Kenya - Startup under 3 years old

Describe your project or startup in a few words

Seamless insurance

01.01 Describe your startup in more detail

Vooli Mobile application is an insurtech start up company that seeks to create a new digital ecosystem that addresses extensively overlooked aspects of insurance distribution.Vooli mobile insurance comes at a point in time where smartphones mobile penetration is at a whole time high. This is a chance to get new clients and retaining them through gaining new insights into them thereby eliminating traditional models. 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.

01.02 What is the main problem you are trying to solve?

A staggering 97% of Africans are uninsured due to the cost of insurance, fraud and lack of access to flexible insurance options. 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.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

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.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

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.

01.05 When was your company established?

2022-01-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

We are a synergetic team of professionals who met back in Campus while working on Actuarial and Computer science projects respectively.The idea originated from a University final year project.We were working on "The link between Financial inclusion in insurance and levels of Poverty" We all met in University as Partners in this study, Combination of Tech savvy individuals and business majors. The current insurance penetration in Africa is less than 3%,this means that 97% of the population lives without any safety net whatsoever, this is a precarious situation because the current population is 1.4 billion and the average birth rate is 5 per woman The idea came to me while I was working for Britam insurance as an intern Financial analyst,i realized that as much as financial products keep rolling out,they do not reach the majority of the population,inclusivity was lacking. I realized that the insurance delivery method is also completely broken, one can only insurance from brokers, agents.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://linktr.ee/vooli_insurtech

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

OAL 1 End poverty and all its forms everywhere-Over the last decade, insurance markets in sub-Saharan Africa (SSA) have grown from 4.5 million risks covered to more than 60million today. However, insurance penetration in SSA remains amongst the lowest in the world with life penetration at 0.3% and non-life at 0.5%, limiting its intermediation potential. Vooli insurtech is looking to design cheap and easily accessible insurance products that will promote resilience and therefore positive risk appetites and therefore economic growth.

02.02.01 My startup contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification for my startup

02.03.01 My startup contributes to the Good health and well-being goal

1 - Strongly Disagree

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

1 - Strongly Disagree

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

1 - Strongly Disagree

02.08.02 Decent work and economic growth - Justification for my startup

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

GOAL 9 Industry innovation and infrastructure-InsurTech is an ecosystem that brings together adjacent industries to provide an improved service of greater value to insurers and their customers. Adjacent industries of particular relevance include agriculture, health, cybersecurity, the sharing economy, wealth management, transportation and more. Vooli insurtech limited is increasingly leveraging the explosion of data and advanced analytics to help boost risk transparency, reduce the number of unknowns within risk models, curtail everyday accidents, mitigate damage, decrease underwriting risk, offer personalized premiums, expand insurability, and create novel products.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

GOAL 10 Reduced inequality-inequality influences the ability of individuals, households and businesses to withstand shock events. It manifests itself in unequal access to protection from insurance or insufficient knowledge of insurance.Our web platform and App is dedicated to increasing financial literacy and improving availability of insurance products in a scalable manner that can be replicated across multiple communities.

02.11.01 My startup contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification for my startup

Reduced inequality-inequality influences the ability of individuals, households and businesses to withstand shock events. It manifests itself in unequal access to protection from insurance or insufficient knowledge of insurance.Our web platform and App is dedicated to increasing financial literacy and improving availability of insurance products in a scalable manner that can be replicated across multiple communities.

02.12.01 My startup contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

1 - Strongly Disagree

02.17.02 Partnerships for the goal - Justification for my startup

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

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 fits all. 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. Pricing Variable-Vooli utilizes APIs from multiple insurance companies to develop an array of insurance quotes( from cheap to expensive) according to the data points we have collected from the client.

06.09 Competitive Analysis

We know how important Insurance is to the value of our clients.The services provided by Vooli app and Website include everything you need in one place and at the best quality.We will also expertly perform all that is necessary to transition you from your current solution over to ours. In a world that is constantly changing, you can be sure that the folks here will be by your side with every step of the process. Our Insurance services center around our customers' most basic issues and openings for a desireable solution: technique, quality, expertise, delivery, efficiency, and sharpness.We have demonstrated a multiplier impact from streamlining the aggregate of the parts, not simply the individual pieces.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?