities. The event also provides a platform for exponential learning, growth, and idea-sharing.
According to Antoine Paillusseau, Co-Founder and CEO of FinChatBot, the main reason for the lack of vehicle insurance in South Africa is a lack of education about insurance and how to access it. By providing a fun and educational platform, the uninsured can better understand insurance and reduce their risk in the event of an accident.
