Denis Opudo
The wiCover idea was developed from personal experiences from challenges associated with the insurance industry. The initiative was launched in 2016 with a redesigned structure aimed at new and customer retention efforts. The platform is self-funded and operates in South Africa and Australia. It recently launched efforts to secure more funds for global expansion. Trust building is the key element for the development of the strong partnership.
According to the wiCover’s founder and chief executive officer (CEO), Nick Evans, the initiative is not an insurance firm. The company focus is to bring digital experiences along the value chain of insurance businesses. The initiative single policy allows selection of policy covers according to the users need. The company operates by designing, securing and creation of simple mobile apps and web portals delivery customer needs. He added that the platform ensures complete transformation of insurance industry via exposure to new insurance services and products. It also advocates for policy claims, carrying out risk check and inspection, communication and suitable digital experiences. Besides the above efforts, the platform integrates insurance administration and operation systems to provide already existing insurance products. Another role is the provision of risk evaluation or mitigation depending on the nature of the product undercover.
Evans emphasized the company generates funds from several dimensions depending on premium payment and spread of distribution costs. The company has series of cycles of partnership with large investors from different regions worldwide. The use of digital customer engagement strategy, problem-solving and multiple projects are the instruments of the company expansion. The company uses a unique business model to ensure sustainable annuity income throughout the business contract. In order to ensure increased sale and customer engagement, the company advocates for annual license fees, percentage GWP. These strategies are aimed at improving the efficiency of platform operation.
