Dice Cowl, an insurtech firm, says Nigeria’s insurance coverage business faces a frightening problem, with solely three per cent of its inhabitants insured.
Its Co-founder, Samuel Ishie, through the firm’s model inauguration on Wednesday in Lagos, stated the problem leaves 218 million Nigerians susceptible to monetary shocks.
In line with him, the business is grappling with low consciousness, belief deficit, and entry boundaries, together with affordability and accessibility.
“Low consciousness is a serious problem, individuals don’t perceive the advantages of insurance coverage, and even when they do, they don’t know methods to entry it.
“Many Nigerians can not afford insurance coverage premiums, and even when they’ll, they could not have entry to insurance coverage merchandise.
“A market survey performed by Dice Cowl discovered that 86 per cent of respondents most well-liked an insurance coverage firm paying for his or her payments, whereas 91 per cent paid out-of-pocket for medical bills,” Mr Ishie stated.
Mr Ishie famous that the survey additionally highlighted a belief deficit, with many respondents expressing scepticism concerning the capability of insurance coverage firms to pay claims.
To handle these challenges, Deji Macaulay, the Chief Government Officer of Dice Cowl, stated the corporate inaugurated an progressive insurance coverage product designed to bridge the market hole.
In line with him, the corporate’s product is designed to make insurance coverage extra versatile, accessible, and inexpensive for purchasers.
“We’re concentrating on everyone that doesn’t have insurance coverage. We’re offering insurance coverage throughout the whole spectrum, together with SMEs, individuals in casual jobs, and merchants.
“We’re leveraging expertise and partnerships to extend penetration, significantly amongst low-income earners,” he stated.
Additionally, Elfrieda Ezenagu, the Firm’s Service Supply Supervisor, stated Dice Cowl had partnered with cellular networks, fintechs and well being suppliers, together with MTN, GLO, Airtel and Palmpay to make their product extra accessible to prospects.
Mr Ezenagu additionally famous that the corporate plans to broaden its companies to authorities employees by the Nationwide Well being Insurance coverage Authority (NHIA).
In line with Mr Ezenagu, the costs for the insurance policy begin from as little as N100, making it an inexpensive choice for Nigerians.
Aisha Mumuni, the Chief Digital Officer at MTN highlighted the position of telecommunication firms in shaping the way forward for insurance coverage distribution, citing Nigeria’s 27 per cent cellular penetration price and 210 million cellular connections.
Mrs Mumuni emphasised the significance of accelerating insurance coverage penetration, noting that telecommunication firms have the infrastructure and experience to succeed in the general public.
She famous that MTN had partnered with firms like Dice Cowl to offer insurance coverage companies to its prospects.
Equally, Habib Kowontan, Group Head, Wealth Merchandise at Palmpay, a fintech firm, emphasised the significance of partnerships in rising insurance coverage penetration, noting that Palmpay had served varied insurtech firms.
Additionally, Jumoke Odunlami, Chief Distribution Officer, AXA Mansard, burdened the significance of consciousness and schooling in rising insurance coverage penetration.NAN
