With only 0.5 per cent of Nigeria’s population holding insurance policies, Transparency Scape Insurance Brokers has made a significant move to tackle the country’s low insurance penetration by launching its innovative InsurEase app.
CEO of Nova Merchant Bank, Adebowale Oyedeji, at the official launch of the App over the weekend in Lagos, highlighted the alarming statistics around insurance in Nigeria, adding that insurance penetration stands at just 0.45 per cent of the country’s GDP and only 0.5 per cent of Nigeria’s population have insurance policies.
Oyedeji explained that low public confidence, inappropriate pricing due to limited scale, and economic hardships are key factors contributing to the industry’s underperformance.
However, he expressed optimism that InsurEase will help reverse this trend. “Technology is the key to transforming the insurance sector. With InsurEase, customers can now easily access affordable and reliable policies, which will significantly boost insurance penetration in Nigeria,” he added.
Managing director and CEO of Transparency Scape Insurance Brokers Oluseyi Ifaturoti noted that the firm’s goal is to simplify the insurance process for Nigerians through cutting-edge technology.
“This is a proud moment for us at Transparency Scape Insurance Brokers, as we successfully launch InsurEase, our innovative insurance App, in the Nigerian insurance market.
“Our commitment to providing peace of mind and confidence to our clients has driven us to establish ourselves as a trusted partner for reliable and effective risk management solutions.
InsurEase proves our dedication, offering a convenient and accessible platform for clients to purchase affordable and reliable insurance. We sincerely thank our partners and regulatory bodies for their invaluable support in helping us achieve this significant milestone.
We also encourage other insurance companies to join forces with us at Transcape.
By partnering with us, these companies can contribute to expanding our product offerings, providing customers with greater choice and flexibility,” she said.
