MyCover.ai: How Adebowale Banjo Discovered His Business Idea And Raised $1.25 Pre-Seed Funding

Adebowale and his team created MyCover.ai to improve access to insurance services by enhancing the distribution of insurance products more quickly and affordably MyCover.ai, is an insurtech platform which provides open insurance API that enables businesses and innovators to embed and distribute insurance to anyone in Africa. Banjo Conceived the business idea of MyCover.ai while working on a digital insurance project with his friends at AutoGenius. His work at AutoGenius made him to start learning deeply about the insurance industry Despite Nigeria being Africa's most populous country, its insurance penetration rate is among the lowest in the region, currently standing at just 0.5% as of March 2022. In contrast, South Africa's insurance penetration rate is much higher, at around 14%, while Kenya's is around 2.8%. And according to the African Insurance Barometer 2021, insurance penetration in Africa as a whole is only 2.8%, which...