In recent times, insurance providers have strived to scale operations in a bid to meet up with trends in the industry. In lieu of this, leading insurance firms have subscribed to the use of digital platforms, big data and mobile apps to improve customer interaction with providers, as well as to enhance excellent communication channels between organizations and their users or clients.
In addition to offering seamless and fast services, mobile apps permit the users to have functional access to products, information, process, and services that they demand in real-time to enhance the services of insurance providers.
While some insurers have been able to tap into the use of the application for customers, harnessing the power of digital solutions to help them understand their customers better, and increase effectiveness as well as minimize losses, several insurers are still unable to catch up with the pace.
Nairametrics highlights the top five insurance apps in Nigeria for the year 2021 in no particular order with focus on the ratings by users, flexibility of the application, and the users review amongst other factors.
Leadway Insurance (Leadway health, Mylife)
Leadway Insurance has a separate app for health (Leadway health) and for general business (Leadway Mylife).
The Leadway health app is rated 4.5 star with over 1000 downloads and is designed to empower user’s access to prompt medical care and attention while the Leadway Mylife, rated 4.2 stars has over 10,000 installs 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.
While users have lauded the health insurance app as the best HMO app in terms of the functionality of its features which allows hospital booking appointments, authorization request view and self-approved care, the Leadway Mylife app is also being applauded for being informative.
However, users also have complaints about the difficulty in logging in and the need to update policyholders information.
A user identified as Ibrahim Keks said, “If I had known I wouldn’t have updated. I couldn’t log in since I updated. Whenever I try to open the app, something pops up with Chinese letters that I don’t even understand and it stays on the screen forever and if I cancel it, and try to log in, the app doesn’t accept my password.”
Adekunle Sogbesan said, “App has a bug at login – you provide the passcode and it attempts to connect then reverts back to the login screen. I was forced to uninstall it.”
Victor Orji said, “The Leadway Assurance Company Application is Informative. But it needs to be updating The policyholder Renewal information.”
AXA Mansard (MyAXA Plus)
With over 10,000 downloads, the AXA Mansard mobile app is rated 4.0. 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, renewed motor policy and news whilst also allowing users access to get health tips and investment tips.
Similarly, its key features allow for the purchase of insurance policies, initiate motor claims and value car, schedule hospital appointments and buy health insurance, request prescription refills, contribute to funds, liquidate and redeem investments, as well as responsive AI that helps customers with their insurance, health and investment needs.
Reviews around the app have generated positive responses from users who commended features of the app which allows for easy accessibility.
Information Edge Limited said, “Good jump from the standard version. Using biometrics identification, putting all contracts in one wallet, intuitive reports printing option and a constant reminder of the low returns on investments easily compelled a five-star rating.”
However, users also noted that issues with the app have hovered around technicality. Ayoola Fadeyi said, “I have a family health policy but cannot access more than one of four profiles. Kindly look into this in your next update.”
Allianz Nigeria insurance Plc (Allianz NG)
AllianzNG Mobile app is rated 4.6 and 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.
In their review, users have expressed their preferences for the app owing to its simplicity. Temitope Olorunfunmi said, “this app is effective. The use of minimal colours and targeted icons make it easy to navigate the app without the clog of complicating colours or information. And this shows that much thought was put into creating an app that portrays the company’s values and also meet the needs of the user.”
Also, users have criticized the app for difficulty in logging in and based on the fact that claim request on the app is not attended to fast as should bethe case. Michael Onu said, “No payment options in the app, damn poor.”
Mutual Benefit (Mutual Benefits Assurance)
The mutual benefit app is rated 3.3 with over 1000 downloads and is described by the insurer as a one-stop shop for all insurance purchases and inquiries with fast claim processing.
While the app has attracted different reviews, negative reviews have hovered around the app not being user friendly. Commenting on the app, Fatiu Baba said, “it is quite cumbersome and confusing. I cannot make payment on it. It differs completely from what is on the website.”
FBN insurance app has a total download of over 100,000 and allows users to view insurance policies portfolio, report claims, make premium payments and download statement of premium account position according to the insurer.
What you should know
The penetration rate of the sector remains low at 0.5 % compared to 13.4 % in South Africa, despite efforts by the regulator, NAICOM, government and stakeholder to improve the digit.
To improve the digit, experts advocate insurtech, which seeks to improve insurance practices and implement automation of their mundane activities, thereby making the insurance process seamless and efficient.