AXA Mansard says it is partnering with Techpoint Africa to deepen insurance penetration among businesses, entrepreneurs, youths and other members of the public.
In a statement recently, while speaking at the Techpoint Build Conference in Lagos, the Chief Digital Officer, AXA Mansard, Mr Bayo Adesanya, stated that the huge population of the country was not well represented in the insurance and the non-financial services space as coverage for insurance in Nigeria was still below one per cent.
Adesanya said engaging the youth and other members of the public through various platforms while leveraging digital technology space had become very important in expanding insurance coverage in the country.
He added that the technological disruption to insurance had begun in advanced countries, pointing out that insurance was going digital and technological solutions were being used to deepen penetration.
He pointed out that AXA Mansard facilitated the conference because of its commitment to the growth of the digital technology space which, according to him, was critical to driving insurance capacity in the country.
He said, “AXA Mansard is leveraging technology. Our objective is to take our services to as many people that we can reach using digital channels. As part of the measure to reach out to many people, we recently launched the USSD for people who may not have smartphones.
“It is not about what we stand to gain. Our aim is to identify with two key areas; technology space and the youth, because they are very critical in driving the future of insurance coverage in the country.”
He stated, “We are changing the narrative, changing the traditional structure service area. We have products that are geared towards youth development. There is also life-saving products for as little as N2,000 which is built on a saving culture, so, you are saving and you also have insurance.
“Our investment products are as little as N2,000; you can start with an investment plan, nobody is asking you to bring the traditional amount of N1m before you can do investment, you can save every day, weekly or monthly.”
The Founder, Techpoint Africa, Mr Adewale Yusuf, said the conference was borne out of the need to support startups and small businesses with necessary skills to develop into a profitable business backed by insurance coverage.