• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

Insurance Startup, ETAP To Make Car Insurance As Easy As Taking A Picture In Nigeria And Africa

Ayoola by Ayoola
September 8, 2022
in African, Start Up
Share on FacebookShare on Twitter
Ibraheem Babalola, CEO and founder of ETAP

Fast rising insurtech startup, ETAP has for the past months risen up to the challenge of car insurance in Nigeria and the African continent.

With the Guardian reporting in it’s survey how a below 25 percent of registered vehicle users having their cars insured, the ETAP company is seeking to correct the aversion.

The Guardian survey says only 2.5 million out of 12 million vehicles  in Nigeria are insured, showing the abysmal level of motor vehicle insurance registration in the West African country.

Here comes ETAP, who believes it has what it takes to bridge the gap as it moves to make car insurance as easy as taking a picture.

ETAP was birthed few years ago when the founder and CEO, Ibrahim Babalola had a car accident before renewing his insurance, culminating in he spending a lot of money to get it solved. With Babalola’s experience in the insurance company, having worked there, he started speaking to friends and in the process submitted a Y Combinator application on a whim.

His new project ETAP, an acronym for ‘Easy as Taking A Picture’ , was not accepted to the accelerator but he was favoured to get an interview with a YC partner. He had to wait for few years before he could start work on ETAP.

He positioned himself and his new startup to be idealistic and he analysed it further when he said:

“What we’ve done with ETAP is make insurance enjoyable for people by reimagining the entire process. We’ve built ETAP in a way that customers can insure their car in 90 seconds, get their claims settled in three minutes, and more importantly, get rewarded for driving safely.”

To make this possible, ETAP decided to gamify the process, with users having the leverage to access ETAP’s offerings and services through the use of a mobile app, while they see their driving scores for every trip.

The driving scores would then get affected by how safe a user drives, while considering speed, phone handling and navigation factors.

The process is, the higher the driving score of a user, the lower their insurance premiums upon renewal. The approach according to ETAP’s CEO, Babalola was mooted to reward safe drivers while encouraging them to get insured.

“We think that no two individuals have the same risk profile and no two individuals should pay the same premium. We also think that less risky customers shouldn’t be penalised for being less risky”, Babalola said.

Drivers will be able to also earn points for safe driving, with they using the points earned  to make purchases on SPAR, Jumia, Shoprite and other brands on the platform.

The ETAP leader board shows the safest drivers on the platform.

Also, users can request emergency services in case of accidents even as they have the option of having their car insured daily, weekly or monthly.

ETAP had July this year partnered with MTN Nigeria to make users have access to it’s website without having to use their existing data balance, making it free.

This is seen as a smart effort to drive adoption into the web page and ETAP various services.

The partnership between ETAP and MTN Nigeria makes the insurance startup a get to go platform for millions of potential customers in the country.

MTN users will be able download the app, browse freely nudging them to drive safely before advertising it’s insurance services to them.

Babalola goes forward to analyse the startup’s core offerings when he said:

“We think insurance in itself shouldn’t be a stand-alone offering. We think it should be an embedded offering in something more holistic. ETAP is a proponent of shared value insurance. What that means is that we think that if we enable customers either by gamifying the engagement or showing them insights that they can use to improve their behaviour, avoid accidents, and keep the roads safer, we think the insurance providers should reward the customers for doing that.”

Aside MTN, the Nigerian startup also partnered with Suzuki CFAO, with the terms of the partnership having people who get to purchase cars from the dealer get ETAP alongside.

ETAP is also setting it sights on expanding it’s user base as it is planning on launching in Ghana later this year and Francophone Africa by next year.

Related Posts:

  • Kenya's Turaco, An Insuretch Looking To Fill The…
  • Kenya's Insuretech Lami Secures $3.7 Million In A Seed Extension Round Led By Harlem Capital
    Kenya's Insuretech Lami Secures $3.7 Million In A…
  • Lami
    Kenya's Insuretech Lami Secures $3.7 Million In A…
  • Duplo, A Nigerian B2B Payments Startup Digitilizing…
  • motor-1440×720
    OnePipe Collaboration With Motor Africa Will…
  • Figorr
    Figorr Completed Its Seed Funding Led By Atlantic…
  • president-elect-trump
    Kenyan Startups Saw The Most Funding Growth In The…
  • GettyImages-1139743558
    FT Lists Paymenow, TymeBank & Omnisient Among…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: etapinsuretechstartup
Ayoola

Ayoola

Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.He is the Co-Founder of media brand, The Vent Republic.

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

subscription from
Loading

Freshly Squeezed

  • Linux Mobile OS Postmarket 25.06 Adds New Device Support June 23, 2025
  • SMB Fintech Finom Raises €115M Amid European Competition June 23, 2025
  • Nigeria’s Top Financial Apps with 10M+ Downloads June 23, 2025
  • SBM Research Flags Flaws in Bosun Tijani’s Telecom Leadership June 23, 2025
  • Opinion: Lebara Should Have Partnered with 9mobile Instead June 21, 2025
  • Lebara Brings UK Budget Calling Model to Nigeria June 21, 2025

Browse Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    

Quick Links

  • About TechBooky
  • Advertise Here
  • Contact us
  • Submit Article
  • Privacy Policy
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • Artificial Intelligence
  • Gadgets
  • Metaverse
  • Tips
  • About TechBooky
  • Advertise Here
  • Submit Article
  • Contact us

© 2021 Design By Tech Booky Elite

Discover more from TechBooky

Subscribe now to keep reading and get access to the full archive.

Continue reading

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok