Nigerian insurtech startup ETAP launches ethical insurance product Takaful
Nigerian insurtech startup ETAP has introduced a new ethical insurance product, ETAP Takaful, which aligns with the religious beliefs of Muslim users.
The product is based on ETAP's existing technology, which offers one of the fastest claims processes on the market, with insurance purchases taking 90 seconds and claims three minutes or less to complete.
ETAP Takaful users can earn Safe Driving Points by driving safely, which can be exchanged for rewards such as vouchers for popular retail outlets, fuel, cinema tickets, and concerts.
Less than 3% of Africa's population has any form of insurance, and CEO and Founder of ETAP, Ibraheem Babalola, believes that developing new products that meet the diverse needs of people across the continent will be key to increasing insurance penetration.
In Nigeria, almost half of the population is Muslim, but most of the insurance products available do not align with their religious beliefs. ETAP Takaful is open to both Muslim and non-Muslim users, offering an added layer of ethical insurance to the company's existing product line.
By using machine learning to build intelligent risk profiles, ETAP is able to offer appropriate premiums to drivers, helping to reduce risk and incentivize safe driving.
ETAP's business model is based on the concept of Shared Value Insurance, which rewards drivers for adopting good behaviour and reducing their insurance risk. ETAP's innovative approach to insurance and its introduction of a new product that aligns with religious beliefs signals a positive step toward greater inclusion and accessibility of insurance products in Africa.
