MyCover.ai

MyCover.ai is a Lagos-based insurtech company that operates insurance infrastructure rather than underwriting risk itself. It partners with licensed insurance carriers in Nigeria and offers an open insurance API, SDKs, low-code tools and a mobile app that allow other businesses to build, launch and manage insurance products for their own customers. The platform gives partners access to multiple insurers through a single integration, together with policy management, a white-label distribution option and automated claims handling covering notifications, loss assessment and payouts.

The product catalogue spans more than 32 offerings, including health, auto, gadget, travel, credit life, personal accident, goods-in-transit and home insurance, and is targeted at sectors such as travel platforms, BNPL and asset financing, lending, logistics, mobility and ride-hailing, e-commerce, proptech, payroll and employee benefits, and fintech and remittance platforms. Alongside the API business, the company runs MyCoverGenius, a B2B platform through which entrepreneurs and small businesses can buy insurance directly to cover staff and assets, described at launch as starting from about $2 (₦1,500) per month.

For insurance carriers, MyCover.ai positions itself as a distribution and operations layer, using AI-powered inspection and claims tooling intended to streamline claims processing and reduce fraud. Its stated aim is to deepen insurance penetration in Africa by improving access, affordability and customer experience across underwriting and product development, distribution and claims.

Founding story

Adebowale Banjo founded MyCover.ai in 2021 with Alexander Igwe-Ifendu, who serves as chief product officer, and Fred Ebho, chief technology officer. Banjo was previously head of business development at MallforAfrica. The team initially built a comparison site that pitted insurance providers against each other, then pivoted after further market research to an infrastructure play spanning underwriting and product development, distribution and claims.

Business model

B2B and B2B2C: MyCover.ai does not carry insurance risk. It partners with licensed underwriters to co-create products and distributes them through an open API, SDKs, low-code tools and a white-label option used by businesses that embed cover into their own offerings. A parallel channel, MyCoverGenius, sells insurance directly to entrepreneurs and SMEs. Partners can offer policies without holding their own licence or building carrier integrations.

Revenue derives from insurance distribution: products co-created with licensed carriers are sold through the company's API, SDKs, low-code tools, partner platforms and the MyCoverGenius direct channel, with gross written premiums reported as a headline volume measure. Distributors can sell and earn directly from the platform dashboard.

Traction

As of the July 2023 pre-seed announcement, the company reported over $1 million in cumulative gross written premiums, more than 50,000 policies processed and over 30,000 end users served, from partnerships with 30 insurance distributors nationwide, with roughly 50 further distributors in discussion. The CEO said revenue doubled in 2022 versus the prior year. StartupList Africa lists employee headcount at 11-50 and total funding of $1M.

Latest developments

The most recent funding disclosed is the July 2023 $1.25 million pre-seed round. The company's about page references press items covering its appearance on the InsurTech 100 stage and the funding to expand its insurance API. The website carries a 2026 copyright notice and advertises more than 32 products and open roles.