Nigerian insurtech startup MyCover.ai has closed a US$1.25 million pre-seed funding round to bolster its in-house operations and tech talent, invest heavily in its proprietary technology, and strategically expand its operations into other African markets. Founded in 2021, MyCover.ai is focused on addressing the pain points that exist in the African insurance market, such as the lack of access, inadequate coverage, the unaffordability of insurance products and the poor customer experience surrounding insurance processes. The company provides an open insurance API that integrates with leading insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz, to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms. Since its launch, MyCover.ai has emerged as a leading provider of innovative insurance solutions, with over US$1 million in gross written premiums and strong partnerships with leading insurance providers in Nigeria. We are confident in their vision and operational pedigree, and we are excited to support their growth as they continue to empower businesses and individuals through scalable and innovative insurance solutions,” he said.

Source: The North Africa Journal July 20, 2023 12:34 UTC