How Adebowale Banjo Discovered The Business Idea of MyCover.ai



While   at  AutoGenius, Adebowale Banjo saw the exposure offered by the digital insurance project his team was working on as an opportunity to learn more about the insurance industry in Nigeria. 

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.

His discoveries  inspired him to initiate a solution for enhancing access to insurance products.

That marked the birth of MyCoverai, an embedded insurance startup, which seeks to drive the adoption of insurance by building Africa's digital insurance infrastructure. 

The company has attracted more than 10,000 active users, including 4000 first-time buyers of insurance products. It has over 30 distributors on its platform,  and offers integration to 9 leading insurance companies with more than 30 insurance products,

Banjo and his team won a seat at  Techstars Toronto 2022, for their innovative Idea. 

And the successsful execution of MyCoverai team has helped to   raise $1.25 million in a pre-seed funding round led by Ventures Platform, with participation from Founders Factory Africa and TechStars, etc.

Quick Facts:

Adebowale Banjo obtained his Bachelor’s degree in Zoology and currently serves as founder and CEO of MyCoverai
_______________________

đŸ‘‰Passion gives birth to adventure

đŸ‘‰And solving problems is not limited to  one's area of study.


@Smatkaria

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