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Additionally, MyCoverGenius, the startup’s solution for small and mediumsized businesses, allows them to buy insurance products directly from the platform while offering a seamless experience it is the onestop shop for insurance.
Through partnerships with fintechs, ecommerce platforms, logistics companies, lenders, proptechs, and other industries, MyCover.ai aims to improve access to insurance products and make insurance adoption more widespread.
MyCover.ai is working to drive the adoption of insurance by building Africa’s digital insurance infrastructure.
Whereas if you had an insurance plan, it serves as a form of defence to your savings and investments.
MyCover.ai is an open insurance API that enables businesses and innovators to embed and distribute insurance to anyone in Africa.
However, the low insurance penetration rate in Nigeria is not unique to the country, according to the African Insurance Barometer 2021, insurance penetration in Africa as a whole is only 2.8, which is significantly lower than the global average of 6.2.
The same report found that only 16 of Africans have any form of insurance coverage, compared to the global average of 26.
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