by Josphat

I have this idea of offering low cost accident insurance cover through a mobile phone application.

In our country(which is in Africa), 20million people own a mobile phone but more than 95% are not insured.

My idea is to create a mobile phone application and then partner with mobile telephony service providers for the application to be listed as part of their services.

Given that i intend the service to be a low cost, i project to get more than 40% of mobile phone owners as customers.

My major challenges are two.
1) I suspect that this project might require a lot of capital which i might lack especially the government requirement that an insurance company must have a certain minimum capital.

2) I have not seen or heard of a company offering offering insurance services through a phone which might be both a blessing and a challenge. A challenge because i don't know whether it can work or not and as you know, the cost of failure is usually bigger than the cost of success.

Now i hope somebody out there can be generous enough to tell me whether you have ever heard of a company giving such a service and how successful it is. i will also appreciate if you offer your advice on how i can improve my idea. Thanks to all


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Insurance NEW
by: Marsha Byrd

Make an inquiry or two at costs and charges. Citizens, other than duty, have different bills and costs to pay, which is the reason its basic to get intensely valued Tax Adviser in Leeds. Then again, if the current matter includes confounded business matters, spending somewhat more may be vital.

by: Josphat

Thank you Anthony Njuguna and Florence for the words of encouragement. I think am just being nervous. I need to start writing a business plan and look for financiers.

by: Anthony Njuguna

This is very wise of u since u somehow demonstrate some entrepreneurial skills. Remember an entrepreneur does not fear risking and hence u should follow ua decision. I wish u all the best or do i say that i will be ur customer?

Great idea
by: florence

I just want to wish u luck its a great idea.That is what entrepreneurs are made of. Even if starting is might be challenge,i believe it will be a big business for you when it starts.All the best.

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