Nigeria - Business creation project

Describe your project or startup in a few words

Our project is about providing professional insurance technology service to both insurance companies and customers. Our services consists of accident app using AI, block chain (insurcoin) and other related insurance services using technology.

01.01 Describe your project in more detail

Wavecover Insurtech provides home, automobile, health, travel, block chain, digital currency, eandmergency AI app, business insurance and block chain services to other insurance companies in Nigeria . We take pride in satisfying our clients needs by providing them the best coverage at the right price that suits their needs and expectations. In the event of a claim, our clients can be rest assured that we are there to provide help and counsel to ensure a fast, speedy claim settlement. Like other companies, we issue binders and new policies, endorsements and process renewals.

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

1.Fraud Detection and Risk Prevention. The cost of insurance fraud increases per year. The outdated process of it leaves room for error and its potential. 2.Reinsurance. Data sharing typically among insurers and reinsurance companies can get complex. Plus, it is time-consuming and requires duplicate manual work. 3. Claim Management. Smart contracts can efficiently reduce the load related to paper. 4. Property and casualty insurance primarily consists of auto, commercial, and home. The process required manual entry, giving a chance of human error. 5. Insurance providers need to offer innovative solutions to win customers' trust without compromising on price margins. 6Although in its infancy, blockchain technology has the potential to disrupt the insurance industry by improving trust, enhance data entry and claims. 7.Property and casualty insurance primarily consists of auto, commercial, and home. Property and casualty insurance primarily consists of auto,

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Smart-contract-enabled automatic execution has the potential to improve certainty, trust and efficiency in insurance (e.g., claims management) and reduce fraud in insurance transactions.3 More generally, blockchain technology can reduce administrative costs and streamline insurance processes by eliminating the need for intermediaries. The improved efficiency and reduced operational costs may, in turn, increase the accessibility, affordability and availability of insurance. Similar to how blockchain (bitcoin) enables transactions between the unbanked, it can offer coverage to the world’s uninsured population, making insurance more inclusive. Therefore, blockchain technology has the potential to improve the efficiency of traditional insurance, enable new business models and open new opportunities in inclusive insurance.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Our targeted beneficiaries are high income individuals, business owners, senior citizens, travellers globally.

01.05 When did you start working on your project?

2023-03-10

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Aliyu Musa Tanko (Information Technology Expert) Bello Isa Doro (Developer) Halima Muhammad (Insurance Expert)

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

https://ng.linkedin.com/in/mslamino

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

The digital ledger that is blockchain serves many functions within government and NGOs that allow for progress to be made. The development of safer, quicker and cheaper remittances services means that the cost of remittances carried by the poor is less and they have more to invest. Furthermore, microloans and peer-to-peer finances, provided by cryptocoin based banks are creating greater financial inclusion that allows for investment in poorer communities.

02.02.01 My project contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification

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

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

1. Blockchain’s added security and ability to establish trust between entities are two reasons why it can help solve the interoperability problem better than today’s existing technologies. An interoperable and comprehensive health record on the blockchain would most likely be pulled directly from existing EHRs in hospitals and physician offices. Today’s health records are typically stored within a single provider system. With blockchain, providers could either select which information to upload to a shared blockchain when a patient event occurs, or continuously upload to the blockchain. 2. When an accident occurs it is detected with help of a sensor which activates the device, the sensor gives its output to the microcontroller or AI. The microcontroller or AI sends the alert message automatically to the police station and the relatives of the person and ambulance with in less time of occurrence. The message is distributed through the AI and location of the accident is detected.

02.04.01 My project contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

We promote gender equality by creating a system where both male and female get access to same services and benefits from our insurtech.

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Blockchain adoption in Nigeria has the potential to create significant job opportunities across a range of sectors. With a young and tech-savvy population, Nigeria is well-positioned to become a blockchain hub in Africa. The adoption of Blockchain Technology creates new job roles, such as blockchain developers, cybersecurity experts, and smart contract engineers.Furthermore, Blockchain Technology enables the creation of new industries, such as cryptocurrency exchanges and blockchain-based payment systems, which could create jobs across various sectors, including finance, technology, and manufacturing. The implementation of Blockchain Technology in Nigeria shall also improve transparency and reduce corruption, which boosts investor confidence and create additional job opportunities. Overall, the job creation benefits of blockchain adoption in Nigeria have the potential to play a significant role in the country's economic development and growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

1. Blockchain innovation is disrupting the insurance industry. And, for good! As per a report by Markets and Markets, the global market for blockchain in insurance is expected to reach USD 1,393.8 million by 2025 from USD 64.50 million in 2018, at a CAGR of 84.9%. Blockchain technology is helping the insurance sector radically transform operations by providing a myriad of benefits in the form of reduced costs, enhanced customer experiences, improved productivity, increased transparency, and more. The use of blockchain in the insurance sector is expected to grow dramatically in the years ahead. According to Gartner, blockchain is estimated to be more heavily adopted by organizations by 2023 and lead to $3.1 trillion in new business value by 2030. Blockchain technology can bring about significant efficiency gains, transparency, faster payouts, cost savings, and fraud prevention while allowing for real-time data sharing between several parties in a trusted manner.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

Our project will reduce inequality through the implementation of block chain as both genders will get same benefit of the services we provide. Our block chain is built to increase efficiency, transparency, faster payouts, cost savings, and fraud prevention while allowing for real-time data sharing between several parties in a trusted manner. Our Wavecover AI Application, can be downloaded and used by everyone both males and femails. Importantly, amongst our team members there is a female expert working with us, and we plan to employ more female work when the company starts operations.

02.11.01 My project contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

1 - Strongly Disagree

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

1 - Strongly Disagree

02.17.02 Partnerships for the goal - Justification

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

1 - Strongly Disagree

05.02 The product/service we envision creating represents an entirely new type of product/service.

7 - Strongly Agree

05.03 The product/service we envision creating could be described as a new technology.

7 - Strongly Agree

05.04 The product/service we envision creating is an improvement on an existing product or service.

1 - Strongly Disagree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

7 - Strongly Agree

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

1 - Strongly Disagree

05.07 The product/service we envision creating is a new version of an old product/service.

1 - Strongly Disagree

05.08 Justification

With blockchain technology, insurance companies can create smart contracts to track insurance claims, automate outdated paperwork processes and safeguard sensitive information. Blockchain optimizes the efficiency, security and transparency of the insurance industry.

05.09 Who are your main potential competitors and what makes you stand out from them?

1. My cover 2.Paddycover 3. Top check 4. Casava 5. Curacel 6. Figorr 7. ETAP 8. Cornerstone Insurance 9. RelianceHMO

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

Yes, as part of the community initiatives to promote females role, we are working in team with both gender, are going to employ more females in running our start up. This way, we believe more women will believe in themselves and the need for them to start their own company. We are going to raise awareness about Women’s Entrepreneurship and acknowledge the importance of women entrepreneurs: Inclusiveness and gender equality are central to all wavecover activities. The Wevecoveer project has spotlighted 29 great examples of diverse women entrepreneurs across Europe and celebrated their success through social media and the project website.