Borrowing examples on how technology has transformed other sectors in Nigeria like banking, an indigenous firm, Transparency Scape Insurance Brokers has introduced an App to democratise access to insurance, making it easy for Nigerians to understand and buy insurance policies at their convenience.
Dissatisfied with low penetration of insurance in Nigeria, where only about 1.25 million people out of 210 million population have insurance policies, Transparency Scape Insurance Brokers mission with its InsurTech App in Nigeria, InsurEase is to simplify the insurance process for customers by leveraging cutting-edge technology.
The insurance industry which contributes only about 4 percent to Nigeria’s GDP of $374.06 can be a lot bigger with innovations, says Adebowale Oyedeji, CEO of Nova Merchant Bank at the event.
InsurEase powered by Transcape Brokers provides real-time policy quotes and comparisons, seamless policy issuance and management, need-based insurance recommendations and digital claims processing.
Transparency Scape revealed that it has partnered with some insurance companies to seamlessly provide various forms of insurance policies such as Life Insurance, Comprehensive Motor Insurance, Third Party Motor Insurance, Travel Insurance, Device Insurance and many more at transparent pricing.
The organisation also partnered with the regulatory bodies, National Insurance Commission (NAICOM), Nigerian Insurers Association (NIA) to ensure compliance with industry standards, the company said.
“This is a proud moment for us at Transparency Scape Insurance Brokers, as we successfully launch InsurEase, our innovative insurtech app in the Nigerian insurance market,” Oluseyi Ifaturoti CEO, Transparency Scape Insurance Brokers said at the event.
“Our commitment to providing peace of mind and confidence to our clients has driven us to establish ourselves as a trusted partner for reliable and effective risk management solutions. InsurEase is proof of our dedication, offering a convenient and accessible platform for clients to purchase affordable and reliable insurance.”
She enjoined other insurance companies to join them. By partnering with us, these companies can contribute to expanding our product offerings, providing customers with greater choice and flexibility”, she said.
Olufela Olurin, Chief Operating Officer, Transcape Insurance Brokers, expressed excitement on achieving this feat in the organisation. “This is an accomplishment that seemed impossible at the initial stage of developing the app. I am incredibly proud of the team’s hard work in ensuring this day becomes a reality despite all odds.
“InsurEase is not just a great idea, it is also a viable business project. Although the App is free for our customers, we have, however, implemented a sustainable revenue model. Additionally, we are exploring more partnerships to offer a wide range of services to further strengthen our business model. This approach benefits both our customers and our company, ensuring the long-term viability of InsurEase,” she said.
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