INSURANCE BY PHONE
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