Mismanagement and lack of transparency hinder the working of African insurance companies. Furthermore, the customers do not have education on insurance and availability of products. Bad practices on provider’s sides like non-compliance with regulatory requirements are also stumbling blocks to the companies. This is also the reasons why the companies are not working to their full potential.
However, MyInsure offers the best solutions to the working of the insurance companies. The platform helps to buy, compare, underwrite, service and check insurance and its utility. Furthermore, the platform wants to give full ownership of the policy to the buyer. It also aims to ease the management work of intermediaries and insurance providers. MyInsure is currently facing competition from other service providers. However, the platform is unique in that it gives an unaffiliated mobile app and web platform. This will allow consumers have ownership of managing their insurance choices. The customers can also have a chance to check their policy providers.
The market, MyInsure offers more than the rest. Moreover, the platform not only looks at buying but they handle insurance as a whole. By improving customer services and experience through understanding, MyInsure outplays the rest. This is because the other firms end their interaction with the customer after the sale which is not the case with MyInsure.
MyInsure has been able to attract a total of 180 users since the launch in June 2017. Furthermore, they have been able to raise revenue of $10,000. This came from the partnership of B2B with insurance companies. Part of it also came from commissions. The company is currently sourcing for funding. This is after depending on $10,000 equity seed funding. The funding was specifically raised from friends and family. However, the company is planning to expand to the East African market in the coming years.