L-R: Country Manager, aYo Nigeria, Kayode Odetola; Group Chief Financial Officer, aYo Holdco, Yvonne Bredenhann; Group Chief Executive Officer, aYo Holdco, Marius Botha; Head, Corporate Distribution, Sanlam General Insurance, Shola Osho, and Managing Director/Chief Executive Officer, Sanlam Life Insurance, Tunde Mimiko, during the press briefing to launch microinsurance product ‘Recharge with Care’ by Sanlam and powered by aYo on Thursday, June 8, 2023 in Lagos.

Sanlam, Africa’s biggest insurer, has partnered with the continent’s emerging microinsurance fintech, aYo Holdings, to revolutionise insurance in Nigeria in support of Sanlam’s drive to offer local consumers affordable life and hospitalisation cover.

aYo acts as a technology service provider to Sanlam in Nigeria. It will coordinate technical integration for the underwriter of microinsurance products and provide platform services to enable mobile money and third-party payment offerings. This will enable Sanlam to offer easy-to-understand, convenient and affordable products that challenge traditional insurance offerings in the market.

Kayode Odetola, Chief Executive Officer of aYo Nigeria, said the company aims to drive greater financial inclusion by using technology to make financial services more readily available across the country.

Mr. Odetola said the low insurance penetration rate in Nigeria (less than 1% of GDP) is one of the lowest in Africa. “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,” he said.

“From the seamless onboarding process to the ability to track cover in real-time, we aim to change the perception of insurance by dealing with one of the most important challenges, which is trust,” Mr. Odetola added.

At launch, the Sanlam Recharge with Care product will offer up to N300,000 in life cover and up to N6,500 per day in hospitalisation cover that can be purchased using mobile money wallets and other payment options. Customers can sign up using the progressive web app (PWA) www.sanlam.ayo.com.ng, with a USSD option planned for phase 2.

Mr. Odetola said telco-driven financial services products were well suited for Nigeria’s vast underserved population, which is expected to benefit significantly from Sanlam’s affordable life and hospitalisation covers.

Tunde Mimiko, Chief Executive of Sanlam Life Insurance Nigeria Limited, said the aYo partnership reflects Sanlam’s commitment to deepening insurance penetration in Nigeria by providing accessible life insurance products to more people.

“At Sanlam Nigeria, we aim to form partnerships with organisations who understand the local market and share our values and culture. We’re constantly seeking innovative ways of bringing affordable and fit-for-purpose insurance to all Nigerians. With a trusted partner like aYo on board, the possibilities are as endless as they are exciting,” said Mr. Mimiko.

aYo launched in January 2017 in Uganda and has since expanded its operations across Ghana, Zambia, Côte d’Ivoire and Cameroon, through its stakeholder partnerships with MTN and Sanlam.

“Insurance, and the peace of mind it provides, has become more important than ever in today’s fast-paced world, where risks are a part of our daily lives. You never know when you will have to pay to get back on your feet after an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where insurance will be most helpful,” Mr Mimiko added.

About Sanlam

Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

Sanlam Nigeria, formerly FBNInsurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest growing insurance company with multiple awards and recognitions, including 4-time World Finance Life Insurance Company of the year, among others. With a presence in over 66 locations, the brand is easily one of the most retail-driven insurers in Nigeria, boasting a sales force of over 3000 sales champions and strong, user-friendly technological support to ensure on-the-spot policy uptake. For more information on Sanlam Nigeria, visit www.sanlam.com.ng

About aYo

At aYo, we provide fast, convenient, easy-to-use technical solutions for insurance product delivery and engagement directly to a user’s mobile phone.

Since launching in 2017, aYo has facilitated the payment of over $ 2 million in claims through our operations across Uganda, Ghana, Zambia, Côte d’Ivoire and Cameroon.

 We help enable financial inclusion in Africa by offering our customers easy ways to get hospital cover, life cover protection and other general insurance offerings. We specialise in insurance solutions for irregular-income earners. Visit www.ayo-holdings.com for more information.

The Management of the National Information Technology Development Agency (NITDA) led by its Director General/CEO, Kashifu Inuwa Abdullahi, paid a courtesy visit to the National Insurance Commission, NAICOM recently.

The team was received by the Commissioner for Insurance/Chief Executive Officer, Olorundare Sunday Thomas, and his Management team.

The purpose of the visit is to activate the process of institutionalising cyber insurance to help strengthen the digital ecosystem in Nigeria.

The two Agencies discussed the enormous benefits to the nation and have agreed to partner to ensure it is realised.

In the first quarter of 2023, P+ Measurement Services, Nigeria’s leading media intelligence consultancy, examined the media mood around commercial banks, big insurance providers and telecommunications in Nigeria.

This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance, commercial banking and telecommunication brands in the print and online media.

In the first quarter’s negative reputation survey for the insurance sector, AXA Mansard Insurance Plc came out on top with 85 percent negative rating. And despite higher income, AXA Mansard’s annual profit declined by 40 percent.

Nigeria’s commercial banking, insurance, and telecommunications sectors have maintained excellent media interactions, marketing, and awareness since the start of 2023 despite the earlier scarcity of the naira and its effect on business.

These were further enhanced by the remarkable data it gave the media in the first quarter of the year.

The media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata were extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

About P+ Measurement Services

Leading and rapidly expanding independent media intelligence consultancy, P+ Measurement Services is an AMEC member and one of Nigeria’s top media intelligence providers. The agency serves as a media watchdog and technical support to communications/public relations managers and public relations firms by assisting them in keeping track of the media health of their brands and auditing media performance.

Mr. Tunde Hassan-Odukale

Managing Director/CEO

Leadway Assurance Company Limited

In the first quarter of 2023, P+ Measurement Services, Nigeria’s leading media intelligence consultancy, examined the media mood around commercial banks, big insurance providers, and telecommunications in Nigeria.

This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance, commercial banking and telecommunication brands in the print and online media.

Analysis of the insurance companies’ media sentiment revealed that Leadway Assurance came out on top in the first quarter’s positive reputation survey with a 30 percent rating.

Nigeria’s commercial banking, insurance, and telecommunications sectors have maintained excellent media interactions, marketing, and awareness since the start of 2023 despite the earlier scarcity of the naira and its effect on business.

These were further enhanced by the remarkable data it gave the media in the first quarter of the year.

The media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata were extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Continental Reinsurance Plc and The Gambia Insurance Association (GIA) collaborated to provide educational support to the Gambian insurance market.

Their recent collaboration involved organising a technical accounting training session focused on the topics of “The Provision of Reserves & Preparation of Final Accounts,” specifically tailored to meet the needs of the Gambian market.

The training took place on May 15th and 16th, 2023 at the West Africa Insurance Institute (WAII) in the Gambia.

It received active participation from key stakeholders in the Gambian insurance industry, including the President and members of the GIA, Managing Directors, and representatives from various insurance companies in the country. A total of 24 delegates attended the training session.

Led by Bola Oniyide, who heads the Treaty Underwriting team – Anglophone Region at Continental Reinsurance, the training covered a range of important topics. Participants were educated on proportional treaty accounting methods, premium and loss reserve deposit, different types and purposes of reserving, the calculation of reserves, and the impact of reserving on underwriting decisions.

In addition, Mr. Ogadi Onwuaduegbo, the Regional Director for the Anglophone Region, was present to share his expertise and shed light on how inappropriate reserving can adversely affect insurers.

This collaborative effort between Continental Reinsurance and the Gambia Insurance Association aims to enhance knowledge and skills within the Gambian insurance market, ultimately benefiting the industry.

By providing targeted training sessions on crucial accounting practices, participants gained valuable insights to help them navigate and make informed decisions in their professional roles.

Cornerstone Insurance Plc and Custodian Investment Plc have been to dragged to a Federal High Court in Lagos in a N486.5 million lawsuit over allegation of non-payment of claims arising from a fire incident which occurred at No. 142, Bamgbose Street, Lagos Island, Lagos on November 4, 2021 at around 8:00 pm.

The lawsuit was filed against the two insurers by Aribisala Properties Limited and a law firm, A.O.S. Practice.

The case was earlier fixed for hearing today before Justice Chukwujekwu Aneke of the Federal High Court in Lagos.

DETAILS LATER…

From left: Publisher, SuperNews, Ngozi Onyeakusi; Director, Media, Information, Strategic Planning & Implementation, Coalition of Associations in Computer Village, Ikeja-Lagos, Mike Orji; President, Timi David; Publisher, Inspenonline, Chuks Udo Okonta; Publisher, Bislad News, Bisi Bamishe and Business Editor, Leadership Newspaper, Zaka Khaliq at the event.

Insurance policyholders are clamouring for subvention for an insured who consistently insured for three to five years but without making a claim within the period.

Speaking during a courtesy visit of the members of the Insurance and Pension Editors of Nigeria (IPEN) to the Coalition of Associations in Computer Village, Ikeja, Lagos, the President of the Association, Mr. Timi David, charged insurance companies to introduce subvention to policyholders that have continuously renewed their policies but didn’t suffer any insured risk within a period of 3 to 5years.

Although investigation revealed that few insurance companies are already granting discount, especially, for comprehensive policies for this category of the insured, investigation also reveals that most underwriters are yet to adopt this model.

The subvention, which he said, should come in the form of cash give-back or discounted rate in the subsequent years, noted that this will entice unclaimed policyholders who have the notion that insurers are just collecting free money from them.

“For the past five years now, I have always renewed the insurance of my car and didn’t have any reason to for claim because I wasn’t involved in any accident. So, I would expect my insurance company to give cashback or discounted rate to me the next time I am renewing my policy,” he said.

If this is done, he believes this will persuade more uninsured Nigerians to subscribe to insurance policies, saying that most people still see insurance as a scam because of the model of not compensating those who never had reason to submit or file for claims.

While commending the response time of insurers to claims payment, he said the Association’s bus had an accident last year after it was comprehensively insured and got claims within a short time of filling for it, urging them to keep this up.

On his part, he believes the challenge of insurance is low awareness, calling on underwriters to increase their products’ visibility and increase awareness such that, Nigerians are better informed on what a policy covers and at what point he or she can file a claim.

While urging businessmen and women, traders among others to insure their shops and offices through Theft and Burglary Insurance and so on, he said that such risk mitigation mechanism will ensure that goods in the shops and offices are protected and that the insured will suffer no financial loss when disaster strikes.

Earlier, the President of IPEN, Mr. Chuks Udo Okonta said the purpose of the visit was to feel the pulse of traders and tech artisans at Computer Village, Ikeja on their perception of insurance products and services so that their response can assist operators in the insurance industry to adjust their services in areas they are not doing well.

As developmental journalists, he said that IPEN hopes to continue to engage various groups and individuals who are either insurance policyholders or prospects to enhance insurance education and awareness, believing that when more people are educated on the nitty-gritty of insurance business, there are high chances that they will subscribe to insurance products and services, hence, deepening adoption in the country.