As part of efforts to enhance penetration of car insurance in Nigeria, AIICO Insurance Plc has partnered with ETAP, a financial technology firm.
The partnership will combine AIICO’s market-leading car insurance product and ETAP’s tech-enabled distribution and customer acquisition model to drive the adoption of car insurance in Nigeria.
According to AIICO, despite being Africa’s largest economy and one of the biggest automotive markets on the continent, car insurance penetration in Nigeria remains relatively low with less than 30 percent of registered vehicles having genuine insurance for at least third-party protection.
Gbenga Ilori, Head of Retail Business of AIICO Insurance also stated: “By harnessing the power of gamification, we are poised to shift perceptions around car ownership and driving in Nigeria. This initiative will not only elevate the driving journey but also significantly enhance safety on our roads.”
Ibraheem Babalola, CEO of ETAP adds, “We are proud to collaborate with AIICO Insurance on this transformative collaboration. The app’s ability to reward safe driving habits while providing rewards for doing so as well as quick access to insurance purchase and claims payment will undoubtedly empower car owners and encourage responsible behaviour on the roads”.