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Monday, October 3, 2022

How Nigerian Insurance Companies are Leveraging Insurtech Apps

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If there is a nagging challenge in the Nigerian Insurance industry that need to be urgently addressed, it is unarguably that of the inability of operators in the sector to seemingly leverage the huge potentials that is inherent in the insurance markets.

Without doubt, the insurance markets have obviously for long been difficult to unlock because of the lack of trust between customers and insurance providers.

However, the narrative is fast changing with the introduction of digital innovations by Insurtech companies aimed at improving customer experience.

In fact, the unprecedented rate at which Insurtech companies are introducing Consumer-centered Apps into the insurance markets, particularly as they are bettering customers’ experiences, and as well deepening insurance penetration, is no doubt laudable, particularly when appraised from the backdrop of the fact that Nigeria’s insurance market has a young population and a rapidly growing middle class.

Against the foregoing backdrop, it is expedient to say that not few insurance companies in Nigeria are leveraging Insurtech Apps to improve customer experience.

What is Insurtech?

Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry.

Insurtech powers the creation, distribution, and administration of the insurance business. Insurtech helps large insurance companies explore new options outside of traditional human efforts.

This could include dynamically-priced insurance policies, small business insurance, and social insurance options. Insurtech also provides insurance companies access to data streams from IoT devices.

This creates a dynamic pricing system based on market conditions and customer behavior.

With the fast rising adoption of Insurtech Applications by insurance companies, customers today access their insurance needs from their smart devices as phone apps, automonitoring devices, and wearable technology are ubiquitously available for consumers in the sector to utilize, particularly they provide solutions to consumers’ needs.

For instance, before now, a sudden travel plan will require insurance immediately, and the last thing a customer wants to do is wade through a pile of policy documents when they should be packing. However, such experience is fast going into oblivion as customers in the insurance sector are today equipped with accessible mobile options that quickly summarizes coverage, liabilities, and premium information.

Additionally, insurtech has helped insurance companies become more efficient in underwriting, processing claims, and managing assets.

Today, insurtech capital investment is largely focused on big data, AI, and IoT devices.

Against the foregoing backdrop, it is expedient to say that while some insurers have been able to tap into the use of Insurtech applications for customers, harnessing the power of digital solutions to help them understand their customers better, and increase effectiveness as well as minimize losses, some insurers are still unable to catch up with the pace, however some few insurance companies have been leveraging Insurtech Apps to improve customer experience across insurance markets.

Among the top rated Insurtech apps in Nigeria are the moment are as follow:

FBN Insurance Mobile App

This is one of the highest rating insurance applications by the First Bank of Nigeria. With the apps, customers can access their insurance policies portfolio with ease even as they can also report claims, make payments, and other necessary transactions.

In fact, with the FBN Insurance Customer Mobile App, Statement of premium account can also be downloaded.

MyLife+ Mobile App

MyLife+ Mobile App is an outstanding innovation of the Leadway Assurance Company that allows its customers to access world-class services.

By using the MyLife+ mobile app, customers can purchase the insurance policies they desire from the company.

They can equally report claims, pay the premium and manage their policies with no form of third party interference. In fact, through the MyLife+ Mobile App, customer can also contact customer service directly.

The MyAXA Mobile App of AXA Mansard (Nigeria)

The MyAXA Mobile App of AXA Mansard (Nigeria) is a one stop non-banking financial services mobile platform.

The app is designed to provide potential users with the most convenient way to purchase and manage their plans.

With the MyAXA Mobile App, customers can purchase their insurance policies, start motor claims and schedule hospital appointments.

Subscribers of the App can also Liquidate/redeem investments as well as check their RSA balance and request prescription refills, even they can contribute to funds and view contribution history.

AllianzNG Mobile App

AllianzNG Mobile of the Allianz Nigeria Ltd is another outstanding insurance app that places insurance at customers’ fingertips.

With the Allianz app in a customer mobile phone, he or she can purchase insurance policies, report claims and view policy statements. The App also gives customers the chance to take control of all their insurance needs from the comfort of their homes.

Wapic Mobile App

The Wapic Mobile App offered by Wapic Insurance provides customers with the most convenient way to purchase and manage the insurance plans of their dreams, and it is characterized with “Product Onboarding”, which is where customers discover the available insurance products, “Quote Management”, which is where customers can create, manage, review, search and share their Quotes.

Also featured in the App is the “Proposal Management” which helps customers to create, manage, review, search and share their Proposals. Regarding Payments, customers can through their mobile phones, pay for their chosen policies and other products, and additionally allow them to have access to direct updates and notifications, manage their Claims and their accounts.

Cornerstone Insurance App

The Cornerstone Insurance App is a mobile application specially designed by Cornerstone Insurance Plc Nigeria. The App was innovated to enable customers purchase insurance products online.

With the cornerstone insurance app customers can make necessary payments with their ATM debit card, cash deposit, or online bank transfer, also through it they can receive all their insurance documents such as e-receipt and insurance certificate.

Aii Agent (Aiico Insurance)

The Aii Agent Insurance Mobile App for Agents is one of the most recognized Insurance Apps in the country.

The App offers outstanding services that enables agents to expand their knowledge and get more information by reading about Products, and also gives them the opportunity to compute premiums and sum offline; without the use of the internet.

Not only that, it also allows the insurance company’s agents to generate quotes and send such quotes to their customers, and it also allows the agents to check and update themselves on existing policy details, even as it equally allows them to make payments on Renewal with ease.

It also allows them to make payment on quotes. There is no denying the fact that with these apps that customer experience in the insurance industry is by each passing day fast becoming better than when customer service was analogically driven.

They have made insurance easy for all and sundry. While applauding the disruption caused in the sector through the adoption of Insurtech Apps by not few Insurance companies in the country, the Co-founder/ CEO of Coverdor, a provider of digital insurance solutions for the insurance ecosystem, Seun Ayegbusi said “Digitization is the way forward for the insurance industry at this critical stage, as its benefits are enormous, the benefits are evidently seen in other industries like banking, retail, manufacturing among others.”

He added that digitization will give the insurance industry a competitive advantage and also put it in a better place to meet the needs of emerging customers.

It can also optimize the industry making it agile, scalable and efficient to deliver personalized, data-driven services to the 21st century customer.

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