MyCover.ai

What MyCover.ai does

MyCover.ai (legally MyCoverGenius Ltd) is a Nigerian insurtech founded in 2021 that operates an open insurance API enabling businesses across Africa to embed and distribute insurance products without becoming licensed insurers themselves. The company partners with 15+ insurance providers - including global carriers such as Allianz, AXA, and Sanlam-Allianz alongside Nigerian underwriters including Hygeia, Leadway, AIICO, Heirs, NSIA, Coronation, Custodian, Tangerine, Consolidated Hallmark, Bastion, Wellahealth, and STI - to surface more than 30 insurance products (Health, Auto, Credit Life, Personal Accident, Travel, Home, Gadget) through a single integration. Its primary customers are digital platforms in logistics (ChowDeck, Kwikpik), lending (Lendsqr), alternative energy, travel, BNPL, mobility, e-commerce, PropTech, payroll, and fintech, who embed coverage into their own user experience under white-label or co-branded arrangements.

The platform's technical stack centers on a REST API supplemented by SDKs (JavaScript, Vue.js), with documentation at docs.mycover.ai and a sandbox test environment. Beyond the API, the company offers a low-code Product Link tool for non-technical distributors, a unified no-code dashboard for direct sales and policy administration, a dedicated mobile app for end customers, and a White Label Platform for full branding control. AI capabilities are concentrated in two operational modules: an AI-powered Fraud-free Inspection tool using computer vision for pre-loss and post-loss vehicle condition capture and document verification, and an Automated Claims Handling workflow that processes claims from notification through loss assessment to payout. The company is recognized on the 2023 InsurTech 100 list compiled by FinTech Global.

The business model is B2B2C and primarily commission-based: distributors earn commissions on policies sold through the platform, and MyCover.ai takes a share of the underlying gross premiums on insurance distributed via its API/SDK, with additional licensing-style revenue from white-label deployments and API/SDK integration contracts. Onboarding is freemium with no payment required to start, and pricing is not publicly disclosed. The company is venture-backed at the pre-seed stage, having raised $1.25 million in July 2023 led by Ventures Platform with Founders Factory Africa and TechStars; it had also previously participated in TechStars. Operational scale cited in source material includes over $1 million in gross premiums facilitated, more than 5,000 agents gaining health-insurance access through a partner, 13,995 hospital visits facilitated with $184,000 in hospital-bill savings, 3,000+ monthly FlexiCare mini-plan users, and over 2,000 ChowDeck riders protected with 90+ claims paid.

Name

MyCover.ai

Legal name

MyCoverGenius Ltd

Website

https://mycover.ai

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

MyCover.ai is a Nigerian insurtech providing an open insurance API that enables African businesses to embed and distribute 30+ insurance products from 15+ providers, serving logistics, lending, fintech, travel, and e-commerce platforms.

Ownership category

akta.pro rank

Product category

Embedded Insurance Infrastructure

NAICS

Insurance Agencies and Brokerages (524210), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

akta.pro secondary industries

Embedded Insurance Distribution & Premium Financing (FSAGALAF), Data, Analytics & AI for Insurance (Risk, Pricing, Personalization) (FSAGAGAE), Document, Workflow & Policy Servicing Automation (RPA/No-Code) (FSAGAGAK), Embedded Travel Insurance Distribution & APIs (THALALAA)

Keywords

• Embedded insurance platform
• Insurance API infrastructure
• White-label insurance solutions
• Claims automation software
• Insurance distribution platform

Headquarters

HQ city

Lekki

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. Insurance Distribution Commission: MyCover.ai earns commissions on all insurance policies sold through their platform by distributors. The platform facilitates the sale of insurance products from multiple providers and takes a commission on each transaction. The company also enables distributors to earn commissions on all insurance purchases for their customers.
2. API/SDK Integration Fees: Revenue generated from businesses integrating their insurance products through MyCover.ai's API and SDK solutions, enabling embedded insurance distribution across platforms.
3. White-Label Solutions: Platform provides white-label insurance solutions enabling businesses to customize insurance products and brand identity while MyCover.ai powers the infrastructure underneath.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

MyCover.ai operates an open insurance API and distribution platform that enables businesses across Africa to embed and sell insurance products from multiple insurance providers directly within their existing platforms and services. The platform exposes over 30 insurance products via a single API, supported by SDKs, low-code product links, white-label solutions, AI-powered fraud-free inspections, and automated claims handling.

Product overview

MyCover.ai is an embedded insurance infrastructure platform building Africa's digital insurance rails. The core offering is the Open Insurance API, supplemented by SDKs (JavaScript/Vue.js), a Low-code Tool (Product Link), and a White Label Platform. These distribution tools are paired with operational modules — Fraud-free Inspections (AI-powered vehicle inspection), Automated Claims Handling (AI-powered), and a Unified Distribution Platform (with dedicated mobile app for end customers). The company offers over 30 insurance products including Health, Auto, Credit Life, Personal Accident Cover (PAC), Travel, Home, and Gadget insurance, distributed through a network of insurance provider partners. Supplementary resources include an Insurance Dictionary and The Genius Podcast.

Differentiator

Problem solved

Functional benefit

Products and services

• Open Insurance API
• SDKs (JavaScript & Vue.js)
• Low-code Tool (Product Link)
• Fraud-free Inspections
• Automated Claims Handling
• White Label Platform
• Unified Distribution Platform
• Health Insurance
• Auto Insurance
• Credit Life Insurance
• Personal Accident Cover (PAC)
• Travel Insurance
• Home Insurance
• Gadget Insurance

Quantifiable outcome

• Over $1 million in gross premiums generated
• +5 more outcomes

Named customers4 records

Segments10 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature8 records

Partnerships

Five partnerships are on record, tiered core.

• KwikpikcoreStrategic or Co-development Partner · 1 May 2025Kwikpik integrated MyCover.ai's Goods-in-Transit (GIT) insurance into their on-demand delivery platform. This enables businesses using Kwikpik to add GIT insurance to deliveries, protecting goods from theft, fire, accidents, or unforeseen disasters.
• LendsqrcoreStrategic or Co-development Partner · 1 November 2024Lendsqr integrates MyCover.ai's embedded credit-life insurance into its cloud-based lending platform. This enables lenders on Lendsqr's platform to include credit-life insurance as part of loan packages, providing financial protection for borrowers and security for lenders.
• ChowDeckcoreStrategic or Co-development Partner · 1 November 2024ChowDeck partnered with MyCover.ai to launch personal accident insurance scheme for more than 20,000 active riders. The program automatically enrolls all active riders, covering accidental medical expenses, temporary disability, and related protections. Partnership has resulted in over 2,000 riders protected with more than 90 claims paid.
• HygeiacoreTechnology or Integration · 1 July 2023Major insurance provider partner offering health insurance products through MyCover.ai's open insurance API. Hygeia provides health coverage that is distributed via the platform.
• AllianzcoreTechnology or Integration · 1 July 2023Major global insurance provider partner offering insurance products through MyCover.ai's platform. Allianz provides coverage that is embedded and distributed via the API.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Cover Genius: Global embedded insurance infrastructure platform offering a single API across multiple carriers and product lines. Closely comparable in business model — both distribute through partner platforms via APIs and share a near-identical name (MyCover.ai's legal entity is MyCoverGenius Ltd).
• Curacel: Nigerian-headquartered insurtech building API infrastructure for insurers across Africa, focused on claims automation and embedded distribution. Most direct geographic and product overlap, competing for the same carrier integrations and embedded-insurance use cases in Nigeria and beyond.
• Turaco: African embedded-insurance platform distributing microinsurance products through partner platforms (fintechs, telcos, employers) across Uganda, Nigeria, Kenya and others. Directly comparable target customer (platforms embedding insurance) and similar underbanked-segment focus.
• Pula: African insurtech embedding crop and agricultural insurance through partner distribution (input suppliers, governments, agri-fintechs). Comparable embedded-distribution model with shared carrier-aggregation logic, though focused on agricultural risk rather than consumer lines.
• Shift Technology: AI-native insurance platform specializing in claims automation, fraud detection, and underwriting for global carriers. Closely comparable to MyCover.ai's AI-powered inspection and fraud-detection modules on the technology dimension, with shared carrier-customer base.
• MicroEnsure (now part of MIC Global): Pioneer in embedded microinsurance for emerging markets, partnering with mobile network operators and financial institutions. Closely comparable business model — distributed insurance through partner platforms in underpenetrated markets — though operating at larger scale and now part of MIC Global.

Broad incumbents

• Lemonade: Public, AI-driven full-stack insurer serving consumers and small businesses globally. Broader incumbent in the insurtech category — overlapping AI and digital-claims themes but operating as a licensed carrier rather than an infrastructure / distribution layer.

Emerging players

• Brolly: UK-based insurance platform aggregating policies and offering embedded insurance tools to distributors. Compares on technology stack (API-driven distribution and white-label) but operates in a different (developed) market with different customer profile.
• Wellahealth: Nigerian health-insurance and telemedicine provider distributing micro health plans via digital channels. Comparable target market (Nigerian underbanked) and product (health insurance distributed via platform). Currently a MyCover.ai distribution partner but also an emerging independent distribution competitor in the embedded health-insurance niche.

Regional players

• Inshur: Commercial auto and gig-economy insurance provider for ride-hailing and delivery drivers in the US and UK. Comparable focus on personal-accident and on-demand insurance for delivery/ride-hailing workers — a key vertical for MyCover.ai (e.g., ChowDeck partnership).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MyCoverAI

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MyCover.ai