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  With less than 2% of Nigerians said to be adequately insured, the Nigerian Insurance Industry may well be said to be on its way to increasing this number soon. This is following the news that Casava, a Nigerian Digital insurance firm has recently secured four million dollars in pre-seed funding. 
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The funding is said to be the largest pre-seed for a Digital Insurance Company in Africa and is aimed at helping them penetrate more of the market by providing more innovative, affordable and easily accessible insurance products for the teeming Nigerian population.  The funding round was led by Berlin-based Target Global with the participation of some local and foreign Venture Capitals such as Oliver Jung, Entrée Capital, Tom Blomfield, Brandon Krieg, Ed Robinson, Uche Pedro of Bellanaija, Babs Ogundeyi and Musty Mustapha of Kuda, Shola Akinlade of Paystack, Olugbenga Agboola of Flutterwave, Opeyemi Awoyemi of Jobberman, Honey Ogundeyi of Edukoya and a host of others.   Casava, which was founded in April 2021, after receiving its operational license in 2019, is born out of a need to see that the average Nigerian could be reached with insurance packages that meet their needs and level of income.  According to the founder, Bode Pedro, the idea for establishing Casava came when a certain package for Uber Drivers in an Insurance firm, where he worked, recorded mass adoption. He said it was then that he knew the market needed insurance payments to be broken down.  “…as brokers, we didn’t have full control over that process and we weren’t giving people the best experience. We knew if we were going to take insurance to the next level, then maybe we need to control that product and be involved in product end-to-end,” Pedro said.
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The company already has more than 66,000 customers subscribed to its various insurance products and services. This high number could be said to be as a result of the business model the company adopts in marketing its services as its consumers are presented with options to subscribe to their insurance products directly via their website, mobile app or WhatsApp. On the recent funding, the company’s CEO, Mr Bode Pedro, said that the mission of the company “is to provide affordable insurance for Nigerians and other Africans.” Pedro who was obviously excited at the development has already set his eyes on gaining more grounds in the insurance industry. According to him, “with less than one per cent of the country insured, Nigeria (and Africa) is an untapped insurance market. We want to address the barriers that hinder adoption and add value to consumers across the country.” One of the partners at Target Global, Dr Ricardo Schäfer, had this to say concerning Casava, “Bode and the team have recognised a great opportunity to address a longstanding problem for many Nigerians and Africans and we are excited to support their mission to make insurance more accessible. One of the first of their kind in the region, Casava has the potential to transform the lives and livelihood of millions of people.” Casava could be said to be bringing the much-needed innovation and customer-oriented service delivery that seem to have been lacking in the Nigerian insurance industry. Hopefully, the disruptive approach of Casava will lead to an even more innovative and customer-oriented insurance industry.    Featured image source:
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This article was first published on 4th February 2022 and updated on February 7th, 2022 at 3:49 pm


Ifegwu-Mbonu Victor is a Personal Growth and Leadership Trainer who provides training and coaching to individuals and organizations.

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