There is a nagging challenge in the Nigerian insurance industry that needs to be urgently addressed. It is the inability of operators to leverage the huge potential in the insurance market, which have, 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.
The unprecedented rate at which Insurtech companies dish out consumer-centric applications to deepen insurance penetration is laudable, particularly when appraised from the prism of Nigeria’s insurance market boasting 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. It powers the creation, distribution and administration of the insurance business.
Insurtech helps large insurance firms to explore new options outside the 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 Internet of Things devices. This creates a dynamic pricing system based on market conditions and customer behaviour.
With the rising adoption of Insurtech apps by insurance companies, customers can access their insurance needs from their smart devices such as phone apps, auto-monitoring devices, and wearable technology to provide solutions to consumers’ needs. For instance, before now, a sudden travel plan would 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.
Such experience is fast going into oblivion, as customers in the insurance sector are today equipped with accessible mobile options that quickly summarises 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, Artificial Intelligence and IoT devices.
Against the foregoing, 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 minimise losses, some insurers are still unable to catch up with the pace. Still, some 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:
FBN Insurance Mobile App
This is one of the highest rated insurance applications by the First Bank. With the app, customers can access their insurance policies portfolio with ease, report claims, make payments and other necessary transactions. In fact, with the FBN Insurance Customer Mobile App, statements of premium account can also be downloaded.
MyLife+ Mobile App
MyLife+ Mobile App is an outstanding innovation of 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 premium and manage their policies without third party interference. In fact, through the MyLife+ Mobile App, customers can also contact customer service directly.
MyAXA Mobile App
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. They can also contribute to funds and view contribution history.
AllianzNG Mobile App
AllianzNG Mobile of the Allianz Nigeria Limited is another outstanding insurance app that places insurance at customers’ fingertips. With the AllianzNG app in a customer’s 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 app offered by Wapic Insurance provides customers with the most convenient way to purchase and manage the insurance plans of their dreams. It is characterised by ‘Product Onboarding,’ which is where customers discover the available insurance products, and ‘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, access 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 Automated Teller Machine debit card, cash deposit or online bank transfer. Through it, they can receive all their insurance documents such as e-receipt and insurance certificate.
Aii Agent
The Aii Agent Insurance Mobile App for Agents is one of the most recognised 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. This gives them the opportunity to compute premiums and sum offline, without 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. It also allows the agents to check and update themselves on existing policy details, make payments on renewal with ease as well as on quotes.
With these apps,customer experience in the insurance industry is, by each passing day, fast becoming better than when customer service was analog-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, “Digitisation is the way forward for the insurance industry at this critical stage, as its benefits are enormous. The benefits are evident in other industries like banking, retail, manufacturing among others.
Digitisation will give the insurance industry a competitive edge and put it in a better place to meet the needs of customers. It can also optimise the industry, making it agile and efficient to deliver personalised, data-driven services to the 21st century customer.
