MyCover AI
Democratizing insurance access across Africa through open insurance API
About MyCover AI
MyCover.ai is a pioneering insurtech company revolutionizing insurance accessibility across Africa through innovative technology and product innovation. Founded in 2021 and based in Lagos, Nigeria, the company provides an open insurance API that enables businesses to seamlessly embed insurance into their existing products and services. As a Techstars ’22 graduate, MyCover.ai has positioned itself as Africa’s leading digital insurance infrastructure platform, partnering with licensed insurance companies including Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz to democratize insurance access for millions of Africans.
The company addresses critical pain points in Africa’s insurance market, including lack of access, inadequate coverage, unaffordability, and poor customer experience. By leveraging artificial intelligence and data analytics, MyCover.ai streamlines the entire insurance value chain—from underwriting and product development to distribution and claims management. Their platform offers over 30 personalized insurance products that businesses can integrate into their offerings, serving diverse sectors including fintechs, proptechs, e-commerce companies, telcos, logistics, mobility platforms, and BNPL services. The AI-powered claims management system helps insurance companies reduce fraud, accelerate processing times, and deliver exceptional customer experiences.
Since launch, MyCover.ai has achieved remarkable traction, recording over $1 million in gross written premiums, processing more than 50,000 policies, and serving 30,000+ end users through partnerships with 30 insurance distributors nationwide. In 2023, the company secured $1.25 million in pre-seed funding led by Ventures Platform, with participation from Founders Factory Africa and Techstars, to expand operations across African markets and enhance its proprietary technology. With a mission to make insurance the safety net for all Africans, MyCover.ai is building transparent, accessible, and lifestyle-driven insurance solutions that are transforming how the continent experiences financial protection.
Discussion
Product Demo Video
Investors
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Ventures Platform
Lead Investor - $1.25M Pre-seed (2023)
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Founders Factory Africa
Investor - Pre-seed (2023)
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Techstars
Follow-on Investor - Techstars Toronto '22
People
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Adebowale Banjo - Co-Founder & CEO
Proficient executive leading MyCover.ai with expertise in business development, strategy, and product development. Previously head of business development at MallforAfrica, now focused on improving insurance penetration across Africa.
- Harvard Business School graduatenEx-MallforAfrica Business Development LeadnBuilding Africa's largest digital insurance infrastructure
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Alexander Igwe-Ifendu - Co-Founder & CPO
Chief Product Officer with deep interest in democratizing insurance in Africa. Focused on creating personalized insurance products based on lifestyles and specific customer nuances.
- Product innovation specialistnTech entrepreneur focused on insurance democratizationnExpert in customer-centric product development
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Fred Ebho - Co-Founder & CTO
Seasoned Chief Technology Officer driving innovation and digital evolution. Expert in AI, IoT, and cloud technologies, architecting robust technology ecosystems that optimize operations and enhance user experiences.
- Transformative CTO with visionary leadershipnTechnology architect specializing in emerging technExpert in scaling insurance infrastructure