Nigerian Insurtech Startup Secures $1.5-Million Pre-Seed Funding
ETAP, a Nigerian insurtech startup has declared today the acquisition of $1.5-million in pre-seed funding, which as indicated by the organization, will be utilized to develop its members and drive the reception of its vehicle protection choices across Africa.
Beginning in Nigeria, the new subsidizing will uphold the introduction of ETAP’s creative new application which permits drivers to purchase protection in 90 seconds, complete claims in a short time or less, and also get compensated for good driving and keeping away from mishaps.
The pre-seed funding round was brought about by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with interest from Tangerine Insurance, and Graph Ventures (put resources into Clubhouse), Newmont, and other private investors.
Working with a wide scope of car chain players, ETAP says it will investigate different chances to convey necessary protection services for vehicle owners in different nations across the globe.
“ETAP is addressing many challenges that impact the automotive experience in Africa and we are excited to support and work with them to bring their innovation to more drivers across the continent. We believe that ETAP will engage with this important role and revolutionize the automotive insurance industry with their powerful technology,” said Takagi Yumi, Project Manager at Mobility 54.
In spite of previously existing guidelines making vehicle insurance obligatory and in excess of 100,000 auto crashes detailed between January 2019 and December 2021, only one of every five vehicles in Nigeria is presently insured.
The intricacies of purchasing and claiming insurance have prompted boundless disregard for conventional insurance agencies and items, with numerous vehicle owners deciding to do without insurance.
With ETAP, the process of purchasing and claiming insurance happens solely on a cell phone, empowering a consistent and delightful insurance experience for clients.
ETAP utilizes AI to construct smart gamble profiles that decide proper charges for every driver, permitting them to accomplish lower expenses by driving securely.
With advanced telematics, the driving experience is gamified to work on the behavior of drivers and drivers can procure Safe Driving Points that can be traded for shopping vouchers for the most popular retail outlets, fuel, film, and show passes, and other invigorating encounters.
ETAP says that it is offering drivers adaptable choices, including day to day, week after week, month to month, quarterly, and yearly plans subject to their requirements. In the awful occasion of a mishap, they just need to snap a photo of the impacted piece of the vehicle by means of the application, and the application’s man-made intelligence processes the claim in view of the uploaded pictures.
The application accompanies geolocation labels, timestamps, and different elements to forestall false cases, as well as crash notice, and emergency support, and a whole lot.
Since establishing in beta in November 2021, ETAP has insured about 130,000 individual outings and over 500,000 kilometers of vehicle ventures, which is in excess of eight times the overall distance of cleared streets in Nigeria.
“Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy. We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer. This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board,” adds Ibraheem Babalola, CEO and Founder of ETAP.
“Too often, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people but we are changing the game and making the process just as enjoyable as any other experience that consumers access on the mobile phone,” Babalola concludes.