MyCoverGenius Enables Nigerians To Access Fully Digitized, Low-cost Insurance Coverage
MyCoverGenius enables Nigerians to access fully digitized, low-cost insurance coverage
In Nigeria, insurance is not widely available. For starters, many people are unfamiliar with the concept of insurance or how it applies to their daily lives.
Add to this the fact that the vast majority of Nigerians are impoverished. In essence, the average Nigerian cannot afford or is uninterested in purchasing an insurance policy.
As of 2018, only 1.9 percent of Nigeria's adult population had at least one type of insurance policy, according to the National Financial Inclusion Strategy Report.
In the same year, the Nigerian Insurers Association reported that up to 9.2 million of the country's 11.7 million road vehicles were uninsured, despite the fact that vehicle insurance is mandatory for car owners.
MyCoverGenius, a Nigerian insurtech startup, is working to increase insurance penetration by providing seamless and affordable protection for your health, gadgets, business, and vehicle.
The insurance industry in Nigeria is not entirely doom and gloom. Around $1.2 billion in gross written premium (GWP) was generated in 2018 by up to 57 insurance companies, representing a 14.5 percent increase over the previous year.
Mycovergenius has eliminated the time-consuming paperwork associated with traditional insurance operations by providing a mobile platform for people to easily obtain insurance. Kola Oyeneyin founded Autogenius, which has since rebranded as Mycovergenius in order to diversify its insurance offerings via its new platform.
Driving low-cost insurance coverage
Mycovergenius offers a variety of health, gadget, auto, and travel insurance plans that are accessible via any internet-connected device.
Mycovergenius automates the entire insurance process, from purchasing a policy to filing and receiving claims. Additionally, it offers these services at a reasonable price.
For example, you can gain access to high-quality healthcare at over 1,000 hospitals across the country simply by purchasing a health insurance plan through the Mycovergenius website or via WhatsApp. This comes at an affordable monthly premium of N1,600.
Women benefit from delivery and antenatal care, as well as treatment for common illnesses such as malaria and access to 26 different types of surgery.
Gadget insurance, which covers repair costs if your smartphone is damaged, is available for as little as 8,000 dollars per year. Other types of insurance, such as auto and travel, have variable premiums based on factors such as vehicle value and policy duration.
Simply choose your preferred category, enter your details, and pay via debit card, bank transfer, USSD, or QR code. Once completed, the system will generate an electronic ID (e-ID) for you, which is all that is required to access insurance coverage.
Mycovergenius assures users that claims will be processed quickly, which helps address the issue of claims settlement delays that has plagued Nigeria's insurance industry.
While Nigeria's fledgling insurance technology sector has yet to reach the same scale as fintech and agritech, industry analysts forecast that the global insurance tech market will reach $10.14 billion in revenue by 2025.
Mycovergenius is thus operating in a rapidly growing segment of technology-enabled solutions that is poised for future growth and widespread adoption.
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