2016年，尼日利亚保险行业的保费收入总额(GPI)达到584亿美元，但全国保险渗透率仅为 0.45%。尼日利亚的保险行业最早可追溯到1918年Royal Exchange Assurance Agency创立之时。但是，第一家本土保险公司African Insurance Company Limited直到1958年才成立。2014年，Venia Technologies发布了尼日利亚第一个保险科技平台Auto Genius。
与非洲其他国家相比，例如肯尼亚(2.7%)和南非(16.99%)，尼日利亚的保险渗透率较低，仅有1%的尼日利亚人拥有保险，很明显，这里的市场尚未开发。国家保险委员会在自己的官方网站上列出了13家复合保险公司、两家再保险公司、25家非寿险公司、14家寿险公司以及两家伊斯兰保险公司。当地著名的保险公司包括AXA Mansard、Cornerstone Insurance以及Industrial and General Insurance Plc。
许多非洲国家的保险公司面临着相同的难题，即文化和宗教信仰阻止人们购买保险。另外对很多人来说，保费高昂，难以负担。征信调查机构Augusto & Co.认为女性零售保险市场还有待开发。它发现女性企业家对保险也有需求，她们不仅会为中小企业经营面临的风险购买保险，还会购买寿险。虽然技术的发展让人们可以跳过这些难题，但是传统保险公司却很少利用技术的优势。例如，除了Niger Insurance以外，只有少数几家公司提供平台让用户能够在线购买汽车保险和续订保险。Linkage Assurance最近也获得了NAICOM的批准，可以在线销售保险。
Kola Oyeneyin见过许多保险公司拒绝理赔以及人们深受保险假代理之害的情况，他在英国一家对比网站上购买保险以及汽车被盗后迅速获得理赔的经历更是进一步推动了他对保险技术的兴趣。他创办的AutoGenius允许用户在线购买汽车保险，目前与AIICO Insurance、Leadway Insurance、Custodian & Allied Insurance and Ensure等传统保险公司合作。
另一家保险对比网站CompareIN在首届Venture Clash Lagos商业计划比赛中获得了15万美元的奖金。作为决赛选手之一，CompareIN今年晚些时候会耶鲁大学管理学院进行比赛。这家创业公司成立于2015年，为用户提供在线对比和购买保险服务。
In 2016, the insurance industry in Nigeria generated an estimated gross premium income (GPI) of $58.4 billion despite the low penetration rate (0.45%) in the country. Insurance in the country can be traced to 1918 when the Royal Exchange Assurance Agency was inaugurated. However, the first indigenous insurance company, African Insurance Company Limited, was founded in 1958. In 2014, Nigeria’s oldest insurtech platform, Auto Genius, was launched by Venia Technologies.
Insurance penetration in Nigeria is low compared to other African countries like Kenya (2.7%) and South Africa (16.99%). With only 1% of Nigerians holding an insurance policy, there is clearly an untapped opportunity in the country. The National Insurance Commission lists 13 composite, 2 re-insurance, 25 non-life, 14 life and 2 takaful insurance companies on its website. Some of the well known insurance companies in the country are AXA Mansard, Cornerstone Insurance, Industrial and General Insurance Plc among others.
The challenges facing insurance companies are majorly the same across many African countries. There are cultural and religious beliefs that prevent people from holding an insurance policy. A good number of people also see insurance as a luxury that they cannot afford. Credit rating agency and research Augusto & Co. identified that there was also an untapped female retail insurance market. It found that there was a need for insurance products targeted towards women entrepreneurs that will underwrite risks involved in SMEs and provide life policies. While technology presents an opportunity to leapfrog these challenges, traditional insurance companies have done very little to take advantage of it. There are very few like Niger Insurance for example which has a platform which allows users buy motor insurance and renew their policies online. Linkage Assurance also recently got approval from NAICOM to sell its insurance policies online.
Kola Oyeneyin founded AutoGenius after hearing many stories of insurance companies that don’t pay claims and also people falling victim of fake insurance agents. His experience buying insurance cover from a comparison website in the UK and being able to make a claim on his burgled car in a short time further piqued his interest in insurtech. His startup AutoGenius, allows users buy auto insurance online. They currently work with traditional insurance companies including AIICO Insurance, Leadway Insurance, Custodian & Allied Insurance and Ensure.
Another insurance comparison website, CompareIN won the inaugural Venture Clash Lagos pitch competition with a prize of $150,000. CompareIN will now be pitching at the Yale School of Management later this year as one of the finalists at the competition. The startup which was launched in 2015 allows users compare and buy an insurance policy online.
There’s also Cassava, an insurtech company which allows individuals make small weekly and monthly insurance subscription payments via debit card or USSD or through their mobile airtime. Useers can also adjust their payments based on their cashflow. The startup appears to still be in beta stage. On the hand there’s CompareGuru which is also a comparison website which allows users get quotes for healthcare, life, travel and fire insurance.
Telecoms companies in Nigeria have also ventured into insurtech. There’s Airtel Insurance which provides insurance cover to subscribers who recharge their phones with a minimum of 1000 Naira every month. With the low insurance penetration and Nigeria’s large population, insurance in the country is still a largely untapped sector. Insurtech startups can leverage technology to take advantage of the gaps that currently exist in the market. Opportunities for insurtech startups exist outside price comparison and buying insurance online especially in the area of offering microinsurance and products targeted at women.