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Coverdor

An API solution for health insurance distribution

Nigeria
Market: Insurance, Financial services
Stage of the project: Idea or something is already done

Date of last change: 15.09.2020
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Idea

Coverdor provides a Rest API insurance solution for cross-selling its affordable malaria-based health insurance plan within the the web/mobile/USSD platforms of partner fintech companies who offer complimentary digital financial services like mobile payment, agency banking, digital banking, etc.

Using an insurance-as-a-service model, Coverdor's omnichannel API solution provides partner companies with functions and tools that help their users to quote, pay premium, and finalise a health insurance purchase within the partner's platform.

Current Status

We have secured a Point-of-Sale distribution partnership to cross-sell our malaria within Insurance plan within the web/mobile/USSD/POS Agents of Fetswallet and Paga.

Market

Our customer segment include low-to-mid income earners living in the rural/semi-urban/urban areas of developing countries in Africa. This customer segment ranges from infants to adults living in malaria prone environments of Nigeria. (An estimated 97% of the total population in Nigeria who are at risk of malaria disease consist of the Total Addressable Market).

With a larger percentage of the target market living in the northern part of Nigeria, which has recorded more cases of malaria related deaths in the past years.

Pregnant women and infants are also a key component of this target market.

Problem or Opportunity

Nigeria remains a malaria endemic country with 97% of the total population at risk, and about 100million cases occuring yearly , with about 300,000 malaria related deaths occuring yearly, yet a large percentage of the country's population (low income earners) can not afford the high cost of quality malaria treatment when they fall ill.

However, with the introduction of a malaria-based insurance, individuals/families can access quality malaria tests and treatment for as low as $1 monthly insurance premium payment.

Likewise, the retail Insurance sub-sector of the financial services industry in Nigeria remains an untapped opportunity to deepen financial inclusion in Nigeria, with over 95% of the total population owning no form of insurance products, has complex insurance processes and inefficient distribution channels make it difficult for people to obtain the needed policy.

However, our API powered (point-of-sales distribution model) presents the next frontier for the mass distribution of retail Insurance products in Nigeria.

Solution (product or service)

Our Solution is a Rest API which will power the distribution of our malaria insurance plan with the web/mobile/USSD/Agent applications of 3rd party fintech partners who operate mobile money payment businesses and agency banking businesses.

With this approach, we will be able to reach both extreme of our target market spectrum; the un(der)served, non-digital customers living in the rural/semi-urban areas who will be able to purchase this affordable malaria insurance at Mobile Money Agent shops, and the digital native customers who also will be able to purchase this plan via web/mobile or USSD platforms.

Competitors

Competitors are WellaHealth, Autogenius and GTB BetaHealth who are non-traditional startups that also offer health insurance services

Alternative used by customers to meet their malaria health needs include out-of-pockect healthcare services.

Advantages or differentiators

Advantages and differentiators of our business/product over other competitors include:

1. Multichannel platforms for easy customer onboarding
2. Affordability due to Price differentiation
3. A large network of healthcare providers (pharmacies/clinics)
4. A strong strategic partnership with AXA Mansard (which is our insurance partner)

Finance

Coverdor receives an annual commission of #1200 naira (Nigeria currency) on each of the malaria-based insurance plan its sells via its platforms.

The insurance premium price that each of the health insurance product is sold is determined by our Insurance Partner Company (AXA Mansard Insurance PLC).

Our expectations from sales in the next five years is to have sold over 300,000million malaria insurance policies within Nigeria and other Africa countries we expand to within those years.

Business model

Our business model involves presenting this malaria insurance plan directly to customers on our company's web platform.

Also to use our 3rd party fintech partners' distribution channels likes web/mobile apps, USSD and Agency Banking platforms to present this insurance plan to our target market.

Aside this, we also plan to use Sales Agents who will be attached to partner pharmacies nationwide to directly engage potential customers who comes to such pharmacies.

Money will be spent on

Money will be spent on:

1. Product rollout (promotion and marketing)
2. Team Growth (tech, sales, marketing)
3. Advance product development

Offer for investor

We are offering 10% equity of our company to investors at a pre-money valuation of 450,000 USD

Team or Management

Risks

The reason of which my business might not work include regulatory matters. However, we are successfully working alongside our Insurance Partner company to navigate insurance regulatory matters in Nigeria.

Incubation/Acceleration programs accomplishment

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Idea
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Market
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Solution (product or service)
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Advantages or differentiators
Finance
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Business model
Money will be spent on
Offer for investor
Team or Management
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Risks
Incubation/Acceleration programs accomplishment
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