Marine insurance In Nigeria is pivotal to the thriving maritime industry locally and internationally. As Nigeria serves as a vital strategic hub for global shipping and trade thanks to its varied and dynamic coastline, marine insurance has been an essential tool for reducing risks and fostering growth.

Selling insurance used to be a less desirable job in Nigeria and some parts of Africa a few years ago. Thanks to the recent evolution of InsurTech and friendly government policies, African insurance markets are scaling and integrating into mainstream economy sectors to grow usage, volume and profitability. 

The logistics and supply chain sectors are one of the fastest growing industries in Nigeria, though still in need of development in several key areas. We have been exploring scalable growth opportunities with embedded insurance for logistics companies, some of which have yielded impressive results we are glad to share with you. For instance, after integrating with Curacel's embedded insurance infrastructure, Topship, processed over a hundred policies, improved business transparency and better understanding of pricing and coverage for customer communication. Topship is a global shipping platform that helps African businesses export and import goods across the world. It currently helps over 1,500 merchants to move cargo and parcels from Nigeria to more than 150 countries.

Health insurance fraud is a global issue costing billions annually, leading to increased premiums for consumers and posing physical risks to patients. It's prevalent in both developing and developed markets, necessitating the need for early detection and prevention strategies.

Here are a few updates we would love to bring to your attention. Kindly note that all updates have been previously shared in our monthly newsletter. If you missed it, here they are again.

Empower Your Claims Management with AI. The utilization of AI in claims management enables sophisticated data analytics, empowering health insurance professionals to make data-driven decisions.

Making it easier for insurers to distribute their products, helping them automate claims processes, and contributing to the growth of their revenues. All through the use of simple and specifically designed technological solutions. This is the mission of Curacel, an insurtech that was founded in Nigeria in 2019. The CEO and co-founder, Henry Mascot, explained to InsurZine what this reality entails.

AI-powered claims fraud detection enhances the overall customer experience by protecting policyholders from fraud-related losses. This ensures that insurance premiums remain affordable and policyholders can access the healthcare coverage they need.

Taking advantage of Generative AI, health insurers can remain competitive, innovative, and provide better services to their customers. However, there are also challenges that need to be addressed, such as data privacy and the shortage of skilled professionals.