Insuretech Firm, Cubecover Bridges Access Gap With Affordable Services
- CubeCover is stepping in to improve access nationwide, limiting populace vulnerability to financial shocks
- The company explained its intention to address a significant gap in the country's insurance coverage
- Cubecover CEO Deji Macaulay stated that the firm is leveraging partnerships with healthcare providers
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
With over 200 million Nigerians lacking insurance protection, an insurance tech company, CubeCover, is stepping in to improve access nationwide and limit the populace's vulnerability to financial shocks.
The company explained its intention to address a significant gap in the country's insurance coverage, worrying that less than 3% of the population is insured.
Source: Original
Cubecover partners fintechs
Speaking at the product launch in Lagos, Cubecover CEO Deji Macaulay stated that the firm is leveraging partnerships with healthcare providers, fintech network providers, and another industry player to reach over 10 million Nigerians with affordable insurance by 2027.
"Already, we have processed over 400,000 policies and thousands of enrollees receiving medical care and processing claims, we are set to redefine how Nigerians engage with insurance by offering user-centric and tech-enabled solutions", he said.
He disabused a rigid mindset about complex insurance processing, noting that it can be affordable for as low as N100, accessible, and trustworthy using the right technologies.
Macaulay stated that the company's partnerships with network providers and fintechs would ensure that policyholders stay informed through regular updates and reminders for hitchless services.
"Our innovative approach aims to bridge the gap between underinsured populations and accessible healthcare, leveraging technology to streamline services and ensure transparency in claims processing.
"Enrollees benefit from streamlined claims processing, allowing quicker access to insurance protection and financial support during emergencies", he added.
The company outlines new ways for insurance tech
Also at the launch, the company's Chief Technical Officer, Sam Ishie, shared results from a survey the company carried out, reiterating that less than 3% of Nigerians are currently insured.
"This is the driving force behind our partnerships with key stakeholders to improve insurance Access by connecting service providers, network providers, and financial institutions. The platform simplifies access to care, makes claims processes transparent and reduces wait time. This integrated approach strengthens relationships with partners and improves customer satisfaction.
" We aim to democratise insurance further by expanding its offerings to include products like life, property, and auto insurance. By centring solutions around customer needs and integrating seamlessly with service providers and financial institutions, Cubecover is positioned to become a game-changer in the Nigerian insurance industry", he said.
At the brand launch, a panel session consisting of leaders in the insurance, telecommunications and finance industries, including Macaulay; Chief Digital Officer, MTN Nigeria, A’isha Mumuni; Chief Distribution Officer, AXA Mansard Jumoke Odunlami and Head of Wealth Product, PalmPay Habib Kowontan discussed how mobile platforms can expand insurance accessibility in Nigeria.
The panellists unanimously agreed that the current process of signing up for insurance and receiving claims could be simplified, adding that innovative partnerships would foster solutions to prevailing challenges.
Others that graced the event were AXA Mansard Health, CEO, Tope Adeniyi; Director Marketing of Globacom, Viju Unnitan; Chief Digital Officer, 9Mobile, Ina Alogwu; Leadway Health CEO, Dr. Tokunbo Alli; Director - Entrepreneurship and Skills Development Centre, UNILAG, Prof. Sunday Adebisi; Partner at Verod Capital, Daniel Adeoye; Executive Director, Institute of Counselling, Dr Tolu Oko-Igaire; General Manager, Digital Services, MTN Nigeria, Funsho Finnih; Managing Director, Sony Music Publishing Nigeria, Godwin Tom and Convener, Premia Business Network, Bola Lawal.
Their presence underscored the impact of their solutions and the importance of innovation in InsurTech. Attendees hailed the company’s mission to revolutionize customer-centric insurance solutions through cutting-edge technology and data analytics, positioning Cube Cover as a transformative force in this rapidly expanding market.
Insurance companies in Nigeria by ranking
Legit.ng earlier reported that Nigeria's insurance business had begun developing long before it received political independence.
Since then, it has travelled a long evolutionary path due to the policy dynamics, the peculiarities of forming the real sector of the economy and state social policy.
Today, insurance companies in Nigeria have sufficiently developed to protect the property interests of householders and businessmen, although with the help of foreign reinsurance companies.
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Source: Legit.ng
