Botsurance: The emerging tech-powered game-changer in Nigeria’s insurance sector

Close to 20 million vehicles ply the Nigerian roads today. Yet in a rather shocking revelation, only about one in five has genuine insurance cover.

The remaining 80% go about with fake insurance papers obtained from unauthorised sources. This is not by any means good news for the Nigerian government and insurance sector as about N50 billion is lost every year to these fake insurance practitioners.

What drives this message home more is how many road users who, in the event of an accident, are left with no insurance cover and compensation. One is tempted to blame the motorists for this disturbing issue but a closer look at the problem shows that other factors are at play as most of the unsuspecting motorists can’t even differentiate genuine insurance companies from fraudsters peddling fake insurance certificates.

Botsurance simply makes getting or renewing your valid automobile insurance fast and hassle-free along with their valid documents in real-time using chatbot and web. Launched in November 2020, this reliable innovative products remove the risk of buying fake insurance cover while also fast-tracking the whole process.

Who and who constitute Botsurance’s target market?

Botsurance helps protect unsuspecting Nigerians in the unserved, underserved, vulnerable and low-income communities with genuine and affordable insurance products, using her website and chatbot while leveraging Artificial Intelligence. To drill it further down, Botsurance users are people above 22 years with perception that they need basic cover.

How does Botsurance work?

Botsurance leverages technology and also maximises relationship marketing by using the agency model to reach users in underserved community. Once Botsurance receives the request for a new insurance policy or renewal from the user or agent, the tech-powered platform processes it immediately.

The user gets the softcopy of the insurance document in seconds while Botsurance delivers the hard copy paper certificate to the insured in less than 24 hours through one of its reliable delivery partners. Insurees don’t even have to visit the insurer, they will get their certificates at their convenience.

With functional systems comprising automated processes, this novel platform can grow and scale very rapidly. As its clientele grows, the platform can scale accordingly without any problems.

Today, Botsurance is evolving the way Africans see risk management by seamlessly connecting potential insurees to the underwriter through its intuitive chatbot. The platform therefore makes insurance more accessible, opening up more possibilities for insuree and more business for the insurance firm in a win-win situation.

With agents due to earn an income for every insurance transaction they carry out in their community, thereby creating new job opportunities, smart insurees are already jumping on the Botsurance train and it’s not hard to see why. The platform has started with auto-insurance but it’s only a matter of time before the team comprising of tech mavens, Samuel Adekanmbi, Jane Orire and Oladoyin Anjorin, extends Botsurance services into other sections of the insurance industry.

Suffice it to say Samuel Adekanmbi, Botsurance’s CEO, is a member of the Chartered Insurance Institute of Nigeria(CIIN) and an Associate Member of the Association of Registered Insurance Agents of Nigeria (ARIAN). So, clients can rest assured they are in safe hands when they use Botsurance.

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