Hey! I think 1) generally the value proposition of insurance is still a bit nebulous in the eyes of the average consumer on the continent and 2) even if insurance was more accepted, it's not an everyday purchase.
What tends to drive successful super apps is one core, high-frequency use case that keeps users coming back regularly. So messaging (we communicate every day), ride-hailing (we move around every day), payments (we transact every day), even casual games (at least theoretically) are all decent places to start from, insurance perhaps not as much.
But I saw the Africover link you posted, and indeed not everything has to be a super app.
I have a thought around this which is that wherever banking goes, insurance follows. We do not purchase insurance daily but insurers could offer products that we do need daily. Perhaps also more suitable for the US where insurance is a necessity in daily life or other regions of the world where natural disasters are a common occurrence. The point here is evolution of insurance in a similar way to the evolution of banking-Insurance 4.0:-) Thanks, you gave me some new fodder to ponder. JoXx
Thanks, Eero -- Yes I have Ayoba installed myself. I'll look into MTN MoMo, I'm not too aware of their ambition in this area. Maybe you can help? Cheers
I just saw this, perhaps helps to answer my question:
https://technext.ng/2021/07/11/afriglobal-unveils-africover247-app-first-of-its-kind-in-the-nigerian-insurance-sector/
What are your thoughts on insurance companies developing their own super apps? i.e a fifth layer or perhaps integrated into the fintech layer?
Hey! I think 1) generally the value proposition of insurance is still a bit nebulous in the eyes of the average consumer on the continent and 2) even if insurance was more accepted, it's not an everyday purchase.
What tends to drive successful super apps is one core, high-frequency use case that keeps users coming back regularly. So messaging (we communicate every day), ride-hailing (we move around every day), payments (we transact every day), even casual games (at least theoretically) are all decent places to start from, insurance perhaps not as much.
But I saw the Africover link you posted, and indeed not everything has to be a super app.
I have a thought around this which is that wherever banking goes, insurance follows. We do not purchase insurance daily but insurers could offer products that we do need daily. Perhaps also more suitable for the US where insurance is a necessity in daily life or other regions of the world where natural disasters are a common occurrence. The point here is evolution of insurance in a similar way to the evolution of banking-Insurance 4.0:-) Thanks, you gave me some new fodder to ponder. JoXx
Great to see ayoba there. I would also suggest adding MTN MoMo app as it is quickly evolving into a superapp as well?
Thanks, Eero -- Yes I have Ayoba installed myself. I'll look into MTN MoMo, I'm not too aware of their ambition in this area. Maybe you can help? Cheers
Cool. Please drop me an email at eerot@ayoba.me and we can chat more