Joel Macharia, Jane Njau, and Thuita Wachira co-founded MotiSure this year after surveying over 400 bike riders about why they did not sign up for existing insurance options.
“Their issues primarily were affordability, on-demand, the flexibility of cover, benefits offered, and ease of access to insurance. Above all, they cared more about themselves than the asset, especially in the event of an accident. As a result, we have come up with a cover that is resonating with most of them,” Macharia, somewhat of a veteran in Kenya’s fintech space, told Disrupt Africa.
“Traditional personal accident insurance is expensive, rigid and out of reach for over 600 million people who commute every day and risk getting into an accident in Africa.”
MotiSure addresses this by bringing cutting-edge Internet of Things (IoT) and telematics technology to the moto-taxi business, and after testing the product with over 4,600 pilot users, the company is now looking to roll it out with its first major customer.
“We have had zero claims with the pilot users of our platform and we have seen a lot of mobility service providers in Kenya and other various markets reaching out for partnership to roll out our cover through them,” Macharia said.
“From the confirmed ones we are looking at over two million trips and over 45,000 riders covered within the next six months to one year.”
MotiSure is seeking investment as a result of the strong reaction and aims to expand into “at least” three other markets over the next 12 months.
“Some of the clients we are signing up are already in at least four countries in Africa, we will be rolling the product out in phases through them and other partners that are interested in this type of microinsurance product,” Macharia said.
“We get to keep a percentage of the premiums paid by our clients – almost half. We use this to enable us to give some of our partners a free asset tracking and telematics platform for their internal use.”