{"id":69492,"date":"2023-08-09T17:20:34","date_gmt":"2023-08-09T17:20:34","guid":{"rendered":"https:\/\/startup.info\/?p=69492"},"modified":"2023-08-14T21:38:51","modified_gmt":"2023-08-14T21:38:51","slug":"uicinnovations","status":"publish","type":"post","link":"https:\/\/www.bonjouridee.com\/en\/uicinnovations\/","title":{"rendered":"UIC Innovations : an Universal Insurance Coverage Initiative in Africa"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>  <\/b><\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>Lai Labode<\/strong> is the initiator of UIC Innovations &#8220;Universal Insurance Coverage Initiative&#8221;. <em>Lai<\/em> is a business logic expert with extensive knowledge of the African emerging markets. He is a mobile finance expert and a serial innovator. He studied Corporate Restructuring, Mergers, and Acquisitions from Harvard Business School in Boston, USA and has a degree in Accounting and Law from University of Abuja, Nigeria.<\/span><\/p>\n<p><span style=\"color: #000000;\">Armed with his compelling range of experiences, the founder\u2019s passion for tackling Africa\u2019s most stubborn social development deficiencies birthed the Universal Insurance Coverage initiative.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Link to online video\u00a0\u00a0<\/b><\/span><\/p>\n<div class=\"boombox-responsive-embed \"><iframe loading=\"lazy\" title=\"UIC Innovations Partners version\" width=\"1160\" height=\"653\" src=\"https:\/\/www.youtube.com\/embed\/pekVL84Mf0E?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Your products and services\u00a0<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">iInsurance, designed to be Africa\u2019s best opportunity to achieve Universal Insurance Coverage, is currently the only service\/product UIC Innovations that offers the market.<\/span><\/p>\n<p><span style=\"color: #000000;\">iInsurance is a mobile technology driven\u00a0&#8220;loyalty-currency-for-insurance&#8221; business model. The business model design is a marriage of business profitability and social development. Our business model and technology are designed to aggregate a wide range of insurance products for different socio-economic classes. We envision a phenomenal surge in insurance products acquisition based on the model.<\/span><\/p>\n<p><span style=\"color: #000000;\">iInsurance allows individuals or businesses contribute to premium payments from consumption of everyday products and services, using several electronic channels, including mobile phones. The core of the business model is to connect the daily purchases of goods and services of all citizens of a country to the purchase of insurance through a well-defined \u2018loyalty-currency\u2019 program. iInsurance is designed to provide, ease of access to insurance for most Nigerians &amp; Africans (Birth to Death).<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Your success factors\u00a0<\/b><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Robust eco-system<\/span><\/li>\n<li><span style=\"color: #000000;\">Projected marketing amplification delivered by a core strategy of cross Investment in marketing by all partners.<\/span><\/li>\n<li><span style=\"color: #000000;\">Product flexibility and seamless integration potential with existing loyalty programs.<\/span><\/li>\n<li><span style=\"color: #000000;\">Merchant partnership and buy-in to purchase iPoints (loyalty currency)<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Your factors differentiating and disruptive compared to the existing\u00a0<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">Our differentiating factors include:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Dynamic: Ability of the model to be easily tweaked to meet the peculiar needs of each business.<\/span><\/li>\n<li><span style=\"color: #000000;\">Amplification of value to customer, further enhancing the Merchant\u2019s Loyalty Offerings<\/span><\/li>\n<li><span style=\"color: #000000;\">Enhances businesses (profitability) because of the long-term emotional connection with customers<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">However, the most disruptive features of our solution compared to existing competing loyalty programs are:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Most loyalty initiatives don\u2019t double as corporate social responsibility initiatives.<\/span><\/li>\n<li><span style=\"color: #000000;\">For traditional Loyalty schemes in Nigeria, a physical loyalty card is required when transactions are done, without which no points are attained by the customer. However, iInsurance does not require a physical card, points can be collected via digital means (e.g. mobile phone).<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Your business model\u00a0\u00a0<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">For a better understanding of our revenue streams, a brief on our ecosystem and our iPoints transfer cycle, is necessary.<\/span><\/p>\n<p><span style=\"color: #000000;\">iPoints transfer cycle works thus, service providers\/merchants purchase iPoints (our loyalty currency) from UIC Innovations limited to reward their customers. Participating service providers\/merchants set reward thresholds, offer iPoints to their customers who patronize them. UICI gets revenue from the sale of iPoints to merchants. The iPoints has a naira value of N1.20.<\/span><\/p>\n<p><span style=\"color: #000000;\">The Customer\/User accumulates iPoints which they receive from several participating businesses in their iAccount until they have accumulated enough iPoints to acquire an insurance product. UICI withholds 50 iPoints for every iAccount opened. \u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">When the customer\/user qualifies for an insurance cover, UICI hands over the basic KYC information of this customer\/user to our partnering Insurance Companies to provide cover and bear insurance risk.\u00a0 UICI then pays the insurance companies for the insurance product. UICI gets a 20% service charge for every insurance product sold. UICI also charges N20 User license fee for every customer who has successfully purchased an insurance product.<\/span><\/p>\n<p><span style=\"color: #000000;\">The participating insurance companies have designed 2 insurance packages which are sold only on our platform.<\/span><\/p>\n<p><span style=\"color: #000000;\">\u00a0Other members of the UICI Ecosystem include:<\/span><\/p>\n<p><span style=\"color: #000000;\">Telcos: Providers of the telecommunication framework and technology backbone required to deliver the iInsurance service over channels such as Unstructured Supplementary Service Data (USSD).<\/span><\/p>\n<p><span style=\"color: #000000;\">Development Partners: Non-governmental or not-for-profit organizations with shared goals and vision with UIC Innovations, towards achieving Universal Insurance Coverage in Nigeria and subsequently Africa. Our initiative has a strong social impact goal which development partners are interested in monitoring to see how it positively changes the financial inclusion poverty and health statistic in Nigeria and Africa. \u00a0\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">iInsurance has five income streams, they include:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">iPoints sales margin: The iPoints are sold to merchants with a 20% margin.<\/span><\/li>\n<li><span style=\"color: #000000;\">Commission on insurance policy sales: UICI receives 10-25% commission on all insurance policies sold on the iInsurance platform.<\/span><\/li>\n<li><span style=\"color: #000000;\">Annual user license fee: Users will pay an annual maintenance fee of 50 iPoints.<\/span><\/li>\n<li><span style=\"color: #000000;\">Fees from underwriters: Underwriter partners will pay an annual fee to UICI.<\/span><\/li>\n<li><span style=\"color: #000000;\">Tailored advertisements: UICI will be paid for when our platform is used for any advertisement either by the insurance companies or the merchants\/service providers.<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>A few words about your competitors<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\">Our competitors are mostly companies offering traditional loyalty solutions. However, our initiative solves the problem of Multi industry need for loyalty as a service provider.<\/span><\/p>\n<p><span style=\"color: #000000;\">Our strengths over our competitors remain our novel loyalty-currency-for insurance which gives the consumer a combination of instant gratification and long-term benefits.<\/span><\/p>\n<p><span style=\"color: #000000;\">Our offering is also flexible enough to be embedded into any existing loyalty program, thereby enhancing any Merchant&#8217;s loyalty offering. The Merchant also can make claim of social responsibility.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\"><b>Your website\u00a0<\/b><\/span><\/p>\n<p><em><span style=\"color: #000000;\">www.iinsurance.ng<\/span><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\" style=\"color: #000000;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lai Labode is the initiator of UIC Innovations &#8220;Universal Insurance Coverage Initiative&#8221;. Lai is a business logic expert with extensive knowledge of the African emerging markets. He is a mobile finance expert and a serial innovator. He studied Corporate Restructuring, Mergers, and Acquisitions from Harvard Business School in Boston, USA and has a degree in&#8230;<\/p>\n","protected":false},"author":4,"featured_media":69620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1737],"tags":[],"class_list":["post-69492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/posts\/69492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/comments?post=69492"}],"version-history":[{"count":1,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/posts\/69492\/revisions"}],"predecessor-version":[{"id":213104,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/posts\/69492\/revisions\/213104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/media\/69620"}],"wp:attachment":[{"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/media?parent=69492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/categories?post=69492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bonjouridee.com\/en\/wp-json\/wp\/v2\/tags?post=69492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}