A recent survey by Cubecover has revealed that fewer than 3% of Nigerians have active insurance policies, highlighting a significant gap in insurance penetration in the country.
Entrepreneurng learnt that the findings were disclosed during an event aimed at expanding access to insurance services across Nigeria.
Deji Macaulay, the Chief Executive Officer of Cubecover, expressed the company’s commitment to bridging this gap and making insurance accessible to the majority of Nigerians.
“Insurance should be accessible to everyone, not just a privileged few. Our platform simplifies the process, making insurance easier, user-friendly, and cheap for Nigerians to get the coverage they need,” Macaulay said.
The organisation’s Chief Technical Officer, Sam Ishie, highlighted survey findings conducted by the company, which revealed that fewer than 3% of Nigerians currently have insurance coverage.
“This is the driving force behind the strategic partnerships Cubecover has initiated to improve insurance penetration by connecting service providers, network providers, and financial institutions,” Ishie explained.
Cubecover’s innovative approach is expected to reshape the insurance landscape in Africa’s most populous nation by connecting stakeholders and removing barriers to entry for millions of Nigerians.
