Making insurance work in Africa for insurers, B2C businesses, and underinsured consumers will help generate significant value, which benefits the continent’s economy. Our goal at Octamile is to simplify access to insurance and make it work for consumers, B2C businesses, and insurance companies.
Meet Abiodun, a business development manager at a consulting services company in Abuja, Nigeria. He was promoted recently for his outstanding performance.
Abiodun purchased a car to celebrate his promotion via our Fintech partner; his car came embedded with a comprehensive motor insurance cover.
Before driving from the dealership, Abiodun received the insurance policy certificate for his comprehensive insurance cover minutes after his down payment for his car financing.
Testimonials from consumers like Abiodun are why we do what we exist; let us look at how Octamile makes insurance work for underinsured consumers, B2C businesses and insurers in Africa.
Ways Octamile is Making Insurance Work in Africa
1. Embedded Insurance Distribution
A study found that 70% of digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data.
Octamile’s embedded insurance distribution tailors customised products from top underwriters across different verticals like fintech, eCommerce, logistics and many more.
The technology enables B2C businesses to add insurance into the customer purchase flow or as a standalone product with their app or web platform. A company that embeds insurance services into its ecosystem will lead to renewed customer trust, a new revenue stream and protection for the business and customers.
2. Automating Insurance Claims Processing
When life happens to customers, they often desire quick claims resolution. We automate insurance claims management and processing to help unlock trust between insurers and consumers.
Octamile’s automated insurance claims solution helps consumers submit instant claims to insurers and payout within 60 minutes. Our claims automation technology assists insurance organisations in increasing their business’s profitability, reducing consumer churn, and satisfying policyholders.
3. Insurance Risk Assessment
Risk assessment helps insurance companies calculate premiums for a consumer. Mitigating and avoiding risk in the insurance business can help an insurance company save as high as 10% of its annual running cost.
Also known as underwriting, risk assessment is a methodology insurers use to evaluate and assess the risks associated with an insurance policy.
The old ways of risk assessment exposed insurers to fraud and business loss. Hence, the inability of human precision and old technology to detect them before they happen in the insurance sector is not out of place.
Our solution risk assessment and analysis technology enables insurers and organisations in other sectors to mitigate risks. Data from real-time sources is analysed and provided to automate the calculation of premiums for motor insurance and financing.
In conclusion, creating customised products, premiums, and experiences, with innovative technology solutions are top of the list of initiatives that grow insurance penetration beyond the 3% mark in Africa.
Please work with us to deepen insurance in Africa and create new value for your business or consumers with our all-in-one insurance infrastructure platform. Schedule a demo or email us at business@octamile.com. We look forward to hearing from you.
