Bima Kenya Agency - InsurTech Innovation Award 2022

1. COVERAPP
INSURANCE 0N-THE-GO

2. Our Mission
To provide affordable
insurance on-the-go
to those who need it
most.

3. The environment presented an
opportunity…
Low penetration
Complicated
products &
processes
Mistrust &
negative
perception
Misaligned
solutions
29%
Insured
71%
No Insurance

4. Our strategy at a glance
UNDERWRITERS CUSTOMERS
We engage strategic partners to co-
develope and co-promote relevant
inclusive insurance products.
Intermediary: path
of least resistance
Product & Process
improvement
Technology -
SaaS
Convenient
channels
Appropriate
products
User
experience

5. •
•
Changing perception
• Purchase in under 5 minutes
Claims submitted on the
App
Payment made in-App
A solution for everyone
• Simple insurance products
• Purchase in under 5 minutes
• Claims submitted on the App
• Payments made in-App
Distribution
Customer acquisition through
digital channels, CoverApp
shops, and electronic goods
retailers leads to greater market
penetration
Our solution
Trust building
•
•
• No coercion to buy
Intuitive process that makes
the buyer feel informed and
empowered
Simple language, no legal or
insurance jargon

6. Business
Model
Insurance
Agency
White
Label
CoverApp
Shops
Sales Commissions
SaaS Option
The Phygital
Experience

7. Our achievements
Integration with 4
insurance and risk
partners
Launch of Digital
Marketing
Campaign
Web application
launched
6 products
available on the
app
First CoverApp
shop in Eldoret
MestAfrica TbH 2020
Accelerator program
Total sales from
2018 to date
Usd 50,022.72 67.43%
Of total sales achieved
in 2020
Bima LabAccelerator
2021

8. Partnership challenges:
with technology providers
and underwriters.
Consumer education: the
low awareness means huge
investment in education.
Funding: challenges with
securing marketing funds
for scale-up.
Technology landscape:
rapidly changing technology
and security requirements.
Challenges

9. Funds don’t come easy.
Maintain a lean,
efficient structure.
Tech alone won’t do
for digital inclusive
insurance – Go
Phygital. (human
touch augmenting
digital channels)
Mitigate partnership
risks from the
beginning.
Be in control of your
technology – directly or
through technology
contracts.
Communication,
engagement and
customer feedback
are a must.
Key lessons

10. RAPID GROWTH
• Digital inclusive insurance
products will drive rapid
growth.
• New inclusive insurance
players will emerge.
• Traditional players will
adopt, partner or cede
ground.
DIGITAL CUSTOMERS
• Consumers will prefer
digital channels.
• Customer feedback will
shape product & process
design.
INSURTECH MAINSTREAMED
• Underwriters will partner with
technology providers more
closely.
• Insurtech-as-a-service models.
• Fully owned insurtech
subsidiaries.
SIMPLER PRODUCTS
• Demand driven short-term
products.
• Easy digital onboarding
will be the norm.
• Automated claims
processes.
Our vision of the future….

11. FOUNDERS CASH
INVESTMENT
CUSTOMERS IN
FIRST 12 MONTHS
FUNDING REQUIREMENT
OVER THE FIRST 5 YEARS
REVENUE IN FIRST 12
MONTHS
Financial Projections
$60K
5K
$250K
$86K
-100,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Year 1 Year 2 Year 3 Year 4 Year 5
Proft & Loss Projections (USD)
Revenues Expenses Net Profit

12. Covid Response
100% working
from home
New revenue channels
• Selling off the App for products
yet to be designed on the app
• Partnership with 2 government
agencies to digitize data
validation for insurance
companies
Changed from hard selling
marketing campaigns to
educational campaign

13. Anne Kamau
Microinsurance expert with 15+ years
experience. Grew the pioneer
microinsurance scheme in the Kenya
from $6000 to $12M annual premium.
Holds MBA in strategic management.
Jeremiah Siage
20+ years in financial services with a
specialty in digital financial services. DFS
Specialist at IFC designing Go-to-Market
strategies and execution acrossAfrica.
Holds a Masters in International Business;
PRINCE2®; Certificate in Digital
Marketing.
Our leadership

14. www.coverappke.com | info@coverappke.com
Nairobi | Kenya