A promising startup, Unyte Africa, led by Anozie Fortunate, is determined to change the narrative in the insurance industry by leveraging the power of technology, APIs, and strategic partnerships to revolutionise the country’s insurance landscape.
  
According to experts, the primary hindrance to insurance adoption in Nigeria has been poverty, with approximately 63 per cent of the population being multi-dimensionally poor. 
  
Consequently, for many, insurance is a secondary concern when basic necessities like food and shelter take considered.  Additionally, negative perceptions about insurance companies passed down through generations, have fueled distrust in the system. 
  
The country’s religious nature, with 97 per cent of Nigerians identifying as Christians or Muslims, has further contributed to low insurance penetration, as some believe their faith alone will protect them from adverse events.
 
Despite all these challenges, Unyte Africa is employing innovative approaches, including connecting with banks and insurance institutions across the country using APIs. This strategy allows the company to reach individuals who are financially included, and smartphone users, establishing a strong foundation for expanding insurance adoption. 
  
Furthermore, Unyte Africa plans to collaborate with other digital service providers to make insurance even more accessible in the future.
  
According to Fortunate: “We look at people’s everyday lives, and there’s an insurance policy that can be plugged in, but we see that most insurance companies want to be standalone. Today I don’t have an insurance app, but talk to someone, and they probably have five or six banking apps. That’s the idea. We’re like if you won’t download these insurance apps, let’s put the insurance in the apps you already use.”
  
Fortunate added that the success of Unyte Africa hinges on meeting the distinct needs of both its users and partners. “The company ensures that its insurance offerings seamlessly integrate into partner applications, ensuring a smooth user experience. Additionally, it actively collaborates with its insurance and digital service provider partners, leveraging their combined expertise to provide exceptional services to users.