Nigeria has one of the lowest insurance penetration figures in the world and in the Sub Saharan Africa with 0.3% as compared to other countries like South Africa – 16.99%, Namibia – 6.69%, Zimbabwe – 4.09%…
A comparative study on Nigeria and other major developing countries shows that an average Nigerian spends 1.3% of its expendable income on insurance as against 23% South Africa, 3.6% Argentina, 4.6% Brazil, 7.7% Chile, 3.5% Mexico, 3.5% China. With the current Insurance Market size in Nigeria is around USD$780million. If properly harnessed, the insurance industry has very strong potential to open up a USD$10billion market size if the top 20% Nigerians can be made to spend as little as 7.6% of their income on insurance.
How better way to get them to spend it than to address the reasons they are not?
After an extensive research carried out on the insurance brokers and insurance companies in Nigeria to identify the reasons for the low penetration level of insurance in Nigeria, the reasons mostly ranging from the population’s apathy to Insurance due to cultural constraints; low insurance literacy; inappropriate pricing and profiling of risk; and the poor distribution channels to market insurance.
Our business idea is borne out of the desire to address some of these challenges and open up the Nigerian insurance industry into retail and the microinsurance markets, where hitherto had been ignored for decades.
Ajayi Oluwaseun is a software developer with over 7 years of enterprise software development experience. Olayide Ilori is with 6 years experience in insurance marketing and Bancassurance with two top Nigerian insurance companies. Ajayi Stella is a project manager with over 4 years of project management experience working as project manager with consulting firms to multinational companies Shell and Chevron.
Link to online video
Your products and services
IMAPP CM is a cloud-based technology designed for the insurance industry that automates the processes of acceptance (using integrated risk analysis software to analyse user risk portfolio and recommend insurance products that will address the risks), acquisition (online and offline platforms to purchase insurance products and services) and administration (with user-friendly admin interface for both the insurance brokers and the consumers) of insurance products and services with more focus on the potentials of the retail and micro markets, which account for more than 95% of the untapped markets with an estimated market size of USD$10 billion annual premium.
Your factors differentiating and disruptive compared to the existing
Innovation, cloud-based technology, software-as-service (SaaS), insurance products also available offline through USSD platforms, risk evaluation reporting using predictive analysis and simulative cognitive analysis as well as pattern recognition for consumers, control of application operations for all users.
Your business model
Our technology operates a B2B that generates revenue on subscription basis
A few words about your competitors
Our competitors cut acro:ss several insurtech softwares such as insure.ng and topcheck.com.ng, which are mostly price comparison engines