Insurtech is almost an uncharted territory in Nigeria despite all untapped potential that seems available in the sector as predicted by economists.
Insurtech is derived from the words ‘insurance’ and ‘technology’. Insurance is considered to be one of the oldest financial businesses and the application of technology into this insurance business is simply insurtech.
Insurtech seeks to improve insurance practices and implement automation of their mundane activities, thereby making the insurance process seamless and efficient.
Insurtech in Nigeria started in 2010 and it was driven by the notion that the industry needed innovation and disruptive activities to upscale its service offerings.
Top five Insurtech startups in Nigeria include;
This is an Insurtech startup that was launched in 2015 and CompareInsurance offers motor insurance.
The client gets to choose what insurance plan meets their needs.
Compare Insurance is registered with the Nigeria Insurance Industry Database (NIID) and offers its service online which makes it easy to select insurance plans.
Compare Insurance also pays clients’ claims accurately and promptly too.
They also allow customers to compare the prices of other insurtech and insurance companies.
This insurtech offers various insurance services, health, travel, auto, and security insurances.
Clients get to select which insurance service they want and the plan that meets their needs.
Curacel works in collaboration with over ten insurance companies in Africa and has processed over seven hundred insurance claims while curbing the unnecessary ones.
Curacel has an easy-to-use platform that enables the automation of the insurance process for insurers and intends to drive insurance inclusion using technology.
This insurtech offers both general and life insurance services. Cassava is registered with the National Insurance Commission ( NAICOM).
Cassava has a plan that ensures that their clients get paid monthly for six months if they are in between jobs. Cassava insurance plans are affordable and flexible. Cassava pays claims within forty-eight hours.
This insurtech offers health, vehicle, and house insurance. PaddyCover Health insurance has top-notch hospitals they collaborate with to deliver high-class flexible health services to their insurers.
PaddyCover vehicles and home insurance help insurers own a car and a house respectively.
The vehicle plan helps insurers own a car and repay the money in a year as the cost will be spread over twelve months.
PaddyCover offers very affordable insurance plans, for a car there’s an insurance plan where the insurer pays hundred and fifty naira weekly and pays three thousand five hundred monthly.
This is also one of the insurtech startups in Nigeria founded in 2014, it partners with insurance companies and business companies to provide its services.
AutoGenius offers Auto Insurance, Insurance brokerage, comparison and claim services. With their Technology savvy team, AutoGenius services are provided digitally.
AutoGenius has a collaboration with Bolt to provide insurance cover for both riders and drivers while using the Bolt ride. The coverage lasts just as long as the ride for both parties.
These insurtech startups are trying to break even in the market despite the low penetration rate of insurance in Nigeria with very few people subscribing to insurance plans.
Insurtech also faces the problem of license acquisition to function, the process is a drawn-out process that most lose interest even before they are started.
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