AIICO signs pacts on embedded insurance

AIICO Insurance Plc, has entered into partnership with two firms to drive the concept of embedded insurance in the country to further enhance its quality service delivery.

According to foremost underwriter, the undisclosed firms are into electronics and airline businesses.

According to the Divisional Head, Shared Services, AIICO, Olusanjo Shodimu, the firm is enlarging its frontiers in the retail market space through the embedded insurance concept.

“We have adopted two approaches to managing micro insurance. What we are doing is seeking partnership by identifying people operating within the space of business we want to do.

“There is a new concept called embedded insurance, that is partnering people with large customer base and putting insurance on their platforms,” he said.

Embedded Insurance means abstracting insurance functionality into technology to enable any third-party product or service provider or developer in any sector to seamlessly integrate innovative insurance solutions into their customer propositions and experiences, either as complementary add-ons to their core offerings or as new native components.

Embedded insurance has grown out of simple device protection and warranty products to more complex motor insurance coverages; and is expected to develop even further into other lines of business once data privacy concerns have been resolved.