An African underwriter, Sanlam, and a new African microinsurance fintech called aYo Holdings have collaborated to grant Nigerian citizens reasonably priced life and hospitalization insurance indemnity.
The fintech will not only function as a technology service supplier to issue Sanlam offers to the citizens but will create technical incorporation for Sanlam and its microinsurance offers. It will create platform products to aid mobile cash and third-party deposits.
This would allow Sanlam to issue user-friendly, reasonably priced, and suitable microinsurance offers that will rival regular insurance offerings in the country’s insurance space.
At the weekend inauguration of the initiative, Mr. Kayode Odetola, the Chief Executive Officer of aYo Holdings, said the fintech company is committed to ensuring financial incorporation through technology to improve the availability of commercial services in the country.
He said that less than 1% of the GDP perception rate of insurance in the country is among the lowest in the continent.
He further went on to quote that “most people think insurance is a luxury product, but we want to show that people with all levels of income can get peace of mind at an affordable cost, to help take care of their financial health in the face of unexpected events.”
Mr. Odetola lauded their smooth user adoption operation and real-time trailing of covers but complained of the main challenge in the insurance industry which is trust and said the company’s focus is to change that narrative.
The Chief Executive Officer of Sanlam Life Insurance Nigeria Limited, Tunde Mimiko, buttressed Mr. Odetola’s words by saying the collaboration shows Sanlam’s determination to raise insurance awareness in the country through available life insurance offers to the majority of the citizens.
He also said, “At Sanlam Nigeria, we aim to form partnerships with organizations who understand the local market and share our values and culture. We’re constantly seeking innovative ways to bring all Nigerians affordable and fit-for-purpose insurance. With a trusted partner like aYo on board, the possibilities are as endless as they are exciting,”.
He concluded by saying that due to the expeditious and dangerous lifestyle at present, the significance of safety Insurance gives cannot be overemphasized.
