By Favour Nnabugwu
Nigeria’s Insurtech Startup MyCover.ai, which has secured $1.25 million in pre-seed funding.
The funding round was led by Pan-African venture capital fund Ventures Platform, with participation from founders factory and Techstars.
The company offers Over 30 personalized insurance products through an open insurance API that integrates with top insurance providers like Leadway Insurance, Hygeia, Sovereign Trust, Custodian, Tangerine Allianz, and AlICO Insurance. This open insurance API enables other companies and innovators to embed these insurance products into their platforms
Insurtech revealed that it will use the funds raised to bolster its in-house operations and tech talent, and also invest in its proprietary technology and strategically expand its operations into other African markets.
Speaking on the funds raised, CEO of MyCover.Ai Adebowale Banjo said,
“We are delighted to have the support of our new returning investors whose deep knowledge and extensive expertise in our region will help accelerate the attainment of our objectives. We are not looking to gain a significant share in the market only, we want to grow the size of the insurance pie by bringing more people into the fold through innovative products and better distribution.
“There’s a problem with access and distribution as a whole, especially with the kind of products insurance companies were churning out and what people needed and could afford. We also found out that the handshake between insurance companies is not there, the visibility and the data required to improve on products and underwriting progressively was lacking
Founded in 2021, MyCover.ai is Africa’s leading insurance infrastructure platform that leverages artificial intelligence and machine learning to scale insurance penetration across the continent.
The startup is committed to addressing the problems that the African insurance market has, such as insufficient coverage, a lack of access, the high cost of insurance, and a subpar customer experience when dealing with insurance procedures.
MyCover.Ai tackles these issues by functioning across three key touchpoints: distribution, insurance claims, and underwriting and product creation, where the claims procedures are optimized for both insurance providers and end customers.
Through its retail channel MyCoverGenius, it provides product-focused and technology-driven policies targeted at deepening insurance adoption in Africa, creating unique and relevant products in partnership with leading insurance companies.
MyCover.Ai claims to have recorded over $1 million in gross written premiums from partnerships with 30 insurance distributors nationwide since its launch. The startup is on a mission to reshape the insurance landscape in Nigeria and address several pain points in Africa’s insurance market