With the insurance penetration in Nigeria currently below 2% and with potentials existing to broaden the sector, a group of forward-looking Nigerians have partnered to start a new firm known as Botsurance.
Created with the singular aim of enhancing other emerging markets, Botsurance leverages technology to change the insurance narrative for good.
Available data suggests the Nigerian government and the country’s insurance industry lose at least N50 billion annually due to the activities of fraudulent unauthorised insurance providers. Of that figure, vehicle insurance is the most affected (only 20% cars have valid insurance cover as every vehicle is mandated to have insurance and it led Adekanmbi and his team to explore auto-insurance towards changing the trend.
What Botsurance does is simple, it leverages Artificial Intelligence, using web and chatbot (WhatsApp) technology to help Nigerians get genuine insurance cover along with their documents effortlessly in real-time. Essentially, the company has set out to help the average Nigerian driver avoid getting fined or facing the harassment possessing fake insurance covers bring.
More importantly, Botsurance wants to make Nigerian lives safer with valid auto-insurance covers that require no stress to access. What’s more, the platform is aimed at protecting unsuspecting Nigerians in the unserved, underserved, vulnerable and low-income communities with genuine and affordable insurance products.
With the growth of Botsurance (which is facilitated by automated processes organised in efficient systems), fraudulent insurance issuers and fake insurance certificates in Nigeria will soon become history.
Leading the team as co-founder and CEO of Botsurance is Samuel Adekanmbi who made his name as a Microsoft Cloud Ambassador for the Azure Platform and a certified database expert. The Nigerian, who holds a Masters degree in Database Management from the University of Ibadan, strives for excellence at all times while exemplifying value-based leadership, team work and continuous improvement in pursuit of national development.
He is also a software developer and one of the three co-founders of Botsurance. His passion for creating solutions through application of technology propelled him to team up with like-minded techy mavens to launch Botsurance in November 2020.
The two others are Jane Orire, a certified forensic expert who functions as the Chief Operating Officer and head of partnership; she ensures the team stays top in terms of accessing insurance services that customers value and want the company to provide for them, and Oladoyin Anjorin, an experienced chartered accountant who is adept at risk mitigation. He plays the role of Chief Financial Officer of the firm, guiding decisions about pursuing the right opportunities and deploying the company’s limited resources to maximise success.
The best part of Botsurance is processing the requests for a new insurance policy or renewal from the user or agent immediately upon receiving it. The user gets the softcopy of the insurance document in seconds while the certificate (hard copy) is promptly delivered to the insured in less than 24 hours through one of the company’s reliable delivery partners.
The entire process is made possible, thanks to partnerships with one of the biggest insurance firm in the country and numerous reliable logistics companies to fast-track the timely distribution of the certificate to the insured.
In one comprehensive move, Botsurance helps the government, insurance firms, agents serving the target markets, and the average 22 year-old and above Nigerian who perceive they need an insurance cover. Are you a vehicle owner, visit Botsurance today to find out how to get started and worry less henceforth about your automobile-insurance.
With Adekanmbi being a member of the Chartered Insurance Institute of Nigeria(CIIN) and an Associate Member of the Association of Registered Insurance Agents of Nigeria (ARIAN), clients can rest assured they are in safe hands. Sam also leads the team at AppRangers, a thriving company that specialises in web and app development and digital marketing and has worked with local and international brands like MTN, Mobil, Total, Global Leadership Summit and Honeywell Flour Mills among others.