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Translate, a revolution in Nigeria’s insurance industry — Venia Group

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Chief Executive Officer (CEO) Venia Group, Mr. Kola Oyeneyin, has described Nigeria’s first online insurance comparison platform, as a revolution in Nigeria’s insurance industry.

Speaking at the unveiling of the initiative tagged AutoGenius, which involves six insurance firms in Nigeria: Sovereign Trust Insurance Plc; AIICO Plc; Royal Exchange Plc; Leadway Assurance Limited; NEM Insurance Plc and Custodian & Allied, Oyeneyin said the new trend will transform insurance business by changing the way people buy insurance in Nigeria.

According to him, the online insurance will help curb the menace of fake motor certificates and was activated by noon on Monday October 20, adding that with the system the public can procure their motor insurance online within five minute.

He disclosed that the first 1000 subscribers to the insurance products – Oga at the Top; Eminado and Swag –will qualify for a lottery that will enable a subscriber win a brand new car and that the firm through the initiative will be selling convenience; quality and good price which will also help generate accurate data for the National Insurance Commission (NAICOM) that will aid its regulatory functions and that products purchased from the platform are immediately uploaded to the Nigerian Insurance Industry Database (NIID).

“However, the first 1000 visitors to the website who registered their details on before the website goes live will stand a chance of winning a brand new Hyundai Elantra Car. It’s certainly an amazing time in the insurance industry and with the launch of and a few more products on the platform; we may be experiencing a new phase of techsurance in Nigeria” he said

Commissioner for Insurance, Mr. Fola Daniel, who was represented by Deputy Director of the Nigerian Insurance Commission, Mr. Segun Farinu said the entire insurance industry in Nigeria is excited about an expected positive impact that technology would have in the sector especially with initiatives like, adding that, the seriousness of the insurance industry was evident as all partners have come out in full support of the transformation drive embarked on by the team at AutoGenius, stressing that, the Commission will continue to support every noble steps aimed at deepening insurance penetration.


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