Nigeria’s insurance industry has a lot of room for growth. A vast majority of the country’s adult population remains outside of the safety of an insurance cover; but as more people learn the importance of buffering against tomorrow’s uncertainties, insurance policy uptake will rise.
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Consumers need insurance products that are tailored to their unique situation. The options available have to fit within their budget. They also want to be able to access such products from wherever they are; the prospect of taking a long trip to the insurers’ office is often an excuse to forego the purchase of a policy.
Digital insurance platforms exist to address these concerns. By leveraging digital technology, they can provide customers with insurance packages on channels the latter find convenient—the internet, smartphone apps, mobile USSD, etc.
Their use of digital technology also allows them to customize their offerings to each individual, in line with that person’s user habits.
This article looks at four such platforms that currently serve the Nigerian market.
- AutoGenius
AutoGenius is Nigeria’s oldest
insurance technology (insurtech) company. Launched in 2014 by Kola Oyeneyin, the firm enables people to purchase auto insurance online, via its website.
Thanks to its partnership with several traditional insurers, it is able to provide multiple product options for visitors to its site. They can compare quotes, select an option that suits them, and pay for it with their bank cards.
Insurance plans available at AutoGenius include:
- Third-Party Insurance
- Third-Party, Accidental Damage and Theft
- Comprehensive Cover
These plans cater to a range of automobile mishaps, from theft and party property damage to bodily harm and car replacement.
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- Cassava
Insurtech is just one of Cassava’s many digital solutions, but it’s probably getting the most coverage of the lot. Its micro-insurance solutions cater to four concerns of regular Nigerians:
- Auto: provides cover against injury or property damage arising from motor vehicle accidents. It’s accessible via a mobile app and comes with flexible payment terms.
- Funeral: Pays funeral benefits upon the death of a loved one. The premium for this is relatively inexpensive, starting from as low as 50 cents per month.
- Education: Insurance cover for the primary or secondary education of a child, provided upon the death of the child’s parents or guardians.
- Health: Buffer against the cost of treatment for diseases or injuries sustained in an accident.
- Curacel
Unlike the other platforms profiled here, Curacel targets its product at other businesses, specifically insurance companies.
Founded in 2017, Curacel began as an electronic health information management system for hospitals. It pivoted to insurance when its founders realized a gap in that sector—the need to verify that claims and payouts were genuine.
The startup now helps insurers automate claims and track fraud and other process abuses on their systems. A growing number of clients rely on their AI-powered platform to improve their operations.
Curacel’s services have proven useful in the dispensation of health, travel, and auto insurance.
- CompareIN
As its name suggests, CompareIN (short for Compare Insurance) is a platform that presents its users with a range of insurance products from several firms, allowing them to compare quotes and buy their most preferred policy of the options showcased.
Compare Insurance began operations in 2015. Its founders say they plan to broaden the scale of products accessible via their site. At the moment, their offerings are limited to motor insurance.
Once a visitor selects their preferred policy, they can pay for that policy on the platform using their bank card.
Final Words
Nigeria’s insurtech niche is still in its infancy. But it has great potential. As more Nigerians realize the many ways that digital technology can benefit them, they will be more likely to embrace the insurance services that get delivered to them through this means.
Featured Image Source: Maritime Industry Foundation
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This article was first published on 22nd January 2021
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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