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Home Insurance

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

Nwanne Ikemefune by Nwanne Ikemefune
October 1, 2023
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AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece
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Nigeria’s back stage insurance performance has been described as undeserving of Africa’s largest economy and the only place of note for the insurance market is to move to the centre stage where it will be the midwife to develop and sustain the economy and close the insurance gap with a leapfrog from meagre digital presence to ubiquitous digital integration in insurance distribution.

AIICO Insurance Plc position was relayed today by Mr. Olusanjo Shodimu, Chief Digital & Innovation Officer (CDIO) at the annual training for members of Nigerian Association of Insurance and Pension Editors (NAIPE) sponsored by AIICO Insurance in Lagos.

AIICO reiterated, through its digital ace that a lot of digital ground needed to be covered to put Nigerians on cover and the present insurance penetration rate of 0.5% in a country of over 200 million aptly needs distribution retooling and digital distribution of insurance services is the way to go.

Shodimu said: “Nigeria, which is the largest African economy with a GDP of 440 billion USD (2021) and the most populous African country with over 200 million people only has an insurance penetration rate of 0.5 percent.

“The major mechanism in closing this gap is digital sales of insurance products. Insurance should be sold through channels that are ubiquitous and accessible to prospects. The adult population is either on social media or surfing the web and they use their mobile phones to perform these activities.”

He listed challenges affecting insurance distribution to include trust, stating that people do not believe in insurance and the need for it except for the statutory ones imposed by the government.

Another challenge is awareness due to lack of understanding and appreciation of the benefits of insurance. Connected to this is accessibility is challenge as the requirements for obtaining insurance policies are too many and challenging.

Following after is complexity of insurance policies, which could deter potential customers hence the need to explain the contract without loosing the essence of insurance as a contractual agreement.

AIICO’s response to these challenges he stated, was to develop Flexure as a flexible insurance platform for the ease of distribution of insurance products and services leveraging technology. He said: “Flexure is AIICO’s response to the changing landscape of insurance + technology “InsurTech”.

“Flexure, (an acronym for “Flexible Insurance”), is a flexible insurance platform that is enabling fast and easy access to insurance services via an Application Programming Interface (API)-driven distribution framework and is currently in use by various industry verticals.

“The Flexure platform and API technology powers both B2B and B2C offerings, providing a differentiated customer experience and API-led product distribution that allows businesses to distribute insurance products as ancillary services and allows start-ups/Insurtechs to innovate and power new market cases for insurance distribution, as well as direct access to insurance products for consumers.”

He said that the key feature of the Flexure is that it enables fast and easy access to insurance services. The app ramps up all the potential consumers who scattered across the sectors and are all sewed up in one app that ties up to the platform of different consumers of insurance and, with this the company is racing to the finish line as the first insurer to get this tied up. Another feature is simplicity as it streamlines the often complex and time-consuming process of obtaining insurance coverage. Users can access insurance services quickly and efficiently, reducing the traditional bureaucratic hurdles associated with insurance applications.

For real-time access, he said that users can access insurance services in real-time. This is a departure from traditional insurance processes that might involve delays due to manual underwriting and administrative procedures. Real-time access ensures timely coverage when it’s needed most.

Besides, he said this app offers custom insurance solutions. This allows users to tailor insurance plans to their specific requirements. Whether it’s adjusting coverage limits, selecting different policy options, or modifying terms, empowering users to create insurance plans that align with their individual or business needs.

On scalability, he said the app is designed to be scalable allowing it to accommodate growing needs and user volumes without compromising performance. Explaining that whether a business is small, medium-sized, or large, Flexure can adapt to its scale.

He also pointed out that security is paramount in insurance, and Flexure prioritizes this. “It employs robust security measures to protect user data, financial transactions, and sensitive information, ensuring that users can trust the platform with their insurance needs.”

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