Cover lapses quietly
Policies are checked at disbursement and rarely again. A borrower who misses one renewal leaves the asset, and the loan, unprotected.
Asset cover for development lenders
Every financed asset insured, from disbursement to final repayment.
Korvoya makes sure the machinery, tractors and vehicles your loans pay for stay insured for the life of the loan, and that when something goes wrong, the claim pays the lender.
Equipment loan bookSample data
Covered
78%
Uninsured exposure
₦1.24bn
Rice mill (5 t/hr) · Kano
LapsedEQ-26114 · ₦96.0m outstanding
Haulage truck (30 t) · Ogun
ExpiringEQ-26287 · ₦58.4m outstanding
Tablet press · Lagos
CoveredEQ-26402 · ₦71.2m outstanding
Disbursement held: EQ-27403No active policy on the financed asset yet.
The gap
Most lenders find out an asset was uninsured after it is lost.
Insurance is a condition of almost every asset loan. Keeping it in force across thousands of loans, insurers and renewal dates is where it breaks down.
Certificates live in files
Proof of cover sits in emails and paper folders, so nobody can say on a given day how much of the book is insured.
Claims stall
When a machine burns or a truck is stolen, claims move slowly and the lender has little sight of where they stand, while repayments stop.
How it works
Four steps across the life of every loan.
Korvoya sits between the lender, its borrowers and its panel insurers. Borrowers deal with it on WhatsApp; lenders see everything in one place.
Cover before disbursement
The borrower gets quotes from panel insurers and accepts on WhatsApp. Funds release only once a policy names the lender as loss payee.
Cover stays in force
Renewal reminders go out at 60, 30 and 7 days. If cover lapses, the lender can place cover and add the premium to the loan.
Claims tracked to payout
Borrowers report losses with photos and a location pin. Every stage is visible and timed, and the payout goes to the lender.
One view of the book
Insured value against outstanding balance, uninsured exposure by state, sector and insurer, ready for the board and for funders.
Who it's for
Built for development finance portfolios.
Korvoya is designed around how development lenders finance assets: directly, through programmes, and through partner banks.
Equipment & MSME lending
Machinery and production lines
Machinery all-risks cover tracked against every loan, with lapses caught before a loss rather than after.
Mechanisation programmes
Tractors and implements
Asset cover for lease-to-own tractors that works alongside the tracking and monitoring a programme already runs.
On-lending
Participating banks and MFBs
The same cover rules applied through partner institutions, so the lender sees one consistent picture across channels.
How it fits
No change to your core systems or your insurers.
Korvoya works with the insurers and brokers you already use and reads loan data from your existing systems.
- Your panel insurersPolicies are issued by licensed Nigerian insurers, with the lender named as loss payee on every one.
- Transparent commissionEvery commission is disclosed to the lender and structured within NAICOM rules.
- Borrowers on WhatsAppQuotes, renewals and claims happen on the channel borrowers already use, with no app to install.
- Reporting for fundersPortfolio protection reports that show development partners their capital is covered.
Start with a pilot
Find out how much of your book is really insured.
We take a sample of financed assets, check each one's cover against insurer records, and report what is lapsed, missing or underinsured. You see the gap in your own data before committing to anything.
- Sample
- 200 to 500 financed assets
- Output
- Cover status for each asset and uninsured exposure in naira
- Your effort
- An extract of the loan list and existing policy records
- Contact
- Olamide Kolade, founder