3. The environment presented an
opportunity…
Low penetration
Complicated
products &
processes
Mistrust &
negative
perception
Misaligned
solutions
29%
Insured
71%
No Insurance
4. Our strategy at a glance
UNDERWRITERS CUSTOMERS
We engage strategic partners to co-
develope and co-promote relevant
inclusive insurance products.
Intermediary: path
of least resistance
Product & Process
improvement
Technology -
SaaS
Convenient
channels
Appropriate
products
User
experience
5. •
•
Changing perception
• Purchase in under 5 minutes
Claims submitted on the
App
Payment made in-App
A solution for everyone
• Simple insurance products
• Purchase in under 5 minutes
• Claims submitted on the App
• Payments made in-App
Distribution
Customer acquisition through
digital channels, CoverApp
shops, and electronic goods
retailers leads to greater market
penetration
Our solution
Trust building
•
•
• No coercion to buy
Intuitive process that makes
the buyer feel informed and
empowered
Simple language, no legal or
insurance jargon
7. Our achievements
Integration with 4
insurance and risk
partners
Launch of Digital
Marketing
Campaign
Web application
launched
6 products
available on the
app
First CoverApp
shop in Eldoret
MestAfrica TbH 2020
Accelerator program
Total sales from
2018 to date
Usd 50,022.72 67.43%
Of total sales achieved
in 2020
Bima LabAccelerator
2021
8. Partnership challenges:
with technology providers
and underwriters.
Consumer education: the
low awareness means huge
investment in education.
Funding: challenges with
securing marketing funds
for scale-up.
Technology landscape:
rapidly changing technology
and security requirements.
Challenges
9. Funds don’t come easy.
Maintain a lean,
efficient structure.
Tech alone won’t do
for digital inclusive
insurance – Go
Phygital. (human
touch augmenting
digital channels)
Mitigate partnership
risks from the
beginning.
Be in control of your
technology – directly or
through technology
contracts.
Communication,
engagement and
customer feedback
are a must.
Key lessons
10. RAPID GROWTH
• Digital inclusive insurance
products will drive rapid
growth.
• New inclusive insurance
players will emerge.
• Traditional players will
adopt, partner or cede
ground.
DIGITAL CUSTOMERS
• Consumers will prefer
digital channels.
• Customer feedback will
shape product & process
design.
INSURTECH MAINSTREAMED
• Underwriters will partner with
technology providers more
closely.
• Insurtech-as-a-service models.
• Fully owned insurtech
subsidiaries.
SIMPLER PRODUCTS
• Demand driven short-term
products.
• Easy digital onboarding
will be the norm.
• Automated claims
processes.
Our vision of the future….
11. FOUNDERS CASH
INVESTMENT
CUSTOMERS IN
FIRST 12 MONTHS
FUNDING REQUIREMENT
OVER THE FIRST 5 YEARS
REVENUE IN FIRST 12
MONTHS
Financial Projections
$60K
5K
$250K
$86K
-100,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Year 1 Year 2 Year 3 Year 4 Year 5
Proft & Loss Projections (USD)
Revenues Expenses Net Profit
12. Covid Response
100% working
from home
New revenue channels
• Selling off the App for products
yet to be designed on the app
• Partnership with 2 government
agencies to digitize data
validation for insurance
companies
Changed from hard selling
marketing campaigns to
educational campaign
13. Anne Kamau
Microinsurance expert with 15+ years
experience. Grew the pioneer
microinsurance scheme in the Kenya
from $6000 to $12M annual premium.
Holds MBA in strategic management.
Jeremiah Siage
20+ years in financial services with a
specialty in digital financial services. DFS
Specialist at IFC designing Go-to-Market
strategies and execution acrossAfrica.
Holds a Masters in International Business;
PRINCE2®; Certificate in Digital
Marketing.
Our leadership