Nigeria's first insure-fintech startup, Skydd, is being led by two women who are pioneering a new approach to insurance in the country. The company aims to leverage technology to make insurance more accessible and affordable for the majority of Nigerians who remain underinsured.
Meet the Founders
Skydd was co-founded by Adaobi Alagwu and Ifeoma Uddoh, two women with extensive experience in finance and technology. Alagwu, who serves as CEO, previously worked in investment banking and fintech, while Uddoh, the COO, has a background in insurance and operations. Together, they are combining their expertise to disrupt the traditional insurance market.
Addressing the Insurance Gap
According to the founders, less than 2% of Nigerians have any form of insurance. Skydd aims to change this by offering micro-insurance products that can be purchased via mobile phones. The startup uses artificial intelligence and data analytics to assess risk and price policies, making the process faster and more efficient than traditional insurers.
Products and Partnerships
Skydd initially offers health and life insurance products, with plans to expand into other areas. The company partners with existing insurers to underwrite policies, while focusing on distribution and customer experience. Alagwu stated, "Our goal is to make insurance as easy as buying airtime." The startup has already secured partnerships with several major insurance companies in Nigeria.
Funding and Growth
Skydd recently raised $500,000 in pre-seed funding from local and international investors. The funds will be used to develop its technology platform and expand its customer base. The company plans to reach 100,000 customers within the first year of operations. Uddoh emphasized, "We are building a solution that addresses the specific needs of the Nigerian market."
Impact on the Insurance Industry
The entry of Skydd into the market is expected to accelerate the adoption of digital insurance in Nigeria. Industry experts believe that insure-fintechs like Skydd can help increase insurance penetration, which currently stands at less than 1% of GDP. The founders are optimistic about the future, with Alagwu noting, "We are just scratching the surface of what's possible."
