By; OLIVIA NNOROM
Mycover.ai, a Nigerian Insurtech startup has raised $1.25 million in pre-seed funding, which will be used to strengthen Insurance operations in Nigeria and strategically fuel expansion into other African markets.
The startup on twitter noted that the funding was led by Pan-African venture capital fund, Ventures Platform and Founders Factory Africa, with participation from follow-on investor TechStars Toronto.
What’s next?
Mycover.ai has over 30 personalised Insurance products, including Auto Insurance, Health Insurance, Credit life, travel insurance, that can be embedded into platforms. As well as partnership with leading Insurance Providers including Hygeia, Aiico Insurance, Custodian, Tangerine life, AXA Mansard, Lead Assurance, to deepen insurance penetration by scaling its open insurance Api platform.
They make claim processes seamless for these companies and end users, including Fintechs, Proptechs, E-commerce, Telcos, logistics and mobility/ride-hailing, and BNPL platforms.
“We want our rails to make insurance mainstream, improve access and provide great products while using Ai to power our claims management solutions”
Adebowale Banjo, CEO at Mycover said.
“Also, at the end of the day, everything boils down to the experience people get. What we understand or see in the market is that people will be more aligned to personalised products than just getting any insurance product in the market,” Alexander Igwe-Ifendu, Mycover.ai Co-founder, said.
According to him, the Insurtech company is making efforts to improve customers’ experience and help launch personalised products based on lifestyles and specific nuances.
Commenting on the investment, Dotun Olowoporoku, general partner at Ventures Platform said that Adebowale and his team is building the much-needed insurance infrastructure on the continent by taking collaborative approach and offers a suite of services that cover the entire spectrum of challenges as opposed to focussing on insurance penetration among the underserved.
Mycover.ai is an Insurtech startup that enables you to build, launch and manage insurance products for your customers, through an all-in-one insurance infrastructure.
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