Connect with us

Afripreneur

Prioritizing A Traditionally Underserved Somaliland Population Over Profit – Adan Abbey

Published

on

Adan Abbey is the President of Horn of Africa Insurance, an insurance company based in Hargeisa, Somaliland and providing international standard insurance services to a traditionally underserved Somaliland and Somalia market. A region that lacks the presence of insurance services and access to a robust financial services sector. In this interview with  Alaba Ayinuola, Adan explains his company’s strategy to take insurance to the grassroot, change the mind of people to be more proactive with their finance. And most importantly, impact his community by creating more jobs for the youth.  Excerpt.

 

Alaba: Tell us about Horn of Africa Insurance and the gap its filling?

Adan: Horn of Africa Insurance is a general insurance company headquartered in Hargeisa, Somaliland. Our main product offerings include Auto, Property, Medical, and Cargo insurance coverage. Our goal is to be an international standard insurer that provides high quality insurance services tailored to our local and regional context. We are achieving this by providing much needed insurance services to a traditionally underserved population. This is a market that in general has not had access to a robust financial services sector, so we are helping to fill that gap.

Whether it’s by insuring a high value asset for an international investor, or by providing medical insurance to someone who maybe has never had it before, our job is to protect you and your assets while at the same time providing you with peace of mind.

 

Alaba: What are the challenges, competition and how are you overcoming them?

Adan: One of our biggest challenges right now is the lack of understanding about what insurance actually is. In the absence of formal insurance, the majority of the population here participates in a sort of tribal insurance scheme, one that has existed for generations. You can think of it as risk pooling whereby you contribute to a pool of funds and in the event of a major incident (a car accident for example), your tribe will take money from that pool to help cover the cost of injuries and/or death.

While that has worked to a certain extent, there are many challenges associated with it, so we spend a lot of time educating people on the benefits of formal insurance. We’re out in the field having one on one interactions with people, understanding their needs, and explaining how insurance can be a solution. We can also point to many examples where businesses lost massive sums of money because their goods were uninsured.

Another challenge we face is the lack of insurance specific laws and regulations, which are important to the development of the overall industry and also help spur economic development. We expect that this will change in the not too distant future, so our focus has been on building a strong brand and customer base.

 

Alaba: Why is your brand different from other insurance brands in terms of your unique selling point?

Adan: As a management team we have over 10 years of direct insurance experience at global insurance companies and even more years in the broader financial services industry. It’s not only the experience that we are bringing to the market, but also a level of quality and service. When you insure with Horn of Africa Insurance you know you’re getting great coverage and a company that will go the extra mile for you. For example if one of our customers is involved in a car accident we try to send the nearest representative to the scene.

An accident can be very stressful so we try to be there whenever we can to help, whether it’s helping with the paperwork, towing, etc. It’s an example of how we try to go above and beyond for our customers. We also work with top international reinsurers, and this allows us to service almost any client need, while providing an extra layer of protection.

 

Alaba: How is your brand contributing to the development of the insurance industry?

Adan: We are essentially developing a market from the ground up. We are spending time and money to educate people at all levels about the benefits of insurance. We are trying to shift the mindsets of people to think more proactively about their finances rather than reactively. Oftentimes people only understand the benefit of insurance when the experience a significant loss. They have to deal with the financial burdens either alone or if they are lucky with help from their family or community.

Our message to people is that insurance is there to help you in those times of need. To me insurance is deeper than just asset protection, it contributes to wealth creation, and it helps to drive economies. By mitigating your financial risks you allow yourself the opportunity to continue to save and invest in building wealth. And on a national level most investors wouldn’t consider making large investments in a country without insurance.

Insurers also create jobs and are some of the largest institutional investors. So we believe that we are making a significant contribution in the work that we are doing.

 

Alaba: What markets are you operating in, currently? Any plans for expansion?

Adan: We are currently only operating in Somaliland. Our current focus is to continue our expansion within the country first, as we believe there is great potential to make a positive impact here.

 

Alaba: What’s the future for your brand and what steps are you taking towards achieving them?

Adan: We believe the future of our brand is to be synonymous with quality insurance at a great price throughout the Horn of Africa region and beyond. Our goal is to be a Pan African insurer and No. 1 in the Horn of Africa region. We are taking it one customer at a time, as success is the result of consistent hard work and execution of a strong vision.

 

Alaba: What’s your view on the evolution of the insurance ecosystem in Africa?

Adan: Insurance penetration in Africa is roughly 2.8%, which is low but it is not only an African phenomenon. Global insurance penetration is roughly 6%. I do however think that Africa has the chance to be a global leader in this market. This is a continent that is just beginning its journey towards accelerated growth. We have some of the fastest growing economies on earth.

Imagine what the continent can transform into once we see things like stronger infrastructure, increased trade between African countries, and a growing middle class. The beauty of insurance is that the industry plays a part in all of that. We insure construction projects, cargo, and the assets of individuals. We can also become a global leader through innovation. Look at what has been done with mobile money in Africa.

Here in Somaliland for example, I do not carry a wallet. Virtually every transaction I make is on my mobile phone. So it just shows you that innovation can come from Africa and that the continent can be a model of success if we put in place measures that encourage entrepreneurship, innovation, and good governance.

 

Alaba: How do you feel as an African entrepreneur?

Adan: It feels exciting and rewarding. I’m proud that we have been able to create employment, particularly for young people who have graduated without access to quality jobs. It may sound cliché to say, but I really do believe that Africa’s time is now. We all have something to contribute, an area of expertise, a passion. I believe we owe it to ourselves to build this continent into something incredible. When the movie Black Panther came out, it created a lot of emotion in people because here was Africa essentially being portrayed as the most advanced place in the world by far, and it made people proud. There’s no reason why that cannot become a reality.

Africans are excelling in every single field imaginable and at the highest levels. Not to mention the brilliance of youth that who if given an opportunity could reach unimaginable heights. I’d encourage people to consider entrepreneurship, particularly if you feel that you are only operating at a fraction of your true potential.

Alaba: What is your advice for African entrepreneurs and investors?

Adan: What I’m learning is that to be successful, no matter what your definition is of success, you have to win the battle against your own mind. You will experience rejection, people will tell you that what you’re doing will never work; they may even try to bring you down. These will be the same people who will chase after you during the good times. So your vision has to be strong in your mind, you have to see exactly where you will be and believe it.

That is what will help you get through the daily roller coaster ride that is entrepreneurship. You also have to be willing to take calculated risks and be patient enough to see things through.

Also Read Lillian Barnard: Tech Enthusiast And First Female Managing Director, Microsoft South Africa

Alaba: How do you relax and what books do you read?

Adan: I exercise at least 5 days a week, I find it energizing but also a time where I can decompress. I also practice visualization; I often have my vision board next to me on my desk. I try to read one book a month, typically a different genre each time. I’m currently reading “Connectivity” by Parag Khanna which explores how political borders become less relevant as the world is becoming more connected.

 

Alaba: Teach us one word in your local language. What is your favourite local dish and holiday spot within Africa?

Adan: The word for “car” in Somali is “gaari”. It comes from the Hindi language, and it’s actually the same word in Swahili. It’s an illustration as to how the historical Red Sea and Indian Ocean trading routes had an influence on language and culture.

My favorite local dish is “sabaayad”, similar to chapatti, golden brown, flaky, and typically served with a goat stew or can be eaten alone with some honey and tea. Not the best for the waistline, but great for the soul.

I enjoy visiting Malindi, a beach town along the Kenyan coast. A destination that I have not yet visited but would love to is Mauritius.

 

B I O G R A P H Y

Adan Abbey is Co-Founder and President of Horn of Africa Insurance headquartered in Hargeisa, Somaliland. The company offers Auto, Property, Medical, and Marine Cargo coverage in Somaliland & Somalia. Adanbegan his career at Liberty Mutual Insurance in Boston, where he served as a Senior Financial Analyst in the Personal Markets Division as well as with Liberty International Underwriters (LIU), Liberty’s multi-billion dollar specialty lines division reporting directly to the Chief Financial Officer. His experience includes managing large insurance portfolios, accounting, developing risk mitigation measures, and corporate strategy.

Mr. Abbey also has experience in the Pharmaceutical & Nutrition industries. At Abbott Laboratories, he served as an Associate Brand Manager, responsible for the $100MM+ Glucerna brand in the United States. This included managing multi-million dollar marketing budgets and executing strategies that increased revenue and brand equity.

Adan holds a Bachelor’s Degree in Finance from the University of Connecticut and MBA in Marketing & Management from the Kelley School of Business at Indiana University.

Click to visit Horn of Africa Insurance 

Afripreneur

CliniDo: Your Personalized Healthcare Companion

Published

on

CliniDo Mina Shawky CEO and Hitham Essam CTO, at GITEX Africa

CliniDo, a MENA leading health tech innovator, With CliniDo’s revolutionary voice search functionality, connecting with a healthcare provider takes mere seconds. CliniDo transcends the limitations of a typical healthcare app. They envision themselves as your trusted healthcare companion, offering unwavering support throughout your health journey. Whether you’re experiencing a new symptom or managing a chronic condition, CliniDo provides personalized and exceptional customer-focused solutions.

Founded in January 2020 in Assiut Egypt, by Wael Soliman, Mina Shawky, and Hitham Essam, CliniDo aims to be the ultimate healthcare companion, providing top-notch medical services in Egypt and the MENA.

Your Voice Heard: Instant Connection Through Voice Search

Imagine needing medical attention and simply voicing your needs. With CliniDo’s revolutionary voice search functionality, connecting with a healthcare provider takes mere seconds. Forget complex menus or frustrating typing – just speak your needs, and CliniDo will connect you to the right healthcare provider. This innovative approach showcased at GITEX exemplifies CliniDo’s commitment to streamlining healthcare access.

Guiding You from Symptoms to Solutions: AI-Powered Support

CliniDo takes the guesswork out of your healthcare journey. Simply describe your symptoms to their AI-powered system, and it will recommend the most appropriate medical specialty for your needs. This ensures you receive the right care, right away – a testament to CliniDo’s commitment to efficiency and patient well-being, a theme that pervaded GITEX discussions.

Personalized Content Tailored to Your Needs

CliniDo doesn’t stop at connecting you with healthcare providers. Recognizing that knowledge empowers, they provide customized medical and educational content that aligns with your specific condition. This empowers you to make informed decisions about your healthcare journey.

A Complete Healthcare Ecosystem at Your Fingertips

CliniDo offers a comprehensive suite of healthcare services, all conveniently accessible through their platform. Here’s a glimpse into what attendees at GITEX found particularly exciting about CliniDo’s offerings:

  • Book appointments with doctors: Find the right doctor for your needs and schedule appointments in seconds.
  • Book clinic consultations: Schedule in-person consultations with your chosen healthcare provider.
  • Book home visits: Get the care you need from doctors or nurses from the comfort of your own home.
  • Book lab tests from home: No need to go to a lab. Order your tests and have them collected from your home.
  • Request Medication: Easily request your medication.
  • New! Book medical services: This exciting new Product allows you to directly book any medical service you require, streamlining the process and saving you valuable time.
  • Next: Bookings and Payment Solutions: CliniDo’s commitment to continuous innovation is clear. you will soon be able to book surgeries and procedures directly through CliniDo, with a convenient installment payment solution built into the platform.

Download BAO E-MAGAZINE

Making a Measurable Impact

CliniDo’s dedication to patient care is reflected in their impressive achievements. They’ve proudly served over half a million patients, connected them with more than 11,000 doctors and healthcare providers, and facilitated over two million dollars in healthcare transactions. These numbers represent countless individuals who have received the care they need, thanks to CliniDo’s innovative platform.

Continue Reading

Afripreneur

Rhea, a women-led Kenyan startup is cultivating change in AgriTech

Published

on

Rhea CEO and Co-Founder, Priscilla Wakarera (Image: Supplied).

Rhea is a dynamic agritech start-up that is revolutionizing soil health management with innovative IoT sensors, empowering smallholder farmers to practice precision agriculture for sustainable and profitable crop cultivation.

GITEX Africa 2024, was held in Marrakech, Morocco from May 29th to 31st, 2024. The event was an incredible platform for tech enthusiasts, startups, and industry leaders to converge, showcasing the dynamic growth and potential of Africa’s tech ecosystem.

Participating at GITEX AFRICA allowed Rhea to make meaningful connections with service providers who will be instrumental for our growth. The showcases by established market players were a source of invaluable learning and inspiration as we continue to build our vision.

Download BAO E-MAGAZINE

Additionally, engaging in insightful conversations with ecosystem drivers has opened new avenues for collaboration and support. Rhea is looking forward to the days and months ahead, the organization is excited to foster collaborations with the connections that were made during GITEX Africa 2024.

Continue Reading

Afripreneur

Tapiwa Guzha: making African-inspired ice cream with local flavors

Published

on

Tapiwa Guzha is a South African entrepreneur and founder of the Tapi Tapi ice cream brand. This amazing journey all began in July 2018 which already feels like a lifetime ago. What began as a self imposed dare by Tapiwa to share a passion for ice cream, any sort of ice cream, has evolved into an amazing storytelling vehicle. A unique way to share African folklore, rituals and cultural practices through frozen morsels and crunchy cones. A way to celebrate our diversity and embrace our differences while also realising we’re far more similar than we are different. Very creative, Tapiwa stands out for his ice creams with new flavors. Dried fish, hibiscus, Mphepho, toffee, chilli, dried blackjack leaves with caramel. Flavours that are simply unprecedented.

Download BAO E-MAGAZINE

In February 2020, Guzha launched Tapi Tapi, and the shop quickly became a success. Tapi Tapi is a Shona expression that means “yum yum”. Tapi Tapi began as a direct-delivery service that dropped off ice creams all around the Western Cape. While also orchestrating pop-up tasting experiences where people could engage with the diverse food and food practices from all over the continent. It is a one-of-a-kind shop that showcases the flavors of Africa. Tapi Tapi’s ice creams are tasty, bold, and unique, and they’re a great way to experience African cuisine.

This Zimbabwean molecular biologist, PhD in biotechnology at the University of Cape Town, passionate about cooking and entrepreneur, he makes African-inspired ice cream with local African flavors after experimenting with dry ice (dry ice making process). Tapiwa began experimenting with dry ice, a form of solid carbon dioxide that sublimates into carbon dioxide when exposed to heat. This allowed him to create ice cream faster, smoother and tastier. 

Continue Reading

Ads

Most Viewed