AIICO Insurance has partnered with ETAP, an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa.
The partnership is targeted at driving increased penetration of car insurance in Nigeria.
The partnership will combine AIICO’s market-leading car insurance product and ETAP’s game-changing, tech-enabled distribution and customer acquisition model to drive the adoption of much-needed car insurance in Nigeria.
Speaking on the partnership, the Head Retail Business of AIICO Gbenga Ilori said, “We are elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car insurance.”
He said by harnessing the power of gamification, the underwriting firm was poised to shift perceptions around car ownership and driving in Nigeria, adding that the initiative would not only elevate the driving journey but also significantly enhance safety on Nigerian roads.
According to him, the complexities of buying and claiming insurance have led to widespread apathy, with many car owners opting to go without genuine insurance.
Also, CEO of ETAP Ibraheem Babalola said ETAP had a leaderboard where Nigerian drivers were gamified to maintain good driving behavior.
He said drivers could monitor the leaderboard in real time to get actionable insights on their driving behavior, access tips to improve their driving behavior, and get rewarded for driving better.
He said in addition, drivers could also challenge each other on who the better driver was based on their leaderboard ranking, contributing to safer roads across Nigeria.
According to him, ETAP also uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.