MyCover.ai, Nigerian Insurtech Start-up Raises $1.25 Million in Pre-seed Round

A Nigerian-based company, MyCover.ai an insurtech start-up has secured a $1.25 million in pre-seed funding round.

According to the start-up company, the funding will be used to expand the reach of its product, into other African markets. The company was founded by Adebowale Banjo, Alexander Igwe-Ifendu, Fred Ebho in 2021.  MyCover.ai aims to tackle “pain points that exist in the market, ranging from the lack of access, inadequate coverage, the unaffordability of insurance products to the poor customer experience surrounding insurance processes.”

“The insurtech startup provides an open insurance API that integrates with insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz, to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms.”

The insurtech start-up aims to provide financial security to Africans by providing access to insurance products, especially Nigerians exposed to a wide range of vulnerabilities including health challenges, asset loss and the potential loss of their livelihood. According to Augusta & Co, only 0.5 percent of the population has insurance.