ETAP Takaful, a new ethical insurance solution from Nigerian insurtech startup ETAP, accords with the religious values of Muslim subscribers.
The product is built on ETAP’s current technology, which has one of the fastest claims processes on the market. It takes 90 seconds to buy the insurance and three minutes or less to file a claim.
Users of ETAP Takaful can earn Safe Driving Points by driving safely. These points can be redeemed for gift cards to famous stores, fuel, movie, and concert tickets.
Less than 3% of Africans have any kind of insurance. Ibraheem Babalola, CEO and Founder of ETAP, think that the best way to increase insurance penetration is to create new products that meet the different needs of people across the region.
Nearly half of the people in Nigeria are Muslims, but most of the insurance goods don’t fit with their beliefs. ETAP Takaful can be used by both Muslims and people who are not Muslim. It adds an ethical protection layer to the company’s other products.
ETAP is able to give drivers the right premiums because it uses machine learning to create smart risk profiles. This helps lower risk and encourages safe driving.
ETAP’s business plan is based on “Shared Value Insurance,” which rewards drivers for being good drivers and lowering their insurance risk. ETAP’s new way of thinking about insurance and creating a product that fits with religious views are good steps toward making insurance products more available and open to more people in Africa.