Cameroon - Startup under 3 years old

Describe your project or startup in a few words

Digitalizing and simplifying insurance processes. Our API insurance solutions enable businesses to integrate insurance products into their existing offerings and launch new insurance verticals for their customers.

01.01 Describe your startup in more detail

The insurance sector in Cameroon and CEMAC has only 0.9% penetration. This is due to poor education, training, and knowledge. More than 90% of the public believes insurance is for the police(law enforcement)and the elites(upper class). There is also a great barrier to entry for new insurance companies, brokers and agents, these give rise to illegal agencies which don't act in the best interest of the policyholder. Zito Assurance's mission is to use technology to digitalise the insurance sector in Cameroon and CEMAC. Using AI, Machine Learning our API and web-based solutions enable businesses (of all niches) to integrate insurance products into their existing offerings and launch new insurance verticals to their customers.

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

The insurance sector in Cameroon and CEMAC has only 0.9% penetration. This is due to poor education, training, and knowledge. More than 90% of the public believes insurance is for the police(law enforcement)and the elites(upper class). There is also a great barrier to entry for new insurance companies, brokers and agents, these give rise to illegal agencies which don't act in the best interest of the policyholder.

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

Our solution will make good insurance available to every household at the best rates. Create a new revenue stream for local and existing businesses Filter out illegal and unethical distributors, increasing the adoption and consumption of insurance products in Cameroon

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

Individuals: Seeking personal insurance like life, health, auto, home, and travel insurance. Small and Medium Enterprises (SMEs): Requiring property, liability, business interruption, and employee benefits insurance. Large Corporations: Needing extensive insurance such as commercial property, professional liability, cyber, and D&O insurance. Government Entities: Needing insurance for operations, infrastructure, and employees. NGOs and Non-Profits: Requiring liability, property, and employee/volunteer insurance. Professionals: Seeking professional liability insurance. Agricultural Sector: Needing crop, livestock, equipment, and weather-related insurance. Transport and Logistics Companies: Requiring vehicle, cargo, and logistics operations coverage.

01.05 When was your company established?

2024-05-14

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

4

01.08 Among the other owners, how many are female?

2

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

Mme Glory Mbangsi: Cameroonian with 12 years of experience working in the insurance sector of Cameroon and CIMA certified broker. Miss Sylvie Song: Master's degree in Mathematics from the University of SOA, 8 years of working experience as a data analyst for the International Statistical Centre for Human Development Mr Enang Melle: BSc in Nursing, nine years as a senior registered nurse in charge of Community building and District development in South West. 6+ years Health care manager and team lead for the development of Universal Health Coverage Cameroun.

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

https://zitoassurance.cm

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

Insurance helps reduce poverty by offering financial protection and stability. It mitigates risks by covering expenses from unexpected events like illness, accidents, or natural disasters, preventing individuals and families from falling into poverty. By protecting assets, such as homes and businesses, insurance prevents financial ruin and loss of livelihood. It also promotes savings and investment by reducing fear of loss and encouraging people to invest in education, health, and business opportunities. Additionally, insurance improves access to credit, as lenders are more willing to provide loans when losses are covered. It stabilizes incomes by covering medical expenses and providing financial support in case of a breadwinner's death. Health insurance enhances access to healthcare, leading to better productivity and economic contributions.

02.02.01 My startup contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification for my startup

Insurance helps achieve Zero Hunger by providing financial protection and stability for agricultural productivity and food security. Crop and livestock insurance protect farmers from losses due to natural disasters, pests, and diseases, ensuring continued food production. It offers income stability, allowing investment in quality seeds, fertilizers, and technology, boosting agricultural yields. Insurance also facilitates risk management, encouraging sustainable farming practices and climate resilience. By improving access to credit, it enables farmers to expand and enhance their operations. Supply chain insurance ensures food products reach markets without significant losses, reducing waste. In disasters, insurance funds recovery, maintaining food supply continuity. Health insurance keeps farmers healthy and productive. Overall, insurance fosters a stable food system, supporting Zero Hunger.

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

7 - Strongly Agree

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

insurance promotes good health and well-being by providing financial protection and access to healthcare. Health insurance ensures that individuals can afford medical treatments, preventive care, and regular check-ups, leading to better health outcomes. It reduces the financial burden of medical expenses, preventing people from delaying or avoiding necessary care due to cost concerns. Insurance also supports mental health by covering therapy and counselling services, promoting overall well-being. Life and disability insurance provides financial stability for families in case of illness or death, reducing stress and enabling access to essential services. Furthermore, insurance encourages preventive measures and healthy lifestyles by covering vaccinations, screenings, and wellness programs. This proactive approach reduces the prevalence of chronic diseases and improves quality of life.

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

Insurance supports Quality Education by providing financial stability and resources for families, schools, and educators, ensuring continuous access to education and minimizing disruptions.

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

4

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

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Insurance helps reduce inequalities by providing financial protection and access to essential services, enabling vulnerable and disadvantaged groups to better cope with risks and maintain economic stability.

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

Insurance contributes to sustainable cities and communities by providing financial protection against risks, supporting disaster recovery, and encouraging investment in resilient infrastructure and sustainable development.

02.12.01 My startup contributes to the Responsible consumption and production goal

5

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

4

02.17.02 Partnerships for the goal - Justification for my startup

N/A

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

2

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

4

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.

5

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

06.09 Competitive Analysis

Our primary competitors are other license brokers and agents. Using AI, Machine learning and embedded insurance, we make the services/products accessible to the clients at their convenience, as opposed to the traditional storefront

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