FinTech news in MotiSure category

The startup, which targets motorcycle taxi (boda boda) operators, their passengers and users of other forms of public transport (hereafter commuters), is building a business around daily micro-payments for personal accident covers, with some premiums going as low as $0.1. Macharia’s interest in the sector began in 2018 when he launched a pay-per-use micro insurance product for motor vehicles — which was informed by data and patterns he had observed when he operated an automobile repair shop. The personal accident coverage for motorcycle taxi operators, which requires premiums of $0.1 day ($3 a month) includes medical expenses up to $6,000 annually, and payment for loss of income due to hospitalization following an accident, disability or death. Macharia said their approach was informed by studies showing that boda boda riders desired insurance products that went beyond asset coverage.