Insurtech combines two words “insurance” and “technology,” to form Insurance technology. Insurtech refers to the use of technological innovations built to make existing insurance models more efficient and effective. Simply put, it applies technology to how insurance works. Insurtechseeks to enhance insurance practices and automate their everyday activities. Also, it streamlines policies, and social insurance, and uses new data from Internet-enabled devices to dynamically price premiums according to noted behaviour. Thereby making the overall insurance process seamless and efficient.
Unfortunately, the industry remains an uncharted territory that has vast potential. These potentials remain untapped because of the low rate of insurance adoption in Africa, most especially in Nigeria. A lot of Nigerians see insurance as something they can’t afford, like a luxury. Lack of trust in the system, poor product fit, lack of education on insurance benefits and many more are also reasons people don’t seem to bite the insurance baits.
To fast track, the rate of insurance adoption in Nigeria, many innovators and tech enthusiasts have come up with different startups as solutions. These startups aim to drive insurance adoption through technology in Nigeria. They include the following,
Casava
Cassava’s insurance products include both general and life insurance services. The insurtech is registered with the National Insurance Commission in Nigeria ( NAICOM). Cassava provides its clients with easy, cheap, transparent and convenient insurance.
A key part of cassava’s insurance is its income protection product. In other words, the platform protects workers’ income/ salaries when they lose their jobs. Workers who earn₦30,000 and above can have their income insured against job loss. In the event of this, they get paid up to 75% of their salary for up to 6 months.
AutoGenius
AutoGenius Insurance is an automobile-based insurance agency that offers its customers convenient and transparent access to different kinds of insurance. Its insurance products include auto insurance, insurance brokerage, and comparison and claim services.
AutoGenius partners with different insurance companies in Nigeria to provide quick and convenient insurance policies for Nigerians. In addition, it collaborates with Bolt to provide insurance cover for both riders and drivers while using the Bolt ride.
PaddyCover
Octamile
Octamile enables both insurance-based and non-insurance based businesses to protect African consumers from financial loss. The platform allows non-insurance businesses to provide insurance products as part of their pre-existing products.
For insurance businesses, Octamile offers them data and technology that can help with customer experience, administrative costs, and the profitability of their insurance portfolio.
Curacel
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