The MyCover.ai funding spherical additionally included Founders Manufacturing unit Africa and Techstars, who’re making one other funding after its involvement within the 2022 Toronto Accelerator programme.
The insurtech will use this capital injection to bolster its in-house operations and expertise expertise, in addition to make investments closely in its proprietary expertise and develop into extra African markets.
Based in 2021, MyCover.ai goals use the funding to cowl the ache factors within the African insurance coverage market. This consists of lack of entry, poor protection, unaffordability, and dangerous buyer expertise.
As well as, the agency has an open insurance coverage API that integrates with main insurance coverage firms, reminiscent of Hygeia, Leadway, Sovereign Belief, AIICO Insurnace and Allianz. Due to this, it could actually provide over 30 personalised insurance coverage merchandise.
With over $1m in gross written premiums and robust partnerships with insurance coverage suppliers in Nigeria, MyCover.ai has established itself within the nation.
Moreover, the API integration permits collaboration with exterior companions, empowering companies from varied sectors to combine insurance coverage into their services and products.
Including to MyCover.ai’s vary of providers and assist is MyCoverGenius, the primary and solely B2B platform in Nigeria, which provides the chance for purchasers to instantly buy insurance coverage merchandise from the corporate.
MyCover.ai CEO and co-founder Adebowale Banjo stated: “The present insurance coverage panorama is affected by fragmentation and inefficiencies that hinder distribution and adoption. Reasonably priced, accessible, and frictionless insurance coverage stays a major problem for a lot of prospects, and we’re proud to be on the forefront of change, developing a strong infrastructure that addresses these vital points head-on. We’re constructing the rails that may energy the expansion and adoption of insurance coverage throughout Africa, and we’re delighted to have the assist of our new and returning buyers whose deep information and intensive experience in our area will assist speed up the attainment of our targets.”
Dotun Olowoporoku, Normal Companion at Ventures Platform, commented: “Adebowale and his group are reshaping the insurance coverage panorama in Nigeria and have their eyes set on the broader African market, by constructing the much-needed insurance coverage infrastructure on the continent. Not like different insurtech options that concentrate on particular areas of insurance coverage penetration among the many underserved, MyCover.ai takes a collaborative strategy and provides a set of providers that cowl the whole spectrum of those challenges. We’re assured of their imaginative and prescient and operational pedigree, and we’re excited to assist their progress as they proceed to empower companies and people via scalable and revolutionary insurance coverage options.”
