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The insurance sector in Nigeria is undergoing a transformative shift owing to the emergence of InsurTech, a powerful combination of insurance and technology. In a country where vast populations remain underinsured, InsurTech platforms are bridging critical gaps, offering security and safety that is now just a step away for millions. These platforms leverage digital innovations to make insurance more accessible, affordable, and personalised, catering to both urban and rural populations.
Today, InsurTech is more critical than ever. As uncertainties grow in health, finance, and livelihoods, having the right insurance coverage has become essential to safeguard against unforeseen risks. FinTech’s influence on the insurance landscape is undeniable. It drives seamless digital processes, creates innovative microinsurance products, and ensures better financial inclusion. These advancements are not just reshaping traditional insurance but also empowering individuals and businesses to protect their futures with confidence.
Listed below are 5 emerging InsurTech driving the Insurance wave in Nigeria in 2024:
Curacel
Established to serve emerging middle-class and lower-income groups, particularly in rural and Tier 3 and Tier 4 cities, Curacel offers a B2B insurance distribution and servicing platform. Their SaaS-based digital platform enables partner institutions like NBFCs, MFIs, and NGOs to implement insurance efficiently and service customers. Curacel aims to democratise insurance and provide financial security to underserved communities.
Octamile
Octamile is a notable InsurTech platform that is gaining traction in Nigeria. Founded in 2021, it is focused on making insurance accessible and affordable for the masses. Octamile offers micro-insurance products through its digital platform, targeting low-income groups, including rural populations and migrant workers. The platform leverages technology to simplify the insurance process, ensuring that users can easily understand and purchase policies that cater to their specific needs.
Botsurance
Botsurance is an AI chatbot insurance platform that specialises in providing motor insurance in underserved communities across Nigeria. The platform offers a ClaimsFast feauture for claims automation. By leveraging machine learning responsibly, It reduces processing time, minimizes manual errors, and improves access to insurance services for digitally marginalized populations. The platform exemplifies the ethical use of AI to promote financial inclusion and operational transparency in emerging markets.
Riskcovry
With its “Insurance in a Box” model, Riskcovry is redefining insurance distribution in Nigeria. It provides a comprehensive infrastructure for enabling any insurance product from any insurer across various channels. Serving diverse partners, including banks, NBFCs, and FinTech startups, Riskcovry accelerates digital insurance distribution journeys, empowering businesses to integrate insurance into their offerings effortlessly.
MyCover.ai
MyCover.ai is an AI InsurTech platform that aims to simplify and democratise access to insurance by offering micro-insurance products designed for the modern consumer. The platform focuses on making insurance more affordable, accessible, and transparent, with a unique approach to providing coverage for a variety of everyday needs. Toffee Insurance caters to individuals who are typically underserved by traditional insurance providers, offering bite-sized, easy-to-understand insurance plans that provide security without the complexities of conventional insurance
