SOSO CARE
Nigeria generates over 34 million tonnes of waste yearly, including 20 billion PET bottles of which less than 10 per cent is collected, sorted and recycled due to poor logistics and awareness which causes poor sanitation, public health problems and damage to the environment and oceans. At the same time, because of pervasive poverty and poor healthcare financing (less than three per cent of Nigeria’s 200 million population have health insurance), quality healthcare is out of reach for the majority of Nigerians, including women, where maternal mortality is high.
SoSo Care is a micro mobile health insurance company using an innovative approach to provide health insurance to low income populations by providing an option for them to pay for health insurance cover using recyclable waste as premium across over 2000 hospitals and pharmacies.
By linking recyclables to healthcare we aim to bring millions of people into the fond of healthcare with or without cash thereby reducing pressure from unexpected medical needs from out of pocket. This also tackles 2 key problems of access to healthcare and environmental sustainability.
We are targeting over 100 million Nigerians living below poverty line who has never owned a medical insurance before.
By linking recyclables to healthcare we are killing 2 birds using one stone which solves the following problems including:
1, Accessing to healthcare reducing out of pocket medical care
2. create jobs for agents who distribute our insurance plans
3. promote sanitation, ocean and environmental sustainability.
We have a team of 9 people with over 40 years combined experience in financial management, sustainability, data analysis, technology, insurance and communication.
- Improve accessibility and quality of health services for underserved groups in fragile contexts around the world (such as refugees and other displaced people, women and children, older adults, LGBTQ+ individuals, etc.)
- Nigeria
- Growth: An organization with an established product, service, or business model that is rolled out in one or more communities
currently we are serving 7500 users across communities in Nigeria
We are applying for Solve to enable us get better insight on how to grow SOSO CARE. The opportunity will also offer us a chance to network and get potential funding
- Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
- Product / Service Distribution (e.g. delivery, logistics, expanding client base)
- Public Relations (e.g. branding/marketing strategy, social and global media)
We are the only insurtech will accepts recyclables as insurance premium providing us an opportunity to embed insurance and product safety net for millions living at the bottom of the pyramid in a sustainable way
By 2024, our goal is to reach 100,000 users mostly people who never owned a medical insurance before in their lives 5 million users by 2030.
- 1. No Poverty
- 2. Zero Hunger
- 3. Good Health and Well-being
- 5. Gender Equality
- 6. Clean Water and Sanitation
- 8. Decent Work and Economic Growth
- 9. Industry, Innovation, and Infrastructure
- 10. Reduced Inequalities
- 11. Sustainable Cities and Communities
- 12. Responsible Consumption and Production
- 13. Climate Action
- 14. Life Below Water
- 15. Life on Land
- 17. Partnerships for the Goals
We measure alot of impact around our social enterprise which includes income we unlock for users against medical financing. in summary, SOSO CARE solves over 5 SDG goals which includes Healthcare access, fight against income inequality, fighting poverty from unexpected out of picker medical financing, climate action, sanitation as well as partnerships.
Health is Wealth. Access to quality healthcare is out of reach for millions of low income family in Nigeria and Africa, pushing alot of families into self medication and poverty from out of pocket medical payment. To many families, insurance is an expensive luxury.
Our mission is to ensure millions of people can have access to quality healthcare with or without cash, this way we build trust and confidence on the insurance products as a means to drive safety net. Empowering families to create safety net for their children. By linking recyclables to healthcare access we tackle, we aim to enable more people to have access to quality healthcare irrespective of their socio economic status.
We are leveraging on technology to distribute our plan. SOSO CARE uses mobile app to reach more users as well as USSD for more people without access to internet.
- A new business model or process that relies on technology to be successful
- Behavioral Technology
- Software and Mobile Applications
- Nigeria
- Nigeria
- Hybrid of for-profit and nonprofit
We believe in diversity and equal opportunity. currently over 70% of our team are women.
At SOSO CARE we offer users medical insurance. We use a subscription model, this enables users to renew their policy monthly either with cash or with trash.
- Individual consumers or stakeholders (B2C)
We will breakeven with 20,000 users and currently we have reached 30% of these target. Since our solution is scalable and can be replicated across cities in Nigeria as well in other countries in Africa and Asia where there is urgent need for medical insurance financing, we hope to raise more funding from investors to enable us reach more people and return more revenue and profit.
we have generated over $250,000 in revenue and have received over $70,000 from grant including our recent $25,000 from Africa Reinsurance as the best insurance innovation of the year 2022.