Nicole Mwesigwa, co-founder of the groundbreaking new life-insurance platform iCover, lost her husband 20 years ago. At the time, she worked in the insurance industry, but her family still didn’t have an adequate life insurance policy. As a result, she and her children fell into financial difficulties.

When heroes are knocked down, they don’t stay down, however. Mwesigwa took her own personal experience of loss and turned it into a mission to help others get cost-effective life insurance quickly and easily.

Tragedy strikes Mwesigwa and her young family

In 2002, Mwesigwa was a young first-time mother of a newborn and a technology expert at Reinsurance Group of America (RGA). Her husband, Michael, was enrolled in college full-time.

“He wanted to be in pharmacology,” Mwesigwa remembers. “He loved science, research, and reading. Wherever we traveled, he would get a library card — even if only for limited use.“

By 2005, Mwesigwa and her husband had two children, two and three years old. “Twins the hard way,” she says with a laugh. “Life was busy, as most families with young children experience.” They were also busy making minor repairs to their home, such as upgrading the woodwork, painting, and redoing the floors. 

One day, a flash fire broke out in a freak accident involving a spilled adhesive, and Mwesigwa’s husband suffered severe burns. “He was in the burn unit at Mercy Hospital with 80 percent of his body impacted,” she remembers. “He survived for two months until he succumbed to his injuries.”

Grief plus financial hardship

The family only had a modest $10k employer-provided life insurance policy on Michael.

“Even though I understood the value of insurance, life gets in the way,” Mwesigwa says. “In the early 2000s, the process involved lengthy paper applications, and we just didn’t have the time. I never thought I’d be in this position, and being in the industry, I knew better. So yes, we only had that small policy, and our children did not qualify for survivor benefits from Social Security. So we were completely without a safety net.”

In consequence, Mwesigwa was forced to cope with unexpected expenses while experiencing the devastating loss of her life partner. “The financial impact was profound: daycare expenses, medical costs, the deductible for home insurance to repair the home, and additional expenses to complete those repairs,” she explains.

Childcare alone was extremely expensive. “Michael had been our children’s main caretaker,” Mwesigwa explains. “So, when he died, I was faced with finding daycare. I spent twice the amount on daycare than I did on my mortgage. Daycare costs the same as tuition at a four-year college.”

Recovering from tragedy

“I’m not a person who worries or projects,” Mwesigwa says, “but this time was different. I totally underestimated the impact of PTSD. It took me about 10 years to rebound. Part of the stress came from suddenly being the only parent. I kept wondering what would happen to my children if something happened to me.”

When Mwesigwa bought a life insurance policy for herself after Michael’s death in 2006, she experienced first-hand how frustrating and time-consuming the process could be.

“It was an agonizing experience,” she says. “The first step was meeting with an agent who assessed my needs and helped me submit an application. A few days later, the representative called me on the phone and asked more questions, including why I had taken medication 10 years prior. Several days later, someone came to my home to take my blood, urine, and vitals. Nearly 21 days after I started the journey, I finally had coverage.”

Another problem was that the agent advised Mwesigwa to get a policy for a million dollars, but this was too expensive. 

“Agents go through a needs analysis with most customers to determine the appropriate amount of coverage,” she says. “This can be enlightening, but some consumers, like myself at the time, are budget-conscious. I couldn’t afford what I was told I needed. Often, the people who can least afford insurance are the ones who need it the most.”

Confronting these problems inspired Mwesigwa to transform the life insurance industry for the better.

Mourning becomes a new mission

Mwesigwa has co-founded an online e-app and underwriting platform that delivers accurate, cost-effective offers to people in only five minutes.

“Today’s consumers expect a simple and fast customer experience,” she explains. “Unfortunately, many people neglect to buy life insurance because the process is confusing and inconvenient, or they believe insurance is expensive. I don’t want these to be the reasons why someone isn’t protected. So that’s why I built a life insurance platform with the best customer experience.”

Mwesigwa’s experience in the insurance industry taught her that insurance companies think in terms of weeks and months, while agents think in terms of days and weeks. “Today’s customers think in terms of minutes,” she says, “and five minutes is the target! So we designed a journey that would only take five minutes and reward the consumer for their effort with an instant decision.”

She also knew gaining the approval of regulatory authorities would be key. “We met with regulators before we wrote one line of code to ensure our innovation wouldn’t be blocked at the starting line,” she explains. Understanding that carriers also need to be protected from poorly assessed consumer risk, she developed an AI-based machine-learning algorithm that ensures the accuracy of decisions.

In addition, Mwesigwa’s app understands that ordinary Americans need options that won’t break their budgets. “Our platform allows people to select the coverage amount that they can afford,” she explains.

Finally, the app’s life insurance providers are mostly nonprofit community-based organizations that prioritize people instead of profit.

Coverage means having security, options

Despite the tragedy in Mwesigwa’s past, she considers herself fortunate. “I was lucky!” she says. “With support from my community and employer, I provided my family’s income all along.”

Americans are lucky, too, since Mwesigwa has turned her own personal trauma into a mission to transform the life insurance industry.

“Please get covered!” Mwesigwa says. “Even a little bit of insurance brings peace of mind. It gives you choices and security. These can help you lead a more fulfilling life, minimize struggle, and avoid financial ruin.”