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One of Nigeria’s leading Insurance companies, AIICO has announced a partnership with ride sharing app, Taxify to offer insurance cover to its drivers. The Insurance cover suitably named “Taxify Cover” will be obtainable online and will be powered by AutoGenius an online platform that facilitates purchase of insurance online.

How it works?

Drivers of Taxify who wish to buy comprehensive insurance without having to visit a brick and mortar insurance company can simply login online and then buy insurance. The data (vehicle registration and license) of the vehicle is already stored in the database of Taxify and may have been shared with AutoGenius.

AIICO insurance will receive this information from AutoGenius and then provide the actual cover for the drivers and their vehicles.

How does this help everyone?

AIICO – AIICO gets to leverage on the strength of AutoGenius and Taxify to sell its motor insurance policies to a lot more drivers. This helps generates premium cover which should carry less risk considering that drivers of ride sharing apps typically get lower accident ratios.

Taxify – they get to offer their drivers features that its competition does not offer all within their phone. They probably also get a cut in the whole transaction. Right now, Taxify will take accept any feature that can help it displace Uber in Africa’s most populous market.

AutoGenius – It’s an opportunity to test their online services with one of the most popular e-commerce driven businesses in the country. Users of AutoGenius currently use it to compare insurance premiums among different insurers as well as use it to buy insurance from AIICO, Custodian & Allied, Leadway Insurance, NEM and Royal Exchange. This also takes the brand name of the company more mainstream.

Taxify Partners – They can easily buy insurance from the comfort of their phone. However, they are still restricted to AIICO (currently).

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TaxifyCustomers – An Uber driver with comprehensive insurance cover (we hope they reveal this somewhere within the app) means your personal belongings are safe whenever you ride using Taxify. They also benefit, God forbid, in the event of an accident as the insurance will cover medical expenses. This will encourage them to use the App.

Taxify, was founded in 2013 by Markus Villig in Estonia. The company has operations in 25 countries and 18 regions. In Africa, it operates in Kenya, Egypt, South Africa and Nigeria. AIICO Insurance was founded in 1963 as an agency of the American Life Insurance Company (ALICO). AutoGenius are according to them, Insurance Experts, Techies, Brokers, Entrepreneurs, Digital Marketing Genies and most importantly Nigerians who love to use Technology to solve problems.
We are creative, innovative and boy, do we enjoy providing you unbeatable service!!!!

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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