August 2022 Insurance Advisory: InsurTech , The New Name Of Insurance

By Ekerete Ola Gam-Ikon

Insurance is traditionally known as products and services however with the emergence of Insurtech (Insurance Technology), we are having SOLUTIONS!

From this August, a Nigerian Insurtech Start-up has launched an insurance solution that will make it possible for us to buy Motor Insurance per minute. Yes, read that again!

This is one of the several initiatives that Insurtech start-ups are offering to reduce the frustrating experiences people keen to have insurance coverages have had.

ADVICE 1: There are over 20 Insurtech start-ups operating in Nigeria and providing solutions to core areas of marketing, underwriting and claims management. Claims payments, the biggest issue in Nigeria’s insurance industry, can now be resolved in minutes, thanks to Insurtech solutions.

ADVICE 2: Most Insurtech start-ups are in partnership with the incumbent insurance companies, so request for the solutions you need from your insurers. If they don’t have, you can direct them to the Insurtech start-ups that you know are offering such solutions.

Making Insurance Work for Us is a collective action!

ADVICE 3: If you are concerned about the sustainability of the offerings by Insurtech start-ups in Nigeria, be assured they are not local companies as most of them already operate in other countries in Africa, and are valued in foreign currency as made available by global venture capitalists and seed funders.

Insurtech firms will be here for a long time because they are helping to meet the needs of our teeming young population in Nigeria and Africa.

Simply get interested in using Insurtech solutions to solve and resolve your risk challenges even where insurance has been doing well.

Let your business strategy embrace Insurtech!