Frank Schutte, MobiLife

Life insurers cancel more than two million funeral policies each year in South Africa because policyholders skip paying their premiums. The loss of insurance puts vast numbers of low-income families at risk. Breadwinners often support a wide range of dependents.

“Most times, policyholders miss a premium payment because of a cash crunch,” says Frank Schutte, who quit his job as an actuary at Liberty Life to create an insurance company aimed at financially- stretched households.