Are Nigerians Set For Tech’surance?



A team of Nigerian Youths who work under the name – Autogenius have launched a website named www.myautogenius.com.  According to the exponents, the website aims at simplifying access to vehicle insurance and other types of insurance policies.
While it also aims to reduce the number of fake insurance agents in the industry, the objective is to make insurance to techie as in other developed countries.
The Founder of the website, Kola Oyeneyin who explained that the initiative is in collaboration ,with Hightower Bridge Insurance brokers, stated that they team up with 6 insurance companies in the country.
However, an insurance expert says “there is a problem somewhere! First, the website still has the insurance companies who will hardly pay claims integrated in the business. Therefore, the registering on autogenius.com will do no paradigm shift as it claims.”

He added that “it is not clear how well the National Insurance Commission (NAICOM) has approved of this website dealings as the launch was not attended by the Insurance Commissioner, Mr Fola Daniel but represented by the Lagos Office Head, Mr. Faniran Olusegun. Again, there are speculations that the regulatory authorities have rejected total endorsement of the website and business because it is yet to earn the trust of Nigerians.”
Yet another attendee at the launching ceremony explained that “Nigeria’s broadband penetration remains less than 10 percent and so when there is a gridlock on the website in terms of payments online, what will happen to the error on charges?”

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