Coverdor in its drive to provide digital insurance solutions for the insurance ecosystem in Nigeria has launched a revolutionary insurance technology solution called Fruiti; an open insurance API to embed insurance components into 3rd party fintech applications and other digital platforms in order to help insurers reach millions of uninsured users, while also creating a new way for consumers to interact with insurance products.
Fruiti aggregates insurance services from leading insurers and delivers them through a single API to enable fintech companies and other digital platforms to offer insurance services to customers within their platforms.
Studies have shown that the retail sub-sector of the insurance industry presents the next frontier to drive insurance inclusion in Nigeria, however the ability to create digital ecosystems by leveraging on the capabilities and existing resources of financial technology companies and other digital platforms who are adept at reaching large volume of users and building trust among low income customers will be the key to unlocking retail insurance opportunities for all players.
On the other hand, Fruiti also helps fintech companies to rapidly configure insurance components into their customer journey, making it easy for them to offer insurance services to their customers either as a core product offering or add-on services, complementing their existing offerings.
Fruiti is pre-configured with multiple micro-insurance products, allowing customers to sign-up for any of the insurance plans directly within the partner application.
For instance, a customer can select to buy any of the health insurance plans to cover treatment for common illnesses like malaria, typhoid, among others, while also getting coverage for hospitalization and life insurance benefit in an event of accidental death just for as low as #400 (approx $1) monthly subscription.
Fruiti also provides a seamless experience for the customers like never before, allowing them to complete a paperless insurance transaction within 1 minute.
Coverdor has created powerful use cases for different categories of fintech companies to build with Fruiti. For instance, mobile money operators and agency banking platforms can easily integrate Fruiti to offer micro-insurance services on their mobile payment platforms or at their POS agent outlets to deliver insurance coverage to customers in rural/semi-urban areas.
Using a bancassurance approach, banks and neo-digital banks can integrate Fruiti to offer micro-insurance services to customers within their applications.
Likewise, online lenders can use Fruiti to offer insurance-on-credit to their customers, while wealth management platforms as well can leverage Fruiti to bundle insurance products to their customers.
Speaking on the launch, Seun Ayegbusi, the Co-founder/CEO of Coverdor, said:
“Fruiti is paving the way for the expansion of insurance services to millions of poor and vulnerable people who are mostly left out of the financial world”
Explaining further he commented that it is of utmost concern to his company to help low-income customers and the vulnerable to easily access meaningful, innovative, and affordable insurance products that meet their needs by embedding insurance services into existing channels/platforms they trust and already use to access similar financial services like savings, payment, lending, or Cash-in Cash-out at POS Agent shops.
Through Open Insurance Coverdor is facilitating a digital ecosystem among Insurers, Banks, Fintech Companies and other digital platforms to create incredible opportunities to revolutionize insurance services in Africa, and it believes that APIs will be the lever for insurance inclusion and innovation in Nigeria and Africa as a whole.
Coverdor is interested in working with fintech companies in the following categories (Mobile Payment, Agency Banking, Online Lending, Wealth Management and Digital Banks) looking to expand their offerings and value proposition to their customers, while raising their revenue as well.
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