Leadway Assurance has partnered with Octamile to offer a “PayCover” solution that allows customers to split their motor insurance premium payments into manageable instalments.
Managing Director, Leadway Assurance, Gboyega Lesi, announced this in a statement made available to newsmen on Thursday in Lagos.
Lesi said that the PayCover innovative Buy Now Pay Later (BNPL) solution aims to revolutionise motor insurance payments by offering unmatched flexibility and ease.
According to him, PayCover is designed to seamlessly integrate with Leadway’s digital and offline payment channels, allowing customers to split their premium payments into manageable instalments.
“Critical features of PayCover include flexible payment options, premium financing through short-term credit facilities, real-time processing of insurance certificates, automated payment reminders, and top-notch transaction security.
“These features ensure customers can immediately obtain motor insurance coverage while spreading the cost over time, making it more accessible and affordable.
“Leadway continuously seeks innovative ways to provide value to its customers.
“And the strategic alliance with Octamile for the PayCover solution aligns perfectly with the insurer’s commitment to deepen motor insurance.
“This is to ensure that customers get a flexible and convenient payment that fits their cash management plans,” he said.
Lesi explained that with PayCover’s flexible options and premium financing, the underwriter addressed a significant pain point for customers who found it challenging to pay full premiums upfront.
“We have no doubt that PayCover will revolutionise motor insurance in Nigeria for its seamless and convenient premium payment provision, especially in these trying economic times.
“This initiative affirms our dedication to customer-centric solutions and making insurance uptake seamless and convenient for all,” he added.
Also in the statement, the chief executive officer of Octamile, Gbenro Dara, expressed excitement to collaborate with Leadway to bring PayCover to a broader audience.
Dara, also the founder of the company, said that the goal of the collaboration is to make insurance more accessible and affordable for all Nigerians.
He said by integrating Octamile’s solution with Leadway’s extensive network and reputable brand, PayCover could significantly enhance the customer experience and drive higher adoption rates for motor insurance.
“This partnership reflects our shared vision of leveraging innovative technology to simplify financial services and improve lives.
“We look forward to seeing how our solution, with its flexible payment options and secure transaction processes will positively impact existing and new Leadway customers.
“This solution enhances customers satisfaction by simplifying the payment process and improves insurers’ cash flow management,” he said.
According to him, with PayCover, Leadway customers can enjoy a smoother, hassle-free experience when purchasing motor insurance.
The News Agency of Nigeria (NAN) reports that Leadway Assurance is one of Nigeria’s insurance service companies, while Octamile is an insurtech company with access to insurance for Africans.
