Casava, Nigeria’s first entirely digital insurance company, won InsurTech of the Year at the Business Day BAFI Awards. As a result of this victory, Casava has been able to highlight its remarkable achievement in a competitive market in a short period of time.
The Business Day Banks and Financial Institutions (BAFI) Awards celebrate outstanding achievements by industry trendsetters across a wide range of financial industry sectors, including Fintech, Banking, Insurance, Pension Funds, as well as other Financial Services.
Moreover, the InsurTech of the Year Award winner must be fully licensed to operate by NAICOM, Nigeria’s insurance regulator, and an innovative technology enterprise that enhances or substitutes a traditional method of satisfying the requirements of insurance clients. To truly innovate the insurance industry, the company’s solutions and products must also suit the needs of real clients.
Casava has achieved key milestones in 2022, led by Bode Pedro, an experienced technology entrepreneur who has developed numerous successful firms, including Veda Technology, one of Nigeria’s best computer hardware manufacturers. The firm announced a $4 million pre-seed fundraising round in February 2022 to support client acquisition and growth, as well as product and technology development. Casava has also recruited over 95,000 customers with $23 million in insurance coverage and will be officially inaugurated as the Nigerian Insurers Association (NIAfirst)’s Insurtech and Microinsurance member in October 2022.
“Casava has experienced immense growth; from our customer base to our product offerings, but most importantly we are actively bridging the knowledge and accessibility gaps that exist in the ecosystem, making insurance affordable, appealing, valuable, relevant, and enjoyable. We are transforming the way people experience insurance, by simplifying insurance and ensuring a fast claims process so that our customers can thrive and prosper in their lives.’’ Casava’s CEO, Bode Pedro.
As the nation’s first licensed microinsurance underwriter, Casava provides insurance services that make it simpler for Nigerians to protect themselves from unforeseen tragedies like job loss and medical problems
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Other News on Casava
Earlier this year, Casava got $4M pre-seed to make insurance affordable and accessible to Nigerians.
“We saw mass adoption and knew the market needed insurance payments to be broken down. But then we noticed that as brokers, we didn’t have full control about that process and we weren’t giving people the best experience,” Pedro told TechCrunch on a call.
“We saw mass adoption and knew the market needed insurance payments to be broken down. But then we noticed that as brokers, we didn’t have full control about that process and we weren’t giving people the best experience,” Pedro told TechCrunch during a call.
“We knew if we were going to take insurance to the next level, then maybe we need to control that product and be involved in product end-to-end.”
There are further explanations for why insurance hasn’t taken off in the biggest technology market in Africa. First, traditional insurance providers in Nigeria have based their operations on the necessity of insurance for commercial clients in the energy, property, and oil and gas industries. Although this isn’t always a bad thing, it prevents insurance products from reaching the mass market because their unit economics are designed for large rather than small transactions.
However, another factor contributing to the low rate of insurance adoption is people’s preference for short-term rewards over long-term ones. In essence, people avoid investing in favourable outcomes over unfavourable ones.
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About Casava
Casava is the fastest-growing insurtech startup in Africa and the first 100% digital insurance firm in Nigeria. We are lowering the cost of insurance for wage employees while also providing protection from significant life uncertainties.
With our distinctive business model and a focus on outstanding client experiences, we are digitally redesigning insurance from the ground up to make it more data-driven, approachable, and socially significant. We will deliver insurance with a fantastic user experience, incredible value, and immediate benefits by integrating technology, behavioral science, and empathy. In order to achieve this, we have created a vertically integrated business with a fully functional technology stack and a fully owned microinsurance carrier in Nigeria.