Nigerian insurtech startup ETAP, which makes it easier to buy car insurance and make claims, has partnered leading insurance firm AIICO Insurance to drive increased penetration of car insurance in the country.
ETAP makes buying and claiming on car insurance as easy as taking a picture, providing drivers with access to a range of daily, weekly, monthly and quarterly plans to choose from.
The startup uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely. Using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.
Launched in November 2021, ETAP has insured hundreds of thousands of individual trips, and in April of last year secured US$1.5 million in pre-seed funding to grow its team and drive the adoption of car insurance across Africa.
AIICO Insurance, meanwhile, is a household name in Nigeria’s insurance ecosystem, providing life and health insurance, general insurance and investment management services to create and protect wealth for individuals, families and corporate customers.
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.
“We are proud to collaborate with AIICO Insurance on this transformative collaboration. The app’s ability to reward safe driving habits while providing rewards for doing so as well as quick access to insurance purchase and claims payment will undoubtedly empower car owners and encourage responsible behaviour on the roads. We invite everyone to download the app from Apple App Store or Google Play Store and experience a new dimension of driving,” said Ibraheem Babalola, CEO of ETAP.
“We are elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car insurance,” said Gbenga Ilori, head of retail business of AIICO Insurance. “By harnessing the power of gamification, we are poised to shift perceptions around car ownership and driving in Nigeria. This initiative will not only elevate the driving journey but also significantly enhance safety on our roads.”
