Digital channels key to driving insurance cover in Nigeria – Stakeholders

…As Cubecover, Insurtech platform launches in Lagos

With a 3 percent penetration level and about 218 million Nigerians said to be without insurance cover, stakeholders in the technology and insurance sector have called for a more progressive technology adoption to drive insurance cover in Nigeria.

This was disclosed in Lagos during the recent launch of Cubecover, an Insurtech company, into Nigeria’s insurance technology sector, which plan to provide affordable insurance to over 10 million Nigerians by 2027.

“Insurance should be affordable, accessible, and trustworthy for every Nigerian. Our platform simplifies the process, bringing peace of mind to individuals and families while enhancing the efficiency of the overall system.” said Deji Macaulay, CEO, Cubecover, said at the official launch of the company in Lagos.

Read also: ARCON mandates ad bodies to provide N1bn insurance cover for members

According to him, Cubecover’s entry signals a new era for Insurtech in Nigeria, combining cutting-edge technology with an understanding of local needs and peculiarities. He said that the company is poised to transform the insurance landscape, offering Nigerians the coverage and peace of mind they deserve with a commitment to inclusivity, accessibility, and reliability.

He disclosed that Cubecover has already processed over 400,000 policies and thousands of enrollees receiving medical care and processing claims leveraging strategic partnerships with healthcare providers, fintech platforms, network providers, and insurers.

According to Macaulay, enrollees benefit from streamlined claims processing, allowing quicker access to insurance protection and financial support during emergencies. He said that the company aims to bridge the gap between underinsured populations and accessible healthcare, leveraging technology to streamline services and ensure transparency in claims processing.

Sam Ishie, CTO, Cubecover, shared results from a survey carried out by the company, indicating that less than 3 percent of Nigerians are currently insured. According to him, the gap within the industry is the driving force behind the strategic partnerships Cubecover has initiated to improve insurance penetration, by connecting service providers, network providers, and financial institutions.

“The platform simplifies access to care, makes claims processes transparent and reduces wait time. This integrated approach not only strengthens relationships with partners but also improves customer satisfaction,” Ishie said.

Habib Kowontan, head, wealth product, PalmPay, while discussing how mobile platforms can expand insurance accessibility in Nigeria, said affordability is key to bridging insurance cover in Nigeria. He also disclosed that the industry can leverage both online and offline channels to drive penetration across the country.

There was an acknowledgement by the stakeholders that the current process of signing up for insurance and receiving claims could be simplified and innovative partnerships would foster solutions to the challenges currently faced in the industry.