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How Nigeria’s economy will gain from high insurance penetration – Apampa, Equity Assurance CEO

By Akoma Chinweoke

Mr. Morufu Olakunle Apampa, a chartered insurer and a member of the Society of fellows of the Chartered insurance Institute of Nigeria, is the managing director/CEO  of Equity Assurance Plc (EA).  The alumnus of Lagos Business School and Howard University Business School, Washington DC, USA explains why his company is pioneering a simple self-service solution which enables car owners or users to conveniently purchase authentic third party Auto Insurance using their mobile phones as well as other burning issues in the sector.


 Sir, you company recently launched an innovative mobile (USSD) Insurance solution, which helps motor insurance be bought through mobile phone. How does it work?

Equity Assurance Plc., a member of SUNU Group (a leading Insurance Group that operates in 14 countries in Africa), recently launched an innovative mobile (USSD) Insurance solution which  enables car owners  /  users  to  purchase authentic  third  party  auto Insurance with the use of their mobile phones in less than five minutes. We are pioneering a simple self-service solution which enables car owners or users to conveniently purchase authentic third party Auto Insurance using their mobile phones. The process takes less than five minutes within which a valid policy certificate is immediately sent to the customer’s email address upon payment confirmation. To buy the Equity Assurance Mobile Motor Insurance, the customer simply enters *931*11# on his/her mobile phone and this opens up the Equity self-service portal. The customer enters personal and vehicle license details, reads and consents to policy terms and conditions. The customer then makes payment using dedicated code and receives certificate of insurance within five minutes. – Secure payment.

To what extent do you think technology can promote insurance?

Technology is changing the world and at Equity Assurance Plc, we are changing with it as we are geared towards deploying technology in amazing new ways to provide personalized, advanced services in a timely and convenient manner to our customers. This is the digital age and having an online presence is critical to forging ahead because it is the first interaction potential customers have with a business. In this mobile, on-the-go world, we are riding on technology to  give our customers the opportunity to insure their car on their mobile even without internet access or data-bundle to operate.  This game-changing service is accessible on all phone types; whether smart phones or basic across all the various networks in a very fast and convenient way with guaranteed secure payment as customer receives certificate of insurance within five minutes.

What should a motorist know about electronic insurance?

Electronic insurance is the new way of using technology to buy insurance conveniently on the go. With the Equity third party auto insurance, you simply dial *931*11# and follow the step by step guide to buy your third party auto insurance conveniently without any hassles. The Equity third party Auto Insurance provides cover against bodily injury, death, third party property damage and the customer is guaranteed convenience that is fast and secure as Equity will ensure that customers receive third party claims benefits within two days. Customer simply makes claims report via telephone or email and once Equity validates policy and sends acknowledgment, Equity receives and reviews claims documents / evidence and processes claims, sends estimates for clients’ consent and Equity credits clients’ account with value of claims.

What are you doing to make insurance accessible?

When lives, properties and businesses are protected against risks, the economy develops and this is why countries that have high penetration by insurance products usually show a high level of development. At Equity Assurance Plc, we believe that providing insurance through technology-based platform enables people to effectively and efficiently buy insurance coverage digitally without any hassles. We are making insurance accessible by meeting the insurance needs of our customers as the Equity third party auto insurance can be bought through the phone even without internet access from anywhere be it in the hinterland or wherever they are. This is based on our strategic decision to deploy low-cost digital/mobile technologies as a means to overcoming long-standing industry challenges giving effective and affordable insurance solutions to Nigerians, regardless of their location or economic/social status.Equity Assurance Plc is on the verge of revolutionizing the insurance marketplace in Africa within the next few years going by the rave reviews of customers who have used the *931*11# to buy their third party auto insurance since it was introduced into the market.

Equity Assurance Plc’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for our existing and prospective customers at affordable cost as the application also serves as a platform for customer engagement, claims payment and other after-purchase services. In addition, it guarantees customer convenience, easy & secure access, real-time interaction and speedy service. We would not relent in giving our customers innovative products that is readily available with matchless customer satisfaction.

What are the advantages of this technology?

With the With the Equity third party auto insurance, you receive your certificate by email and this mean there is no risk of loss or damage of a policy as may happen with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed when needed. With this you are guaranteed to have your certificate intact whenever the need arises safe and secured in your email at any point in time it is requested. The convenience of being able to log on to your email and access your certificate as well as being able to buy or renew without having to leave the comfort of your home or business as you pay online easily is another advantage of this novel service.



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