AIICO Insurance Plc has partnered ETAP to drive increased penetration of car insurance in the country.
ETAP is an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa.
AIICO Insurance provides life and health insurance, general insurance and investment management services to create and protect wealth for individuals, families and corporate customers.
The partnership is expected to combine AIICO’s 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, 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, hence, 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’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.
“We are elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car 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,” head of Retail Business of AIICO Insurance, Gbenga Ilori stressed.
The CEO of ETAP Ibraheem Babalola noted that his firm is proud to collaborate with AIICO Insurance on this transformative collaboration, adding that, 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.
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