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Nigeria’s MyCover.ai to scale its open insurance API platform with new funding 🇳🇬

Nigeria’s MyCover.ai to scale its open insurance API platform with new funding 🇳🇬

#ai
#technology
#insurance
#startup
#funding
#insur-tech
Africa’s insurance market is expected to grow at a compound annual growth rate (CAGR) of 7% between 2022 and 2028, reaching $120 billion. Though seemingly impressive, the insurance industry in Africa could be worth more if insurance penetration on the continent wasn’t extremely low, less than 3%, according to reports. As a result, traditional insurers have a finite market to sell their products, which in most cases are subpar compared to global standards.

Nigerian insurtech startup MyCover.ai has raised $1.25 million in pre-seed funding to expand its operations and technology and enter other African markets. The startup offers an open insurance API that allows businesses to integrate insurance into their existing products and services. MyCover.ai aims to address the challenges of low insurance penetration in Africa by providing better access, coverage, affordability, and customer experience. The company collaborates with insurance companies to streamline claims processes and offers over 30 personalized insurance products that can be embedded into various platforms such as fintech, e-commerce, and ride-hailing. MyCover.ai also has a B2B platform called MyCoverGenius, providing insurance coverage for small businesses and their employees. The startup has processed over 50,000 policies and aims to continue its growth trajectory in 2023.


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