Octamile introduces PayCover an AI-powered platform for insurance policy management

At a market size of $1.7 billion (₦2.81 trillion) today, the Nigerian insurance industry has grown significantly over the past decade, with total premiums collected, growing from around ₦75 billion in 2005 to over ₦730 billion in 2023, according to a PWC report.

Despite this growth, only a low percentage (3%) of the Nigerian population have insurance plans. This low adoption rate is a result of a mix of factors such as awareness, predominance of the informal sector, affordability and negative perception of claim settlements. 

One of many insurtech companies working to increase insurance adoption is Octamile. Founded in 2021 by Gbenro Dara, the insurtech startup started with a mission to provide insurance companies with innovative data and technology to improve customer experience, reduce administrative costs and optimise the profitability of their portfolio. 

“Over the past three years, we’ve delivered on our promise, achieving a milestone of crossing 150,000 transactions on the Octamile platform while growing at an average of 3X year on year since our launch, demonstrating significant market adoption and customer satisfaction,” Dara told Bendada.com. The startup has also established strategic partnerships with 12 leading insurance providers in Nigeria including AXA Mansard, Leadway Assurance, Allianz Insurance, and Sanlam which helped it broaden the range of services it offers.

In the bid to continue on its trajectory of growth and impact, the company has launched PayCover in collaboration with AZA Insurance Brokers, a Nigerian Insurance company. 

“PayCover represents a pivotal advancement in making advanced risk management tools accessible to small and medium-sized businesses,” said Dara. “By reducing the traditional barriers to comprehensive insurance solutions, PayCover not only protects businesses from unforeseen risks but also empowers them to invest confidently in their growth and long-term sustainability.”

Meet PayCover

Targeted at businesses, brokers, agents and insurers, PayCover is an AI-powered user-friendly digital platform for insurance policy management. 

Through PayCover's digital interface and automated systems, insurers can enhance the efficiency of policy issuance, reducing the time and paperwork traditionally associated with onboarding procedures. For businesses, it helps educate them about risk management best practices specific to their industries.

“With PayCover, you can simply forward the details of insurance policies that you otherwise use, allowing PayCover to manage these policies for you and also search the market for better ones, or at least make sure you’re getting the most from your policies,” Dara said.

PayCover offers four distinct features: a digital wallet, personalised insurance policies, automated reminders and flexible payment options.

The digital insurance wallet is a comprehensive hub for policy management, it securely stores and manages insurance policies in one centralised platform, providing users with easy access and control over their coverage.  

"The tailored coverage feature from PayCover by Octamile ensures that we only pay for what we need,” Damilola Odunlade-Akeju, founder and CEO, DriveMe.ng and one of the early users of PayCover said. “It's refreshing to see a solution that truly understands the unique needs of SMEs." 

It’s not out of place for busy business executives and insurance professionals handling many insurance policies to forget payment or renewal deadlines. In response to that, PayCover provides automated reminders that keep you updated on time, dates, and deadlines making sure they act on time on renewals and critical updates. This reduces the risk of lapses in coverage, ensuring no benefits are lost or unnecessary costs incurred. 

To cater to the needs of different businesses, PayCover uses AI to provide unique, tailored policies from a diverse spectrum of insurers. These policies offer flexible and comprehensive coverage to meet unique business needs.

PayCover is expected to further Octamile's mission to help democratise access to insurance products. Already the company has partnered with more than 50 businesses to offer insurance by default to their existing users and customers. These companies include leading banks, fintechs and logistics companies like Providus Bank, Kredi Bank, Terminal Africa, DriveMe, Traction and many more. 

“We’re here to support businesses seeking efficient, customizable insurance solutions to protect and support their growth,” Dara said. “Octamile's PayCover is not just a product; it's a vision for the future of insurance.”