Introducing ETAP
“Car Insurance, as easy as taking a picture”
Car insurance in Africa (as it currently exists) doesn’t work. We have a young, digitally savvy and mobile-first population but the insurance experience is still largely offline and doesn’t match the everyday reality of most people. Nigeria, for example, is one of the few countries in the world where your Netflix subscription renews automatically but you typically need to “call a guy” to buy, renew or claim insurance.
Unsurprisingly, many Nigerians consider car insurance a long and tiring process they want to avoid. They would rather pay the upfront cost of maintaining their cars with their mechanic than endure the hassle. Despite longstanding regulations making car insurance compulsory and more than 100,000 car accidents reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured. The complexities of buying and claiming insurance have led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance. It’s just “vibes and Inshallah”, as they say.
Car insurance can be enjoyable
Nigerians want the fastest and most convenient way to keep their cars in good shape and there is no reason why this should not be as enjoyable as any other everyday experience. This is at the heart of everything we are doing at ETAP. We believe buying and claiming car insurance should be as easy as taking a picture and we also believe, that rewarding good drivers can be a catalyst for better driving and making our roads safer. This is why we have created Africa’s most powerful car insurance app.
With ETAP, drivers can buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents. The entire process happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users. Our machine learning technology also builds intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.
We have gamified the driving experience, using advanced telematics to monitor driving behaviour like speeding and braking, and rewarding drivers with Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.
Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. In the unfortunate event of an accident, they simply need to take a picture of the affected part of the car via the app and the artificial intelligence processes the claim based on previously uploaded images. The app comes with geolocation tags, timestamps and other features to prevent fraudulent claims, as well as crash notification, emergency support and more.
It is not hype. We have indeed built Africa’s most powerful car insurance app. If you can show us another car insurance app that can do more, well be here waiting…
We are just getting started
Since launching in beta in November 2021, ETAP has insured more than 50,000 individual trips and over 340,000 kilometres in car journeys, which represents more than five times the total distance of paved roads in Nigeria.
We have started in Nigeria but we certainly have our eyes on the rest of the continent and we are already working with other automotive value chain players to roll out our game-changing app across the continent.
We know that this journey will take more than just having a good product to achieve the success we desire. This is why we are excited to have secured $1.5 million in pre-seed funding to grow our team and support the launch of the app. The funding round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse and Truelayer), Newmont and other angel investors like Idris Olorunnimbe. It’s great to have these investors on board and we are looking forward to working with them to execute the mission ahead of us.
Take the easy route. Insure your car with ETAP.
