PRESS RELEASE—AIICO Insurance, Nigeria’s trusted insurance titan with six decades of excellence has partnered with ETAP, an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa, to drive increased penetration of car insurance in Nigeria.
AIICO Insurance is a household name in Nigeria’s insurance ecosystem; it provides life and health insurance, general insurance and investment management services to create and protect wealth for individuals, families and corporate customers.
The partnership will combine AIICO’s market-leading car insurance product and ETAP’s game-changing, tech-enabled distribution and customer acquisition model to drive the adoption of much-needed car insurance in Nigeria.
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. The complexities of buying and claiming insurance have led to widespread apathy, with many car owners opting to go without genuine insurance.
With ETAP, drivers simply need to download the app or launch the enterprise platform (for organisations), provide basic information about their car and driving history, and they can buy insurance in 90 seconds and complete claims in three minutes or less. ETAP also enables customers on the app the flexibility of paying premiums weekly, monthly, quarterly and annually. ETAP’s game-changing app also uses advanced telematics to monitor driving behaviour such as speed, acceleration, braking, cornering and focus, more drivers across Nigeria will be able to earn Safe Driving Points that can be converted into vouchers for fuel, shopping vouchers for the most in-demand retail outlets, cinema and concert tickets, as well as vouchers for other exciting experiences.
ETAP also 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 each other 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. ETAP also uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.
“We are elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car insurance,” says Gbenga Ilori, Head of Retail Business of AIICO Insurance. “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. We invite everyone to download the app from Apple App Store or Google Play Store and experience a new dimension of driving.”
About AIICO Insurance: AIICO Insurance is a leading insurance company that has been serving the Nigerian market for many years. With a commitment to excellence and customer satisfaction, AIICO Insurance offers a wide range of insurance products to meet the diverse needs of individuals and businesses.
About ETAP: ETAP is a renowned technology company specializing 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, ETAP has established itself as a pioneer in the industry, delivering cutting-edge products that redefine the way we interact with vehicles and car insurance.
