MyCoverGenius
MyCoverGenius is a Nigerian digital insurance broker/aggregator that partners with leading insurers to distribute health, auto, gadget, and travel insurance to businesses, gig economy platforms, and individuals via a digital platform with AI-powered claims processing.
- Company typePrivate
- Founded2014
- HeadquartersLagos, Nigeria
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
MyCoverGenius firmographics
Firmographics- Name
- MyCoverGenius
- Legal name
- MyCoverGenius Limited
- Website
- https://mycovergenius.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- MyCoverGenius is a Nigerian digital insurance broker/aggregator that partners with leading insurers to distribute health, auto, gadget, and travel insurance to businesses, gig economy platforms, and individuals via a digital platform with AI-powered claims processing.
- Ownership category
- akta.pro rank
MyCoverGenius industry classification
Industry- Product category
- Digital Insurance Platform
- NAICS
- Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)
- akta.pro secondary industry
- Travel Medical Insurance (Individual) (FSAIAEAI)
Keywords
Where MyCoverGenius is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices2 records
Markets served
MyCoverGenius business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
Revenue model
- Insurance Premium Markup/Commission: MyCoverGenius acts as an insurance broker/aggregator, earning commissions from partnered insurance companies (AIICO, AXA, Allianz, Leadway, Coronation, Custodian, Hygeia, Sovereign Trust) on premiums collected. The company is not an insurance company itself but partners with leading insurers.
- Business Insurance Plans: Subscription-based revenue from businesses paying for employee health, auto, gadget, and travel insurance coverage on a quarterly or annual basis.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | FlexiCare Mini - Entry-level health plan |
| Subscription | Quarterly | FlexiCare - Standard health plan |
| Subscription | Quarterly | ZenCare - Premium health plan |
| Subscription | Quarterly | ZenCare Plus - Enhanced premium health |
| Subscription | Quarterly | ZenCare Prime - Top-tier health plan |
| Subscription | Quarterly | PrimeCare - Premium health insurance |
| Subscription | Quarterly | PrimeCare Plus - Top-tier health with premium hospitals |
| Subscription | Annual | Third Party Auto - Basic auto insurance |
| Subscription | Annual | Mini Comprehensive Auto - Budget comprehensive |
| Subscription | Annual | Comprehensive Auto - Full coverage auto |
| Subscription | Annual | Gadget Cover - Device protection |
| Subscription | Annual | Laptop Cover - Laptop-only protection |
| Usage-based | Pay-as-you-go | Travel Cover - Business travel protection |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
MyCoverGenius product offering
Product offeringCore offering
MyCoverGenius is a Nigerian digital insurance broker and InsurTech platform that distributes and underwrites insurance products from partner insurers. It offers health, motor, gadget, and travel insurance to individual consumers via a mobile app and web platform, and provides embedded insurance-as-a-service solutions to businesses, startups, MSMEs, and gig economy platforms through subscription-based business plans and APIs.
Product overview
MyCoverGenius is a Nigerian insurance services platform that provides a comprehensive portfolio of insurance products for businesses (SMEs, startups, and large corporates). The platform operates as a digital insurance broker/aggregator partnering with multiple Nigerian insurers (AIICO, AXA Mansard, Allianz, Bastion, Leadway, Coronation, Custodian, Hygeia, Sovereign Trust Insurance) to offer embedded insurance solutions. The product lineup spans Health insurance (FlexiCare, ZenCare, PrimeCare tiers), Auto insurance (Third Party, Mini Comprehensive, Comprehensive Cover), Gadget insurance (Gadget Cover, Laptop Cover), and Travel insurance. The platform differentiates through 100% digital onboarding (5 minutes or less), AI-powered claims processing, flexible payment options (monthly, quarterly, bi-annual, annual), and a unified dashboard for managing all insurance products. The company targets businesses providing employee benefits and gig economy platforms requiring rider/driver protection.
Differentiator
Problem solved
Functional benefit
Products and services
- FlexiCare Affordable health insurance product targeted at the middle class, providing accessible healthcare coverage options.
- ZenCare Health insurance product tailored for modern professionals, offering enhanced coverage benefits and healthcare access.
- PrimeCare Comprehensive premium health insurance product offering top-tier coverage and benefits for high-end individual and family needs.
- Auto Insurance Motor insurance covering vehicles, offered across Third Party, Mini Comprehensive, and Comprehensive coverage tiers for individual vehicle owners.
- Gadget Cover Insurance for personal electronic devices including phones, laptops, and tablets against theft, accidental damage, and breakdowns.
- Travel Cover Travel insurance providing coverage for medical emergencies, trip cancellations, and lost luggage for travelers.
- MyCover for Business Subscription-based B2B insurance platform offering tailored group health and employee insurance plans for startups, MSMEs, and large corporates in Nigeria.
- Embedded Insurance API Embedded insurance-as-a-service API that allows digital platforms and gig economy companies to integrate and offer insurance products directly to their end users.
Quantifiable outcome
- 20,000+ gig economy workers covered through Chowdeck partnership alone
- +3 more outcomes
Companies that use MyCoverGenius
Customer profileNamed customers14 records
Segments5 records
MyCoverGenius technology and API
TechnologyAPI detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability7 records
Feature6 records
MyCoverGenius partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core.
- ChowdeckcorePartnership to provide personal accident insurance for more than 20,000 riders on Chowdeck's delivery platform. Coverage includes accidental medical expenses, temporary disability compensation, and work-related risk protection. Fully integrated into the Chowdeck platform with automatic enrollment and no paperwork required.
- AIICO InsurancecorePartner insurance company providing auto insurance products. MyCoverGenius issues policies on behalf of AIICO which are NIID-registered and verifiable.
- AXA MansardcorePartner insurance company providing health and auto insurance products. Part of the MyCoverGenius insurance partner network.
- AllianzcorePartner insurance company in the MyCoverGenius network providing insurance products to businesses.
- Leadway InsurancecorePartner insurance company providing coverage options through the MyCoverGenius platform.
- Coronation InsurancecorePartner insurance company providing auto and other insurance products. NIID-compliant policies issued through MyCoverGenius.
- Custodian InsurancecorePartner insurance company in the MyCoverGenius network for various insurance products.
- Hygeia HMOcorePartner health management organization providing healthcare network access and health insurance coverage through MyCoverGenius.
- Sovereign Trust InsurancecorePartner insurance company providing auto insurance products through MyCoverGenius platform. NIID-compliant certificates issued.
- Bastion InsurancecorePartner insurance company providing coverage options through the MyCoverGenius platform.
Scale indicators5 records
Recent moves5 records
Expansion highlights6 records
MyCoverGenius competitors and assessment
Company assessmentDirect peers
- Turaco: Turaco is an embedded insurance platform operating across Kenya, Uganda, and Nigeria, partnering with telcos and digital platforms to distribute microinsurance and health covers. Highly comparable as an African insurtech using embedded B2B2C distribution for low-income and emerging-middle segments.
- Coverfox: Coverfox is an Indian online insurance aggregator distributing health, motor, and life policies from multiple carriers. Comparable as a multi-line digital insurance broker/aggregator with B2C web/app and partner distribution models.
- Casava Insurance: Casava is a Nigerian digital insurance startup offering microinsurance products via mobile. Comparable as a Nigeria-focused, digital-first insurance distributor targeting retail and emerging consumers with simplified products.
- Lami: Lami is a Kenya-based insurance technology company that provides APIs and embedded insurance products to digital businesses across Africa. Comparable as an African insurtech enabling partners to offer motor, health, and life products via APIs, with similar broker/aggregator mechanics.
Emerging players
- Pula: Pula is an Africa-focused insurtech that designs and distributes agricultural and parametric insurance embedded through agro-dealers, lenders, and governments. Comparable as an African embedded-insurance player using tech to bundle cover with partner offerings, though focused on agri rather than health/auto.
- Reliance Health: Reliance Health is a Nigerian health insurance and care provider combining HMO coverage with telemedicine and clinic networks. Comparable as a Nigeria-based digital health-insurance operator; partial overlap given MyCoverGenius distributes health plans rather than operating provider networks.
Broad incumbents
- PolicyBazaar (PB Fintech): PolicyBazaar is India's largest insurance aggregator, comparing and distributing life, health, motor, and other policies online. Comparable as a multi-carrier digital insurance marketplace/aggregator; much larger and broader-geography incumbent analog.
- Lemonade: Lemonade is a US-listed AI-native insurer using mobile apps, behavioral economics, and AI claims processing. Comparable as a digital-first insurance platform built around AI claims and a mobile-native experience; differs as it underwrites its own products rather than acting as broker.
- BIMA (now Amplify Health): BIMA pioneered mobile-delivered microinsurance across emerging markets via telecom partnerships. Comparable as an established emerging-markets insurtech using telco and digital distribution, though historically larger and more diversified than MyCoverGenius.
Regional players
- CompareGuru (Hippo.co.za subsidiary): CompareGuru is a South African insurance comparison platform distributing multiple lines (car, home, life) from leading insurers. Comparable as a digital insurance aggregator/aggregator with multi-carrier multi-line offering; regional analog operating only in South Africa.
Market position
Strengths5 records
Weaknesses2 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
MyCoverGenius social profiles
Digital presenceMyCoverGenius compliance and trust
Trust signalCompliance1 record
MyCoverGenius financial estimates
Financial estimateRevenue estimate
Valuation estimate
MyCoverGenius leadership team
Management profileNumber of profiles
MyCoverGenius funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MyCoverGenius M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MyCoverGenius
What does MyCoverGenius do?
MyCoverGenius is a Nigerian digital insurance broker and InsurTech platform that distributes and underwrites insurance products from partner insurers. It offers health, motor, gadget, and travel insurance to individual consumers via a mobile app and web platform, and provides embedded insurance-as-a-service solutions to businesses, startups, MSMEs, and gig economy platforms through subscription-based business plans and APIs.
Is MyCoverGenius a public or private company?
MyCoverGenius is a private company. It is classified as venture growth investor backed and is currently operating.
When was MyCoverGenius founded?
MyCoverGenius was founded in 2014. It employs 11 to 50 people.
Where is MyCoverGenius based?
MyCoverGenius is headquartered in Lagos, Nigeria, in the Africa region.
How does MyCoverGenius make money?
Two revenue lines are on record. Insurance Premium Markup/Commission is the primary driver. The others are business Insurance Plans.
Who are MyCoverGenius's main competitors?
Direct peers on record are Turaco, Coverfox, Casava Insurance and Lami. Emerging players are Pula and Reliance Health. Broad incumbents are PolicyBazaar (PB Fintech), Lemonade and BIMA (now Amplify Health). CompareGuru (Hippo.co.za subsidiary) is listed as a regional player.
Does MyCoverGenius have an API?
Yes. MyCoverGenius provides an API for developers and partners. The API documentation is available at docs.mycover.ai. The platform enables programmatic access for insurance management including policy issuance, claims processing, and customer management. The company also offers an employee mobile app (MyCover App) for health, gadget, auto, and travel insurance management. Developer documentation is at docs.mycover.ai.
What industry is MyCoverGenius in?
MyCoverGenius's product category is Digital Insurance Platform. Its primary akta.pro industry code is FSAEADAJ, Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines), with a secondary code of FSAIAEAI, Travel Medical Insurance (Individual). Its NAICS code is 5242 and its SIC code is 6411.