AIICO Taps ETAP to Redefine Car Insurance for Nigerians
AIICO Insurance has partnered with ETAP, an insurance technology company, to improve automotive experience across Africa and drive increased penetration of car insurance in Nigeria. Mr Gbenga Ilori, Head of Retail Business, AIICO Insurance said this in a statement on Monday in Lagos. Ilori stated that the partnership would combine AIICO’s market-leading car insurance product and ETAP’s game-changing, tech-enabled distribution.
Ilori explained that the partnership also covered the customer acquisition model to drive the adoption of much-needed car insurance in Nigeria. He expressed AIICO’s satisfaction with unveiling its collaboration with ETAP, which marked the beginning of a transformative era in car insurance.
” Despite being Africa’s largest economy and one of the biggest automotive markets on the continent, car insurance penetration in Nigeria remains relatively low.
“Less than 30 per cent of registered vehicles have 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,” he said. According to him, with ETAP, drivers simply need to download the app or launch the enterprise platform for organisations.
He said that drivers would also provide basic information about their cars and driving history, and could buy insurance within 90 seconds and complete their claims within three minutes.
The AIICO official added that ETAP gave customers the flexibility of paying premiums weekly, monthly, quarterly and annually on the app.
He said that ETAP’s game-changing app also used advanced telematics to monitor driving behaviours, such as speed, acceleration, brake, cornering and focus.
Ilori stated that more drivers across Nigeria would be able to earn Safe Driving Points that could be converted into vouchers.
“Such vouchers can be used for fuel purchase, shopping vouchers for the most in-demand retail outlets, cinemas and concert tickets, as well as vouchers for other exciting experiences.
“ETAP 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 one another 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,” he said.
He said that ETAP also used machine learning to build intelligent risk profiles that determined appropriate premiums for each driver while allowing them to achieve lower premiums by driving safely.
According to him, by harnessing the power of gamification, AIICO is poised to shift perceptions around car ownership and driving in Nigeria. Ilori noted that the initiative would not only elevate driving but also significantly enhance safety on our roads.
The Chief Executive Officer ETAP, Mr Ibraheem Babalola, said that the company was proud to collaborate with AIICO on the initiative Babalola said the app had the ability to reward safe driving habits, as well as quick access to insurance purchases. He explained that the app’s fast claims payment would 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,” he said. AIICO Insurance is a leading insurance company with a commitment to excellence and customer satisfaction, offering a wide range of insurance products to meet the diverse needs of individuals and businesses.
ETAP is a renowned technology company specialising in the development of innovative solutions for the transportation and car insurance sector, with a focus on enhancing the driving experience and promoting road safety. #AIICO Taps ETAP to Redefine Car Insurance for Nigerians Naira Steadies as Banks Issue Update on FX Purchase
