Join me to congratulate Insurpass for its huge partnership with AXA Mansard on health insurance in Nigeria. Insurpass is Nigeria’s first API-based insurtech startup and the largest in the nation. Tekedia Capital was its first investor and we’re truly proud of what the team has done so far. I told the team: “our expectation is that Insurpass would become the Paystack and Flutterwave of insurance in Africa”.
Yes in America, most hedge funds control reinsurance companies and most holding companies have insurance which provides cheap capital to fund critical projects (hello Warren Buffet and GEICO). Nigeria and Africa must experience their moments by using insurance to unlock new vistas of growth.
Oh yes, what the new generational banks did in the 1990s in Africa, making banking cool will happen as insurtech startups like Insurpass get to work. Besides insurance, Insurpass offers API for the pension sector.
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Insurpass’s BimaCred is engineered to simplify health insurance claim management, connecting pharmacies, insurers and logistics together. We’re bullish that tech will change the insurance sector ecosystem as we work to improve the end-to-end service delivery at scale.
At Tekedia Capital, our goal is to discover new winners early.
== press release ==
Insurpass, an insurance technology company has partnered with AXA Mansard, a leading player in the insurance and asset management sector to provide access to affordable insurance coverage for emerging customers in Nigeria.
The partnership will leverage Insurpass’ Open Insurance API to provide easy access to AXA’s health insurance products such as Malaria-care, Malaria-care plus, Easy Care, and so on. AXA’s Malaria-care provides quality malaria test and treatment to customers at various accredited partner pharmacies nationwide. Malaria-care plus provides cashback on customers’ hospital expenses when placed on admission for 2 or more nights and pays life insurance benefit to the customer’s beneficiary in an event of a customer’s death. Easy Care provides comprehensive health coverage and gives customers access to over 1000 hospitals nationwide.
Insurpass, in its drive, to deepen insurance penetration, increase financial inclusion and break the barrier to accessing insurance coverage in Nigeria through its plug-and-play API infrastructure and embedded insurance model will enable other service providers ranging from Banks, Health-techs, Edu-techs, and various point-of-sale agents to enroll customers for this health insurance scheme. The company also promises coverage to the base-of-the-pyramid consumers who live in rural areas and do not have access to smartphones or internet service, as it will enable them to access healthcare insurance via thousands of point-of-sales agents who already carry out mini-financial activities around their neighborhoods.
Speaking about the partnership with AXA Mansard, Gloria Agboifoh, Head of Partnership and Business Development at Insurpass, stated that “Insurpass at its core is committed to breaking the barrier to inclusive insurance in Nigeria and bringing innovative and affordable insurance closer to the very people that needs it the most and this partnership goes a long way in bringing the company closer to its goal of democratizing access to insurance coverage starting with health insurance”.
In the same vein, Mr. Alfred Egbai, Head, Emerging Customers and Digital Partnerships Group at AXA Mansard, stated that “our aim is to create innovative products that cater for the needs of our customers. We will therefore continue to strive to ensure that these products are easily accessible, this is why we have partnered with Insurpass to achieve this objective”.
Insurpass, provides an API-driven insurance infrastructure-as-a-service solution that enables companies across various sectors to embed insurance products and back-end insurance components into any web, mobile app, or USSD channel through its Open Insurance API.
AXA Mansard is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services and health insurance solutions through its two subsidiaries – AXA Mansard Investments Limited and AXA Mansard Health Limited respectively. The parent company was listed on the Nigeria Stock Exchange in November 2009.
Customers can also access affordable insurance products on their devices when they log on to BimaCred (www.bimacred.com) an online platform powered by Insurpass.
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