Close Menu
  • Home
    • News
    • Hubs
    • Startups
    • Events
    • Features
  • Southern Africa
  • West Africa
  • East Africa
  • North Africa
Facebook X (Twitter) Instagram
  • About
  • Contact
  • Advertise
  • Pipeline
  • Research
  • Podcast
Disrupt Africa
  • Home
    • News
    • Hubs
    • Startups
    • Events
    • Features
  • Southern Africa
  • West Africa
  • East Africa
  • North Africa
Disrupt Africa

Kenya’s MyInsure taking the insurance industry online

0
By Gabriella Mulligan on February 5, 2018 East Africa, Features, Startups

Kenyan insurance comparison platform MyInsure wants to address the challenges hindering the local and pan-African insurance markets by taking the industry online.

With insurance products currently achieving only limited traction in most African markets, Kennedy Kioko, chief executive officer (CEO) of MyInsure says there are a myriad of obstacles imposed by both consumers and providers holding back the insurance industry on the continent.

Ranging from under-education of consumers on the role of insurance and the variety of products available; fraudulent claims; to bad practices on the side of providers – such as premium undercutting, and non-compliance with regulatory requirements – Kioko says the African insurance industry is tarred by a lack of transparency and mismanagement.

“MyInsure represents a transparent new way to compare, buy, service, monitor and underwrite insurance and its utility. We want to give access and control to the buyer of the policy, and an easier way of management to the insurance providers and intermediaries,” Kioko says.

There are competitors already dominating the market, Kioko concedes, such as other insurance aggregators and comparison sites, systems developed in-house by insurers, and traditional insurance intermediaries.  But MyInsure differentiates by providing an unaffiliated, web platform and mobile app geared towards allowing consumers to self-manage their insurance choices, and monitor policy providers.

“They may have [already dominated the market]. We offer much more than they do. We look at insurance holistically – the buying is not the end goal. Retention and referral is. If we improve customer service and experience by understanding, not just how people buy, but also how they interact with their insurance during the policy period until renewal, then we give more value addition than aggregators that end their interaction after the sale.”

Since soft-launching to market in June 2017, MyInsure has attracted 180 users to the platform; with total revenues topping US$10,000 to date from B2B partnerships with insurance companies, and on a commission basis.

While the startup was launched and has operated so far on the back of US$100,000 equity seed funding raised from family and friends, Kioko is now looking for funding to take MyInsure pan-African.

“We plan on going into the East African market within the next few years.  Overall, we want to improve insurance penetration and insurance uptake in Africa.”

 

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleSA e-health startup Vula Mobile doubled users in 2017
Next Article Applications open for SA Venture Incubation Programme
Gabriella Mulligan
  • Website
  • X (Twitter)
  • LinkedIn

Inspired and excited by the African tech entrepreneurial scene, Gabriella spends her time travelling around the continent to report on the most innovative tech startups, the most active investors, and the latest trends emerging in the ecosystem.

Comments are closed.

DISRUPT AFRICA PODCAST
MOST READ
  • Ghanaian fintech company Zeepay secures $18m debt funding to accelerate expansion posted on May 7, 2025
  • Ghanaian retail-tech startup Tendo secures Renew Capital funding posted on May 2, 2025
  • Lagos-based VC firm Aruwa raises $35m, hits 90% of its Fund II at 2nd close posted on May 2, 2025
  • Nigerian teen tech trio wins global recognition for AI-powered forest monitoring system posted on May 19, 2025
  • Kenyan e-health startup MYDAWA secures undisclosed funding round for expansion posted on May 1, 2025

Newsletter signup

Sign up for our Newsletter

Working.........

Thank you for signing up!

LATEST DOWNLOADS
The African Tech Startups Funding Report 2024
The African Tech Startups Funding Report 2024
Download Now!

Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem 2023
Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem 2023
Download Now!

The African Tech Startups Funding Report 2023
The African Tech Startups Funding Report 2023
Download Now!

Diversity dividend: Female fund managers in Africa – Eloho Omame
Diversity dividend: Female fund managers in Africa – Eloho Omame
Download Now!

Finnovating for Africa 2023
Finnovating for Africa 2023
Download Now!

Diversity dividend: Female fund managers in Africa – The AfricInvest women
Diversity dividend: Female fund managers in Africa – The AfricInvest women
Download Now!
Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem 2023
Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem 2023
Download Now!

Diversity dividend: Female fund managers in Africa – Janngo Capital
Diversity dividend: Female fund managers in Africa – Janngo Capital
Download Now!

The African Tech Startups Funding Report 2022
The African Tech Startups Funding Report 2022
Download Now!

The Kenyan Startup Ecosystem Report 2022
The Kenyan Startup Ecosystem Report 2022
Download Now!

The Nigerian Startup Ecosystem Report 2022
The Nigerian Startup Ecosystem Report 2022
Download Now!

Diversity dividend: Female fund managers in Africa – Alitheia Capital
Diversity dividend: Female fund managers in Africa – Alitheia Capital
Download Now!

Diversity dividend: Female fund managers in Africa – The TLcom Ladies
Diversity dividend: Female fund managers in Africa – The TLcom Ladies
Download Now!

Copyright © 2014-2023 Disrupt Africa. All rights reserved.
  • About
  • Contact
  • Advertise
  • Sitemap

Type above and press Enter to search. Press Esc to cancel.

Go to mobile version