Protecting Underinsured with Embedded Insurance for SMBs

embedded insurance for SMBs

Did you know that ecosystems that serve small businesses can now provide easy access to insurance with Octamile’s embedded insurance for SMBs? Read on…

Several reasons like poor access to capital, lack of mentorship, and poor leadership, among others, are attributed to why 96% of small-medium businesses fail over a ten-year period in Nigeria, according to several reports.

Embedded insurance for SMBs strategy can provide the soft-landing for more business success in Africa and the global business community. The projections for small business survival abroad or at home differ in numbers but re-echoes similar problems for small business survival.

For example, a report by AdvisorSmith found that half (50%) of small businesses fail within the first five years, and two-thirds (66%) fail within ten years in the United States.

At Octamile, we believe that insurance can play a considerable role in bridging the gap of insuring the underinsured with the embedded insurance for SMBs strategy. One of our core goals is to enable small business success with our embedded insurance management solution

We are working with our partner underwriters to make insurance products and services readily available via digital touch-points across technology-driven digital or app ecosystems that serve underinsured SMBs, their owners and employees. 

Protection for underinsured SMBs with the embedded insurance strategy benefits the entrepreneurs, their employees and the ecosystems. There are several insurance products and services bundled into our embedded insurance for SMBs; let us take a look at what they are and their benefits below;

embedded insurance for SMBs
Octamile’s Insurance Management Solution

Insurance Services Available with Embedded Insurance for SMBs Protection

Money Insurance: How often do you hear stories about small businesses losing money to a stealing employee, robbery or on their way to purchase new goods or merchandise? The money insurance cover protects SMBs from losing cash in transit, in safe, on-business-premises of the insured due to theft or robbery.

Our embedded insurance management solution provides flexible payment plans, customisable benefits and affordable premiums compared to today’s market rates. We have worked with top underwriters to enable this cover for our present or future partners. 

Shop Insurance Cover: This cover protects small businesses against fire incidents, burglary, financial losses or other employee liabilities. Recovering from shop damages can be crucial to sustaining business growth and minimising business risks over time.

Personal Accident Cover: A personal accident insurance policy cover provides cover against unforeseen events such as accidents causing bodily injury, permanent partial disability or permanent total disability and accidental death.

The benefits for small businesses include but are not limited to accidental death/permanent disability, funeral expenses and medical expenses.

Goods-In-Transit Insurance: One of the covers available for small businesses in our transport and logistics ecosystem partnership with Gokada, Nigeria’s largest last-mile delivery company. The policy covers small business goods against accidental damage or loss while loading, off-loading and in transit.

The GIT insurance protection in our embedded insurance management solution offers coverage for freight, cost of goods and handling charges, and other benefits. 

Micro Health Insurance: Observers of trends in the insurance space cite affordability as a reason for the low adoption of insurance in Africa and other emerging markets. Micro insurance covers provide bite-sized and affordable health insurance for the underinsured. 

It enables small-medium businesses to quickly provide and cover their basic healthcare needs or that of their employees. 

Motor Insurance: The motor insurance policy covers accidental loss (caused by fire, theft, etc.) or damages to one’s private, commercial vehicles while driven by you or any authorised persons and also for damages caused by your vehicles to third parties.

In conclusion, if you are looking for an embedded insurance management system that can enable your digital platform or app business to serve SMBs better. Octamile’s embedded insurance management solution can help your business to differentiate its value proposition, increase revenue and customer retention.

Contact us today to schedule a meeting with our team or email We look forward to speaking with you and working to protect more underinsured SMBs across Nigeria and Africa.

Previous Post
gokada partners octamile

Gokada Partners Octamile to Launch Digital Insurance Covers

Next Post
insurance digitalisation partner

Choosing the Right Insurance Digitalisation Partner

Related Posts