P2Vest, the leading peer-to-peer lending platform, is excited to announce that it is now getting into the insurance business. The National Insurance Commission (NAICOM) has given P2Vest a license to be an Insurance Web Aggregator, work with the best insurance companies, and sell their products through its platform.
The Nigerian insurance industry requires innovation. With less than 1% penetration amongst adults, it’s
one of the lowest among the top economies in Africa. NAICOM is willing to address this issue and has thus
released guidelines for the Web Aggregator License early last year to enable technology companies to play
in the Nigerian Insurance Industry. P2Vest is one of the first companies to receive this license, which requires a rigorous process.
P2Vest has reached a significant milestone with its move into insurance. The platform is on track to
become a one-stop shop for all financial services, such as lending, investing, and insurance. With this new addition, P2Vest wants its customers to be able to buy insurance products in a way that is easy and clear.
Austine Abolusoro, Founder and CEO of P2Vest, said, “We’re excited to get into the insurance business because it’s a big step toward becoming a comprehensive financial services platform.
We aim to make insurance accessible and affordable for all Nigerians through simple, easy-to-use technology channels. We have taken a critical step in achieving that goal.”
P2Vest has teamed up with top insurance companies like Heirs Insurance Limited, Heirs Life Assurance, Royal Exchange General Insurance, Sovereign Trust Insurance, Linkage Assurance, and others. Because of these partnerships, P2Vest can offer a wide range of insurance products, such as health, travel, home, car, and life insurance.
“We are confident that our platform will revolutionise the insurance industry in Nigeria. Along with its usual lending services, the platform will also serve as a market for insurance products. It will enable customers to buy insurance at the best rates and access top-quality service for claim management.” said Samuel Abolusoro, co-founder and COO of P2Vest.
P2Vest also aims to aid third-party intermediary access to insurance. The platform will have portals for agents and brokers to manage clients easily without the pain of creating a new platform, thus helping agents & brokers work individually and expand their income. It will also offer API services for fintech and other organisations that want to provide their customers with insurance products.
The P2Vest insurance platform will launch in Q2 2023. Customers can look forward to an easy-to-use and
innovative platform that makes buying insurance products more accessible and convenient.
P2Vest achieved a 200k user base in December 2022, and the app is available on the Google Play and Apple IOS stores.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
