Vooli insurtech limited

Low insurance penetration - Africa's insurance penetration has stagnated at 2.8% average, over 97 % of the population is uninsured.

Fraud- The insurance sector in Kenya has recorded KES3.27bn ($30.05m) in underwriting losses, its worst in over two decades majorly due to fraudulent claims.

Access to insurance and Inclusion- The insurance process is long, slow and winded and relies solely on salespeople leading to frustrations for the insureds.

The solution to this is to leverage insurtech solutions, we propose that we create a seamless platform where we offer on demand insurance i.e. insurance that is affordable, easily accessible for all and above all tailored to meet the specific needs of an individual.

Scaled globally the possibilities are endless,not only will we serve the uninsured and underinsured in Africa but also create a vibrant ecosystem where personal loss for example in expensive healthcare will be sorted.

The current insurance penetration in Africa is less than 3%,this means that 97% of the population lives without no safety net whatsoever, this is a precarious situation because the current population is 1.4 billion and the average birth is 5 per woman.

The insurance delivery method is also completely broken, one can only insurance from brokers, agents or directly from the insurance company(which are mainly un the cities)

● Buying from agents/brokers leaves you from the
insurance company you have bought a policy from.
● Sometimes clients genuinely forget that their insurance cover
has lapsed which ends up costing them a lot of money in fines.
● The process takes long for customers to complete due to
the number of forms one needs to fill.

Finally, the systems used have no fraud detection mechanisms, this leaves the few who are insured at the mercy of fraudsters who masquerade as companies,$30 M in loss was reported in 2019 in Kenya, the worst over two decades.

All insurance services are delivered by Vooli integrated app and website– all in a low pressure, professional and confidential environment.
The agency relies solely Technology to meet all it's registration, servicing, claim settlement procedures to reduce human error and eliminate fraud. Vooli takes this to the next level by fully blending
insurance and API technology to automate the valuation and claim process completely and make it as seamless as possible. 

Our ambition is to use 0% paper in the entire process and with the support of our insurance carriers meet our clients’ needs fully.
Born of data driven customer science,Vooli comes in to fulfil core areas in customer centricity providing a
framework for action through giving the clients access to policy data and companies an insight to track, measure
and fulfil their part in customer-centric activation to drive customer loyalty.

Vooli uses valuation API technology to valuate premiums for the carriers (insurance companies).Insurance premiums vary due to insured declared values(IDV),specific client needs and risk profiles, we use that information to create the most cost effective insurance cover there is no one size fit all.

In 2021,there are 490 million people in Africa living in extreme poverty(ie earn less than $1.9 dollars per day), or 36% of the total population. This number is up from 481 million in 2019. Although this is an increase of just over 9 million, it represents an overall decrease as the population increased by roughly 30 million. As a whole, Africa is not on target to meet it’s Sustainable Development Goal 1 – Eradicate Poverty by 2030.

This is because access to basic financial services is wanting, their needs includes firstly, education about insurance, secondly cheaper and tailor made services rather than the blanket covers that exist and most importantly a reliable and interactive platform for delivery of policies, customer service and payout incase of claims.

Our on demand insurance platform comes in to insure this underserved and very vulnerable group by ensuring that firstly we educate them about the benefits of insurance as a safety net, saving plan and all round financial tool with the little they spare.

Secondly, a fraud proof system to ensure that the insurance companies that take up the underwriting don't go under and avoid payment of claims and 

Finally, cheap on demand insurance that is tailored to meet the particular risk profile of the individuals in this class.

In Africa, MSMEs are estimated to contribute 70 percent of the region’s total employment. However,99.9 % of these have even the basic business insurance.

Consequently, when a peril occurs eg fire, then the blunt of the loss is passed to the proprietor leading to personal losses and consequently poverty.

Vooli insurtech comes in to resolve this issue, by offering targeted insurance in all classes, we eliminate the problem of blanket cover insurance cover making insurance cheap hence inclusive.

All these services are delivered in a personalized app and web platform in a low pressure, interactive and professional manner.

We selected growth because currently we have completed development of vooli.net website and Vooli android app and done alpha and beta tests in Nairobi Kenya.500 use cases in alpha and 500 use cases in Beta in the General insurance category.

The business model is B2B2C and we make our revenue through commissions from the underwriter therefore we would like to think that we don't make insurance any more expensive for our clientele.

We have also onboarded 10 insurance companies that will underwrite for us and completed all the legal and Insurance regulatory Agency( IRA) and Kenya Revenue Authority(KRA) requirements for setting up an intermediary.

Currently, we are in our go-to-market phase and we are gaining initial traction as we tweak the system even more.

The community has been very receptive of the "Pay for the risk you bring to the pool model"

Vooli utilizes APIs from a multiple insurance companies to develop an array insurance quotes( from cheap to expensive) according to the data points we have collected from the client. This comparative pricing significantly lowers the cost of insurance since one can aggregate his/her risk with one company or select different companies for different risks.

The platform eliminates totally the current touchpoint model used by insurance, this consequently removes fraud through collusion and enhances the smoothness of service delivery.

This consequently enables deeper understanding of the clients needs and improves customer centricity from the insurance company and all other  players in the value chain promoting price sensitivity and thereby inclusivity.

Currently the solution is just getting to market so we have zero users.

However we project that in the next one year if we go by the figures of 2.8% insurance penetration in Kenya and target the 97% of the uninsured population then we realistically estimate 5 Million Kenyans by the end of the year.

In five years we will be targeting Africa as a whole and the 1.3Billion population with only 3%  insured we will be looking at ~300 Million.

• GOAL 1:End poverty in all in all its forms everywhere-
• Percentage of eligible population covered by national social protection programs.

• Proportion of population below $1.25 (PPP) per day (MDG Indicator).
• Implement nationally appropriate social
  protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable.
•  By 2030 build the resilience of the poor and
  those in vulnerable situations, and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters 
• GOAL 10:Reduced inequality-
• Percentage of households with incomes below 50% of median income ("relative poverty")
• By 2030 empower and promote the social, economic and political inclusion of all irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status- Gini coefficient.

GOAL 9:Industry innovation and infrastructure-

• Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries, particularly developing countries, including by 2030 encouraging innovation and increasing the number of R&D workers per one million people by x% and public and private R&D spending. [Indicator on technology sharing and diffusion] – to be
  developed.

• Four core team members Full time.
• 15 part time.

The Founder and CEO Joel, holds a bachelor's degree in Actuarial science from South Eastern Kenya University

and was an avid member of A.S.S.K (Actuarial Science Society of Kenya) and has worked with Britam insurance
company prior to founding Vooli he worked for Britam insurance company.

The Co founder and CTO Brian, holds a diploma in Computer science and 3 years experience in designing insurance software at Nicoza and Turnkey Africa. He's a well all around Android Dev.

The COO, Maureen holds a Bsc Actuarial science and 2 years in marketing experience from an insurance broker.

Allan is our all round 2D and 3D designer of everything required for social media and printing.

Above all we are a synergetic group of friends with complementary hard and soft skills.

Mentorship-We look forward to joining Solve network and get access to strategic planning and organization to connect people, increase knowledge and build skills for future goals and milestones.

Financial-Through Solve partners we hope to attract investment for our solution and begin the going to market and scaling phase to address financial inclusion.