[OpEd] Simplifying the process of selling insurance is equivalent to good customer care
In emerging markets, wealth is not distributed equally. Life is full of uncertainties, and Nigeria — by and large Africa, is certainly not economically growing at the pace it should. One thing is certain — falling to a lesser standard of living due to unforeseen eventualities is not on our to-do list or plans.
Hence, the need for INSURANCE, and Curacel Grow’s mission is to bring these insurance policies to the doorstep of more people at the point it’s most needed by embedding insurance in our everyday go-to service providers. Imagine, as an eCommerce brand, your customer can insure their product at the point of purchase. That is, ‘embedded insurance’.
That is what Curacel Grow is — to protect and ensure our lifestyle, comfort, status, wealth and lifestyle are sustainable even as we work to grow.
Diving Deeper.
Breaking the bias towards insurance, moving from selling it to owning it with the use of technology — APIs and/or infrastructure tools to power embedded insurance.
According to the Q1 2022 insight on embedded insurance; “The embedded insurance market has already crossed the growth stage in the mobility embedded insurance product life cycle and now are moving towards the maturity stage at a considerable pace. The market witnessed numerous collaborations among ride-hailing, driver-sharing, and embedded insurers.”
But, what is embedded insurance? I like how this medium post defines it;
“Embedded insurance — the creation, sale, or enrichment of an insurance product by a non-insurance entity — is now becoming a defining theme of innovation in the industry.”
Let me explain.
Scenario 1:
Have you ever needed something but lacked the urge to go for it because of some established bias? Bias is built out of a misconstrued perception and understanding of how something could work or benefit you. In this case, “how does insurance really works?”
Using our eCommerce brand again, Let’s imagine that you’ve successfully spent $x to acquire a customer to your platform. She landed on your homepage and immediately saw the item they want — a laptop. She moved the laptop to their cart and at the point of checkout, your customer abandoned the cart because of different fears — theft, inferior products, damage etc.
Now, you’ve spent money to acquire without getting a value (LTV?) from the user.
Scenario 2:
Consider what happens when at the point of selecting the laptop, your customer feels protected. She could buy insurance with the click of a button along with the product she’s buying. All of a sudden, she no longer feels the fear of theft or damage.
Now, that’s one benefit of embedded insurance. It gives everyone involved a win-win situation. The business, the insurer and Curacel.
The bottom line of this is to grow your revenue — make more money while retaining your customers.
The Product — Curacel Grow
CURACEL GROW is a product that enables businesses (especially tech-enabled businesses), and by extension, their customers to access insurance seamlessly with a push of the button using our APIs.
The solution is expansive as it provides businesses across Africa the ability to embed insurance into their product and services. It covers all sectors and also provides tailored insurance policies for unique situations.
On the part of the customer, “Curacel Grow” cuts the chase of having to go to insurers for insurance coverage after paying for a good or services, a car, ordering a package, booking a flight, filling our your export/import papers, etc. Integrating the Curacel API, your business is conducted and brokered all in one click, saving time, and resources and increasing productivity.
Insurance, Technology and Insurance.
The challenges facing Africa’s Insurance sector include but are not limited to the following — poor market education, poor technology adoption, lack of consumer trust, low implementation of compulsory insurance policies and the average traditional belief of an African to be divinely protected.
Africa is currently experiencing a technological boom, for which the Millennials and Gen Zs are pioneering according to reports and the fact that Africa’s Insurance sector is slowly or inadequately picking on this happens to be a major factor hindering its growth.
Also, a policy holder’s claim experience and payment is another big contributor to the stifling growth of the insurance sector. The process of adjudicating claims and the criteria for doing so are often alien to the buyer or often cramped up in a big pile of paperwork a.k.a “the policy document”.
Curacel Grow combines the use of technology, insurance education, customer experience and open communication to ensure its user’s experience beats the regular insurance experience.
A value proposition focused on ease and accessibility by ensuring all relative insurance needs are embedded in the right platform, business and service to make access, purchase and claims processing seamless both for the insured and the insurer.
Our partners include logistic businesses that book Marine Insurance and Goods-in-Transit (GIT) insurance for their users; Credit companies that protect their loans and their customer. Mobility and transportation companies that embed insurance to their trips and properties of their customers. Travel agencies booking travel insurance with one click of the mouse, car distributors ensuring their customers get comprehensive motor insurance seamlessly, with several other unique use cases.
Curaccel has built a system that solves the same old challenges facing the insurance sector through technology.
Ready to integrate the Curacel Growth API?
Taking into consideration the challenges facing tech-enabled businesses to adopt and sell insurance as an embedded policy, Curacel Grow has adopted the use of technology, insurance education, customer experience and open communication to raise the bar on insurance delivery and ensure the insured experience surpasses the regular insurance experience.
Curacel Grow enables businesses to add insurance to their offering, protect their customers/users, act as a one-stop-shop for users in need of insurance, and build brand loyalty.
Curacel Grow is not limited to a particular industry or market but fits into every market where customers can be delighted while increasing business revenue.
To get started, fill out this form so our partnership managers will get in touch with you in another hour.
grow.curacel.co | Email us 👉 grow@curacel.co
OpEd written by Samuel Akpaniko,
Partnership and Growth Lead,
