To further drive insurance penetration in the Nigerian market, particularly in the area of car insurance, AIICO Insurance, and ETAP, an insurance technology firm that creates solutions and incentives have partnered to strengthen automotive experience across the African market.

Before now comparing Nigeria’s insurance market with African countries in terms of wide acceptance is still among the worst in Africa and the main reasons for this is attributed to the low penetration are the lack of awareness of the value of insurance and low financial inclusion.

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 Speaking, Chief Executive Officer of ETAP Ibraheem Babalola said ETAP had a leaderboard where Nigerian drivers were gamified to maintain good driving behaviour.

He said drivers could monitor the leaderboard in real time to get actionable insights on their driving behaviour, access tips to improve their driving behaviour, 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.