Nigeria’s insurance penetration of 0.4 percent is unarguably one of the lowest in Africa. Compared with South Africa’s 16.9 percent and Kenya’s 2.9 percent, Nigeria’s insurance penetration of 0.4 percent makes the insurance sector a non-starter.
Even worse is that only one percent of the Nigerian population holds any form of insurance policy. Considering that the industry, which started in 1921, is actually older than those of China, India and Malaysia, we must worry given the vast advances in insurance practices in those climes, why things have remained in the current sorry state.
In China, 80 percent of online insurance applicants were born in the 1980s and 1990s, and more than a third, 36.4 percent, were aged under-24.
Online insurance is gaining popularity in China, driven by an increasing number of young people looking to cover themselves, using quick, low-cost, social media-powered apps, according to a new industry report.
The survey by WeSure, an online insurance portal backed by tech conglomerate Tencent Holdings Ltd, finds young people have become the main buyers of online insurance.
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Among those surveyed, 80 percent of online insurance applicants were born in the 1980s and 1990s, and more than a third, 36.4 percent, were aged under-24. Liu Jiaming, executive director and CEO of WeSure, noted that young consumers grew up with the internet and so would be more comfortable with shopping online. “Young people will be the future driving force as they have a greater awareness of online insurance,” he said.
With Leadway Assurance introducing MyLife+, a mobile insurance application that enables customers to transact all insurance businesses on their Internet-enabled devices at their convenience, I just hope it will attract Nigerians millennia to buy insurance rather than insurance being sold to them.
This initiative is part of the company’s drive to use technology to improve insurance penetration in the country. LeadwayMyLife+, is available on both google play store and IOS Apple Store. It is thus compatible with a wide range of smartphones and tablets.
A statement by the company’s Chief Information Officer, Odalo Aimufia, said the LeadwayMyLife+app is designed to bring real value to the life experiences of its users by providing a more convenient way to purchase and manage their Leadway Assurance policies.
The statement said MyLife+app has many features that offer the customer greater ease, convenience, and opportunities for interaction with the Leadway brand at many levels.
“MyLife+app has features that enable customers to track and manage their policies; lay complaints; report claims directly; buy Leadway policies directly; renew policies; request for agents; contact the Leadway customer services unit via WhatsApp chat, calls or e-mail; view and find branch locations via Google Map”.
He noted that as a company that is passionate about using technology to drive insurance service delivery, Leadway’s evolving business and product focus placed greater emphasis on delivering satisfaction, happiness, and fulfillment to the customer.