trustininsurance digital solution
A research based digital solution called trustinsurance.com.ng developed to solve the problem of trust, poor customer service management and low awareness of insurance services amongst the informal sector.
Following our research background, our platform will enable us to digitally collect adequate data on the necessary demographics of all the informal sector communities. With our concise database of these individuals, we will be able to work with the insurance companies to provide a suitable social protection plan for this sector. Also, they will be able to make payment easily through our platform while their claims and other customer services' needs will be adequately monitored through our platform.
Overall, the different communities under the informal sector will be able to acquire a yearly life cover, medical and accidental benefits to cover their risks in the course of their daily activities.
Specifically, to solve the problem of trust, low customer servive management and low awareness of insurance services amongst the informal sector in West In Nigeria, this segment constitutes 65% of the Nigeria population where the penetration is still very low at 2.3% or $1.64Billion share of African market.
If we now look at the informal sector, they are outrightly not covered in most cases due to the irregularities in their income and structures.
Our target population are the people in the informal sector in Nigeria that constitute 65% of the country's population. Our soultion will allow them have access to life, medical and accidental cover with a token that can be paid easily through their mobile numbers.
We have carried out several qualitative studies amongst them and the challenge has been how will the insurance companies collect the premium from individuals as most of the associations do not even have an accurate data with the right demographics of their members across board.
Our solution will assist us to collate and geotag their members easily. Once, they are signed up, they can also pay from the comfort of their homes through their mobile numbers either daily, weekly or monthly. We have been engaging them through several financial education we embarked on since January 2019. It is interesting to state that many of these associations considered the solution a promising one that can allay their fears of the risk in their businesses but the challenge has always been how do they contribute their premiums. They are mostly sceptical of contributing such money to their association executives.
- Deploying features that promote the continuity of contributions to social insurance schemes from informal sector workers, incorporating behavioral tools that incentivize and encourage financial savings, transparency, and accountability
A research based digital solution called trsutininsurance.com.ng developed to solve the problem of trust, poor customer service management and low awareness of insurance services.
Following our research background, our platform enables us to digitally collect adequate data on necessary demographics of all the informal sector communities. With this database, we will be able to work with the insurance companies to provide suitable social protection plans for this sector.
Also, their payments will be paid easily through our platform through their phone numbers as they recharge while their claims and other customer services' needs will be monitored through our platform.
- Pilot: An individual or organization deploying a tested product, service, or model in at least one location.
- A new business model or process
Our solution is different because of our research background. We will be using our monthly omnibus survey amongst all the insurance companies in Nigeria to drive traffic to the platform.
It is a known fact that all our competitors are not proffering any research information to the general public at the moment. So the question from us is what will make someone visits the site in the first place? These competitors are:
Compareinsurance.com
Tangerine life
Insurancemarket.ng
Insurance.com.ng
Getinsurance
ReportLinker
Our Solution also remain special because our target will be able to pay with ease technologically using their mobile operators through their phone numbers at their own convenience within the month through our platform.
On the contrary, trsutininsurance.com.ng will help this sector to also make other purchase decisions through the independent research information that can be accessed through the platform. They will be able to make comparism of the different insurance products within the industry so as to choose the most suitable plan for them. It will assist with other relevant information about the industry and at the end increasing trust and awareness.
Therefore, trustininsurance.com.ng has come to be the Digital Agent to the customers at their own convenience.
Our solution is a research based website linked to several social media platforms to solve the problem of trust, poor customer service management and low awareness of insurance services in Nigeria.
Once, we capture the adequate database of all the communities and associations under the informal sector, our solution allows them to easily pay their premium through their mobile numbers that is unique to them at an affordable premium to cover their lives, medical and accidental expenses.
In the long run, this platform will be a go to for the general populace who can also have access credible and up to date information about the industry, thereby making a purchase decision right on the platform.
Presently, we have used this model in Ondo state, Nigeria to gather information from 20,000 Okada riders and we were able to collect premium of N100 from all of them on a monthly basis in the year, 2019.
- Crowdsourced Service / Social Networks
- GIS and Geospatial Technology
- Internet of Things
- Software and Mobile Applications
Our solution will have an impact on the problem of trust, poor customer service and low awareness of the industry following our ability to provide adequate database of all the communities/ associations within the informal sector.
Once, we capture all the necessary demographics about the different communities and associations within this sector, our solution will enable them to pay for their premium easily through their different phone numbers that are unique to them.
The problem with this sector has always been inadequate database of these individuals and the modalities of collecting premiums from them. Our findings and observations with the Ondo state Okada riders revealed clearly that people in this sector will be willing to pay and subscribe to insurance services if they could ascertain a level of transparency from their providers.
In the long run, our solution will enable even the general public to access up to date information about the industry where they can make comparisms of the different products across all the insurance companies and then be able to make purchase decision and buy right in there.
Our solution will be able to provide and stand for the different communities and associations within the informal sector so that they can access social protection plan across West Africa as a whole.
We will provide the database of each communities and associations to the insurance companies and agree on the best and most affordable monthly premium for these individuals.
We will equally partner with the telecommunication companies where they will be able to pay through their phone numbers on a monthly basis.
The money paid comes to our platform and then we remits the agreed premium to the insurance companies.
Overall, our solution monitors the customer service management, claims settlement of all the people under our platform.
Our solution is easy and friendly to use as our application can capture all the necessary demographics of these individuals and also geotag where they live and where they operate their businesses. It will be updated on a quarterly basis such that we can review those who close or change their business venue. Premium payment will also be deducted from their recharge cards on a monthly basis.
Our solution will be will be integrated into the telecommunications platforms including all the insurance companies we partnered with for the plan so that the customer service areas can be well managed.
Our data collectors are spread across all the urban and rural areas of Nigeria. The application can work even in areas with low connectivity. The data will be collected by our enumerators using our application. This application will enable them capture data with or without data.
Hence, no issues of anyone having to fill anything. Our enumerators will be individuals within every area in each community where these individuals can be found.
On the issue of numeracy, the money will be deducted through their phone numbers. Once, they recharged their phones, it will be deducted with of course a consent from them.
- Informal Sector Workers
- Low-Income
- Middle-Income
- Nigeria
- Ghana
- Kenya
- Nigeria
We are serving 20,000 people now.
In a year's time, we are looking at 500,000 people
In five years, we are looking at a ten million people.
Firstly, we will use the first one year to collect data of the various associations within the informal sector in Nigeria.
Kindly note that as the data collation is going on, we are also getting them to subscribe to the insurance plan immediately.
Funding remains a major barrier including the industry's regulation that may not be favourable to our operations in the coming year and in five years time as regards micro insurance.
Technically, the problem as always been how to get the people in te infoirmal sector to pay their premiums especially in places of low connectivity.
Funding: I am looking at seeking funding to finance the data collection of the people within the informal sector.
Industry Policies: We have started getting the buy in of the appropriate regulatory bodies in Nigeria for example- Nigeria Insurance Association (NIA) and National Insurance Commission (NAICOM) for now.
Technically, we have partnered with the telecommunications agents in proffering the best way they can use their phone number to pay while recharging.
- For-profit, including B-Corp or similar models
Full Time - 7
Part Time- 10
Contractors - 3
Freelancers - 3
BIDEMI BIODUN-OLADOYE
(BSC Statistics, Masters
Actuarial Science, Member ESOMAR, PAMRO, NIMRA, ACII)
Over 15 years experience in the research and insurance industry. Had worked on several brands. For example, had handled over 100 research briefs for MTN, more than 50 research studies across insurance companies in Nigeria to mention but a few.
ABIODUN OLADAYO
(MSC Geology, CISCO, PROJECT MANAGEMENT)
Over 20 years experience in information technology with expertise in web development, networking and digital technology. He is a teacher on leadership , project management and entrepreneurial skills.
DR. FEMI AYOOLA
(PHD Statistics) Over 20 years experience in research.
He is an expert in the use of EPI data, STATA, SPSS, R, E-Views, NLOGIT, Matlab, TSP,
PcGive, S-plus and Statistica.
He works and research flexibly across a range of studies as required.
ADETUTU ARUSIUKA
(FIIN, MBA)
Over 25 years experience in the insurance industry. A Specialist in retail management , agency developments, Travel and Health insurance. Alumnus of the Lagos Business school (PAU). Seats on the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN). A coach and mentor to upcoming insurance professionals.
We have partnered with Mooreadvice Limited, a 360 degrees brand development agency. They are responsible for building and maintaining our websites.
We are also looking at partnership with Qrios and Clickatell to handle the issue of payment from the informal sector workers.
“Demographic data of the different communities under the informal sector”
We will work with the different groups within the sector who will register formally on behalf of their members and we will use our platform to collect the demographics of each member where every group can easily assess the list of their members on our platform.
“Partnership with the telecommunication companies”
The mobile numbers of each group member become their unique identifier on our platform.
Each member will pay their premium easily from these mobile numbers. It can be done on a daily, weekly or monthly basis.
“Research information platform for accessing credible and up to date information about the insurance industry”
This will be a platform where the general public can access information through our monthly OMNIBUS survey about the industry.This will further drive traffic and increase trust and awareness about the industry.
“e-platform for selling other insurance services within the sector”
This will act as an online selling platform for other insurance services. It will operate exactly like Wakanow, Jumia, Jiji, etc. for all insurance products. Here, our target can make purchase decisions and buy directly on this platform and the insurance companies will pay commission for every sales closed on the platform just like it does for the conventional agency system of selling and marketing insurance at the moment.
- Individual consumers or stakeholders (B2C)
Presently, we have partnered with four insurance companies- Capital Express Assurance Limited, ARM Life, NEM and Niger Insurance by sellin teheir policies and earning commission through the platform.
Secondly, we are looking at the insurance companies subscribing to our monthly OMNIBUS survey and charging them for it.
In the long run, our revenue streams once we continue to row the platform will cover for all our operational and other costs.
We accessed $6500 loan this year as our start up fund from NIRSAL Microfinance bank in the month of May, 2020.
In the last twelve montshs, we have done $36,157 as revenue.
We are seeking $150,000 funding through grants in order to successfully launch our application so that we can get more people on board.
Fixed Costs/Overhead
$
Rent
4,651.16
Utility bills
186.05
Phone bills/communication costs
1,550.39
Accounting/bookkeeping
1,550.39
Legal/insurance/licensing fees
1,291.99
Postage
46.51
Technology
12,919.90
Data Collection Expenses
31,007.75
Advertising & marketing
2,583.98
Salaries
12,403.10
$68,191.21
Winning the Mission Billion Challenge will help us to launch out better. We will be able to perfect our application for data collection, the website can equally be perfected while we will have enough funding for our OMNIBUS survey to further convince the insurance companies to buy into it
- Business model
- Solution technology
- Funding and revenue model
- Board members or advisors
- Legal or regulatory matters
Our partnership goal is to become a global brand for micro insurance solution provider for the informal sector.
Overall, our partnership with the insurance companies will enable the industry to drift away from using the traditional model of selling insurance services and embracing technology model of selling.
To start with all the insurance companies, regulatory bodies and the reinsurance companies in Nigeria.
Mrs.