With less than three per cent of Nigerians currently insured, a new entrant into Nigeria’s insurance technology sector, Cubecover, is leveraging strategic partnerships with healthcare providers, fintech platforms, network providers and insurers to improve insurance penetration in the country.
The ambitious plan, the firm said, is to provide affordable insurance to over 10 million Nigerians by 2027 through technology-enabled solutions.
Giving a market overview, Cubecover’s Chief Technical Officer, Sam Ishie, at the brand’s launch in Lagos, said it has already processed over 400,000 policies and thousands of enrollees receiving medical care and processing claims.
He said they are set to redefine how Nigerians engage with insurance by offering user-centric, tech-enabled solutions.
He said the platform simplifies access to care, makes claims processes transparent, and reduces wait time, adding that the integrated approach not only strengthens relationships with partners but also improves customer satisfaction.
Chief Executive Officer of Cubecover, Deji Macaulay, said the company’s innovative approach aims to bridge the gap between underinsured populations and accessible healthcare, leveraging technology to streamline services and ensure transparency in claims processing.
According to him, insurance should be affordable, accessible, and trustworthy for every Nigerian.
He stressed that the platform simplifies the process, bringing peace of mind to individuals and families while enhancing the efficiency of the overall system.
Looking ahead, Macaulay said Cubecover aims to democratise insurance further by expanding its offerings to include products like life, property and auto insurance, and also by centring solutions around customer needs and integrating seamlessly with service providers and financial institutions.
At the panel session Chief Digital Officer, MTN Nigeria, A’isha Mumuni; Chief Distribution Officer, AXA Mansard Jumoke Odunlami and Head of Wealth Product, PalmPay Habib Kowontan spoke on how mobile platforms can expand insurance accessibility in Nigeria.
According to them, there was an acknowledgment by all that the current process of signing up for insurance and receiving claims could be simplified, and innovative partnerships would foster solutions to the challenges currently faced in the industry.
They added that Cubecover’s entry signals a new era for insuretech in Nigeria, combining cutting-edge technology with an understanding of local needs and peculiarities.
