AIICO Insurance, Nigeria’s trusted insurance titan with six decades of excellence has partnered with ETAP, an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa, to drive increased penetration of car insurance in Nigeria.
AIICO Insurance is a household name in Nigeria’s insurance
ecosystem; it provides life and health insurance, general insurance and
investment management services to create and protect wealth for individuals,
families and corporate customers.
The partnership will combine AIICO’s market-leading car
insurance product and ETAP’s game-changing, tech-enabled distribution and
customer acquisition model to drive the adoption of much-needed car insurance
in Nigeria.
Despite being Africa’s largest economy and one of the
biggest automotive markets on the continent, car insurance penetration in
Nigeria remains relatively low with less than 30 percent of registered vehicles
having genuine insurance for at least, third-party protection. The complexities
of buying and claiming insurance have led to widespread apathy, with many car
owners opting to go without genuine insurance.
With ETAP, drivers simply need to download the app or launch
the enterprise platform (for organisations), provide basic information about
their car and driving history, and they can buy insurance in 90 seconds and
complete claims in three minutes or less. ETAP also enables customers on the
app the flexibility of paying premiums weekly, monthly, quarterly and annually.
ETAP’s game-changing app also uses advanced telematics to monitor driving
behaviour such as speed, acceleration, braking, cornering and focus, more
drivers across Nigeria will be able to earn Safe Driving Points that can be
converted into vouchers for fuel, shopping vouchers for the most in-demand
retail outlets, cinema and concert tickets, as well as vouchers for other
exciting experiences.
ETAP also has a leaderboard where Nigerian drivers are
gamified to maintain good driving behaviour. Drivers can monitor the
leaderboard in real time to get actionable insights on their driving behaviour,
access tips to improve their driving behaviour and get rewarded for driving
better. In addition, drivers can also challenge each other on who the better
driver is based on their leaderboard ranking, contributing to safer roads
across Nigeria.
ETAP’s business model is based on the concept of Shared
Value Insurance, which focuses on incentivising people with rewards to reduce
their insurance risk by adopting good behaviour. ETAP also uses machine
learning to build intelligent risk profiles that determine appropriate premiums
for each driver, allowing them to achieve lower premiums by driving safely.
“We are elated to unveil our collaboration with ETAP,
marking the inception of a transformative era in car insurance,” says Gbenga
Ilori, Head of Retail Business of AIICO Insurance. “By harnessing the power of
gamification, we are poised to shift perceptions around car ownership and
driving in Nigeria. This initiative will not only elevate the driving journey
but also significantly enhance safety on our roads.”
Ibraheem Babalola, CEO of ETAP adds, “We are proud to
collaborate with AIICO Insurance on this transformative collaboration. The
app’s ability to reward safe driving habits while providing rewards for doing
so as well as quick access to insurance purchase and claims payment will
undoubtedly empower car owners and encourage responsible behaviour on the
roads. We invite everyone to download the app from Apple App Store or Google
Play Store and experience a new dimension of driving.”
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1 comments:
The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly owned subsidiary of ALICO/AIG – in 1970 – to offer Life and insurance services.
regards: bey battle pass
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