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.”