Insurance
Leadway Assurance, Octamile partner to launch paycover
By Esther Agbo
Leadway Assurance, a leading insurance provider in Nigeria, has announced a strategic partnership with Octamile, a top digital insurance management solutions company in Africa, to introduce PayCover.
PayCover aims to simplify the payment process, improve cash flow management for insurers, and provide Leadway customers with a smooth and hassle-free experience when purchasing motor insurance.
This innovative Buy Now Pay Later (BNPL) solution aims to transform motor insurance payments by offering increased flexibility and ease of use. PayCover integrates seamlessly with Leadway’s digital and offline payment systems, allowing customers to pay their premiums in instalments.
Key features of PayCover include flexible payment options, short-term credit facilities for premium financing, real-time processing of insurance certificates, automated payment reminders, and robust transaction security.
These features enable customers to secure motor insurance coverage immediately while spreading the cost over time, making it more accessible and affordable.
The Managing Director of Leadway Assurance, Gboyega Lesi, stated, “At Leadway Assurance, we continuously seek innovative ways to provide value to our customers, and this strategic alliance with Octamile for the PayCover solution aligns perfectly with our commitment to deepen motor insurance while ensuring the customers get a flexible and convenient payment that fits their cash management plans.
“With PayCover’s flexible options and premium financing, we address a significant pain point for customers who find it challenging to pay full premiums upfront.
“We have no doubt that PayCover will revolutionise motor insurance in Nigeria for its seamless and convenient premium payment provision, especially in these trying economic times.
“This initiative affirms our dedication to customer-centric solutions and making insurance uptake seamless and convenient for all.”
The Founder & CEO of Octamile, Gbenro Dara, added that, “We are thrilled to collaborate with Leadway Assurance to bring PayCover to a broader audience. Our goal is to make insurance more accessible and affordable for all Nigerians. By integrating our solution with Leadway’s extensive network and reputable brand, we can significantly enhance the customer experience and drive higher adoption rates for motor insurance.
“This partnership reflects our shared vision of leveraging innovative technology to simplify financial services and improve lives. We look forward to seeing how our solution, with its flexible payment options and secure transaction processes, will positively impact existing and new Leadway customers.”
By Esther Agbo
The third instalment of Insurance Meets Tech (IMT), a premier insurtech and insurance conference in West Africa, will take place on Friday, September 27, 2024, at the Balmoral Event Center in Victoria Island, Lagos, Nigeria.
Organised by Modion Communications, this conference aims to offer professionals a distinctive chance to reshape and enhance partnerships and foster collaboration between insurance and insurtech sectors, focusing on innovation and creativity to engage tech-savvy young Nigerians, particularly Gen Zs and Millennials.
Following the success of previous editions, which tackled themes like leveraging insurtech for customer acquisition and addressing policy and tech barriers in insurance penetration, this year’s event will adopt a disruptive format.
The event will be divided into two parts. The first, “IMT 3.0, The Collaborative Showcase,” will bring together experts from insurance, insurtech, cybersecurity, and finance sectors, featuring over 70 percent C-suite participation.
This segment will include VIP networking opportunities, product showcases, and industry discussions aimed at establishing valuable collaborations that will enhance the accessibility and effectiveness of insurance, utilising advanced technologies to increase insurance coverage in Nigeria and Africa.
The second part, “Insurance Meets Tech Redefined,” will be an immersive experience designed to engage Millennials and Gen Zs to view insurance as a lifestyle protection tool. Through interactive sessions, immersive games, and demo sessions, the event aims to bridge the gap in insurance awareness and education, while dispelling long-standing myths about insurance for the younger generation.
Project Director Precious Ubah highlighted the diverse lineup of speakers from various sectors, including finance, health, technology, and entertainment, who will drive forward-thinking conversations and redefine the perception of insurance.
“This year’s event will feature a diverse line-up of top speakers from investors, finance, health, insurance, insurtech, technology, fintech, entertainment, and afrobeat subculture.
“This curated mix will steer unprecedented conversations, redefine how insurance is perceived, and give attendees a distinctive experience, showcasing the synergy between insurance, tech, and creativity.”
Contributing, the CEO of Modion Communications, Odion Aleobua, emphasised the need to target Nigeria’s youth to improve the country’s low insurance penetration rate of 0.5 per cent.
He said, “According to a 2022 Insurance Industry Report by Augusto & Co, Nigeria polled an uninspiring record as the country with one of the lowest insurance penetration rates in Africa with only 0.5 per cent penetration. Nigeria needs a strategic market focus on its young people and its largest population group to change this position.
“However, a research paper from the University of Maribor states that most young people up to 35 have a negative opinion about insurance. The insurance industry must devote much more time to communication with our young people, the base of the next generation of consumers of non-banking financial products.
“This is one of the reasons for the two-pronged approach, for discussion and engagement. This year, we are taking a bolder step to bridging this gap between insurance and its target consumers.”
The event will feature two stages hosting regulators, investors, celebrities, tech innovators, and a participative youth audience. Previous editions have included major brands like Microsoft, Ecobank, Leadway Assurance, MTN, AXA Mansard, and Interswitch, and this year’s event promises even greater engagement and youth involvement most especially.
By Esther Agbo
AIICO Insurance Plc has reaffirmed its commitment to fostering a healthy community and potentially saving lives.
As part of this commitment, the company’s employees donated blood to the Lagos State Blood Bank in celebration of World Blood Donor Day.
The initiative was conducted in partnership with the Lagos State Government via the Lagos State Blood Transfusion Service.
The Corporate Responsibility and Sustainability Manager at AIICO Insurance, Mrs. Abimbola Shobanjo, emphasised the company’s ongoing dedication to the health and wellbeing of Nigerians.
She highlighted that the employees who donated blood were driven by a sense of patriotism and compassion, aiming to assist those in need of life-saving blood transfusions.
AIICO Insurance has earlier received the prestigious “Community Blood Drive Initiative” Award from the Lagos State Blood Transfusion Service, acknowledging its significant contributions and impact of the LSBTC mandate to ensure a sufficient and high-quality blood supply in Lagos State.
The award letter from the Executive Secretary of LSBTS, Dr. B.I. Oshikomaya, praised AIICO’s exceptional commitment, partnership, and support through its donations and corporate social responsibility efforts.
She asserted that, “World Blood Donor Day serves as a powerful reminder of the life-saving impact a single blood donation can have. We are proud of our employees who stepped forward today to answer the call and contribute to this vital cause.”
By Esther Agbo
The Nigerian Council of Registered Insurance Brokers (NCRIB) has congratulated Barrister Mrs. Laide Osijo, the Council’s first female President, on her recent appointment as a Council Member of the Federal University of Dutsin-Ma in Katsina State.
Osijo’s appointment was part of the latest round of appointments by the Federal Government to the Councils of Nigerian federal universities.
In a congratulatory letter, NCRIB President, Prince Babatunde Oguntade highlighted that Osijo’s extensive professional and academic background as a lawyer and a leading insurance broker made her an excellent choice for the role.
Oguntade expressed his delight at the timing of the appointment, which aligns with the Council’s current focus on strengthening strategic relationships with government bodies.
He emphasised that Osijo’s expertise would greatly benefit the university’s top decision-making body.
During her tenure as the first female President of NCRIB, Osijo was instrumental in achieving significant structural and human capital development, significantly enhancing the Council’s profile and reputation.
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