Insurance is not commonplace in Nigeria. For one, many people do not even understand the concept of insurance or how it applies to their everyday living.
Add this to the fact that the majority of Nigerians are living in poverty. In essence, the average Nigerian cannot afford to purchase an insurance plan, or simply does not care about it.
According to the National Financial Inclusion Strategy Report, only 1.9% of Nigeria’s adult population had one form of insurance policy as of 2018.
In the same year, the Nigerian Insurers Association’s figures claimed that as many as 9.2 million of the 11.7 million road vehicles in the country were uninsured, despite vehicle insurance being compulsory for car owners.
With the goal of driving up insurance penetration, Nigerian insurtech startup, MyCoverGenius is working to provide seamless and affordable protection should anything go wrong with your health, gadgets, business or vehicle.
It’s not all doom and gloom for Nigeria’s insurance industry. With up to 57 insurance companies, about $1.2 billion of gross written premium (GWP) was generated in 2018, marking a 14.5% growth from the previous year.
By offering a mobile platform for people to easily get insured, Mycovergenius has eliminated the strenuous paperwork associated with traditional insurance operations. Kola Oyeneyin founded the startup as Autogenius, which has now rebranded to Mycovergenius to diversify its insurance offerings through its new platform.
Driving low-cost insurance coverage
Mycovergenius offers a variety of health, gadget, auto and travel insurance plans that users can access on any internet-enabled device.
Mycovergenius digitises the entire process of buying an insurance plan to filing and receiving claims. Moreover, it provides these services at affordable rates.
For instance, you can access quality healthcare from over 1,000 hospitals nationwide just by buying a health insurance plan from the Mycovergenius website or via WhatsApp. This comes at an affordable premium of N1,600 per month.
Benefits include delivery & antenatal care for women, treatment of everyday illnesses like Malaria and access to 26 different types of surgeries.
Gadget insurance, which settles repair costs if your smartphone gets damaged, is priced at a premium starting from just ₦8,000 per year. Other plans such as auto and travel insurance have premiums varying according to factors like vehicle value and policy duration.
To purchase an insurance plan, simply choose your preferred category, enter your details and make payments using debit card, bank transfer, USSD or QR code. Once done, the system will automatically generate an electronic ID (e-ID), which is all you need to access insurance coverage.
Mycovergenius assures users that claims will be paid out in quick time, which helps to tackle the problem of delay in claims settlement that Nigeria’s insurance industry has been fraught with.
While Nigeria’s nascent insurance tech space is yet to cater to a huge market as the likes of fintech and agritech, industry experts project global insurance tech market revenues to reach $10.14 billion by 2025.
Mycovergenius is, therefore, playing in a budding segment of tech-enabled solutions poised for forward growth and mainstream adoption.
Check out the MyCoverGenius platform here. The startup says its mobile app is set to be released soon.
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