Obviously one of the latest industries to catch the innovation bug, insurance firms in Nigeria have also embraced technology through the use of mobile applications to render their services. With this, getting an insurance policy is now easier than before as people no longer need to visit the offices of insurance companies to purchase a policy.
With insurance mobile apps, you can simply buy insurance coverage on your smartphone from the confines of your home, pay premiums, file claims, and get paid for all insurance-related activities.
However, as a reflection of the low insurance uptake in the country, insurance mobile apps are yet to gain traction in Nigeria going by their number of downloads on the app stores. While many of these insurance apps have been put up for over two years, their download figures are still very low, compared to other apps that offer loans, savings, investment, and banking services.
With most insurance apps doing 500 downloads and below, here are the top 5 by the number of downloads as of September 2022:
FBN Insurance Customer
The FBN insurance app is currently the most downloaded insurance app in Nigeria. With over 100,000 downloads on the Google Play Store, the FBN insurance app allows users to view insurance policies portfolio, report claims, make premium payments, and download statements of premium account position according to the insurer.
At 4.1 MB size, the app is light and occupies little space on the users’ phones. The app is operated by the insurance division of First Bank of Nigeria, a leading commercial bank in the country.
AXA Mansard (MyAXA Plus)
The AXA Mansard mobile app comes a distant second in terms of downloads with over 50,000 installs. According to the insurer, the app is designed to give customers a more convenient way to purchase and manage plans, policies, and investments as it gives room to explore products, rates, and trends, lifestyle calculator, and renew motor policies while also allowing users access to get health tips and investment tips.
With the MyAXA Plus insurance app, you can analyze various insurance products, evaluate premium factors, calculate premiums, purchase desired policies, and file claims when insured risks occur. The app works through a responsive AI that helps customers buy policies and make financial investments.
Leadway Insurance (Mylife+)
Leadway Insurance has a separate app for health (Leadway health) and for general business (Leadway Mylife+). Leadway Mylife+ currently has over 10,000 downloads and gives access to general and life products as it is specifically designed to enable the purchase and management of plans with minimal third-party assistance.
Using the MyLife+ mobile app, you can purchase the insurance policies you desire; report claims, pay the premium and manage your policies with no form of third-party interference.
Through the MyLife+ Mobile App, you can also contact customer service directly. You can request help from their agents, or request account statement.
Allianz Nigeria insurance Plc (Allianz NG)
AllianzNG Mobile app currently has a total download of over 10,000. According to the insurer, the app allows users to take control of insurance needs with ease as well as access tools to manage, buy policies, and track claims and is rated.
The app enables users to evaluate insurance needs, buy policies, pay premiums, and track claims until they are settled. While reviewers stated that the app comes with minimalist colours and is easy to navigate with targeted icons.
Mutual Benefits Assurance
The Mutual Benefits Assurance mobile app has crossed 1000 downloads on the Google Play Store to be among the top 5 most-downloaded insurance apps in the country. The app is described as a one-stop-shop for all insurance purchases and inquiries with fast claim processing.
The Mutual Benefit Insurance app offers users easy and convenient insurance on the go. With the app, you can buy insurance policies, make renewals, and process claims, all on your mobile phone.
Bottomline
While the uptake of insurance in Nigeria is still very low, the use of the mobile app is easing the process of signing up for a policy and taking it closer to the people. The emergence of insurtech companies, different from the traditional insurers is also driving a new wave of revolution in the insurance industry that is expected to draw more Nigerians to insurance.
