Getting people to understand insurance has been the sector’s biggest challenge – Adebowale Banjo, co-founder of Mycover.ai

Businesses and individuals around the world rely on insurance as a protection plan against future events. Meanwhile, in Africa and Nigeria, many people have yet to realize the potential.

Adebowale Banjo, co-founder of Mycover.ai believes that this is due to the lack of education and understanding of insurance and the problem of access to the product. In his view, technology can help improve insurance education through social media and technology platforms through their brokers or directly from insurance companies.

In an interview on Half-hour business show by NairametricsBanjo, a skilled executive with experience in business development, strategy, product development and business analysis, involving both startups and growth companies, explained how the insurtech platform leverages technology to enhance insurance by using their API, to ensure people have access to insurance.

“We’ve built an open insurance API that allows other innovators and companies to embed insurance offerings into their existing products and services, and what we want to achieve with this is to help insurance companies sell insurance products faster, cheaper, and better creating an experience for users of insurance products and ultimately creating a safety net for Africa”, he said.

He explained that the platform uses technology to speed up the process in terms of filing a claim and also to simplify the submission of documents as people are familiar and familiar with online communication.

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He said, “The idea for us is to make insurance easier to access, to give people a great experience in buying insurance products, using insurance products and making claims on insurance products. Today we have a variety of products for health insurance, travel insurance, home insurance, life insurance and gadget insurance, among others.

“We make insurance distribution easy; We have our BBC platform which is our open insurance where we make it easy for other companies to distribute insurance to people.

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Speaking about the challenges of building the platform, he explained that bringing business ideas to fruition usually comes with many bottlenecks, starting with trying to convince the very first person you want to work with to trying to get people to do it to bring to see the vision just like you do and get people on board.

“We’ve had some of those challenges, but I think the biggest shift has been getting people to understand and appreciate insurance. But we’re starting to make strides in that regard, particularly because of the way we’re positioning this product in terms of ease of access and distribution, and making the tone of communication friendlier and more acceptable.”

“In terms of the challenges I see in our expansion, it’s easy to find the right people to work with and grow in terms of technical talent to create the best products. At the moment in Nigeria there is a lot of focus on technology but the talent is not enough to do the things you want to do and therefore we expect that in the next few years there will be a lot of attention in a structured education for the young people, so more people can come into tech and the talent pool can grow,” he said.

Banjo added that he believes the Startups Act will also help provide a regulatory framework for companies to work with regulators and the government as they seek to expand inside and outside the country.

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