While buying vehicle insurance at dealerships in Nigeria is not totally new, cutting edge insurance technologies are opening up new opportunities for more choices, transparency and affordability as value-add to vehicle buyers.
Auto insurance, also called car insurance or vehicle insurance, is an insurance coverage designed to protect vehicle owners and drivers from financial losses that may arise from accidents, thefts, damages, or liabilities related to their vehicles.
It provides financial protection by transferring the risk of potential losses from the policyholder to the insurance company by paying regular premium payments.
Auto insurance policies provide coverages for:
However, auto insurance may not cover situations like your personal belongings stolen in the process or if a vehicle was damaged or lost for commercial purposes due to your carelessness or a natural disaster like flood.
For dealerships in Nigeria, a growing value proposition is helping customers evaluate costs of buying and maintaining their vehicles in the face of rising hyper inflation.
Providing them with affordable auto insurance coverage will add a lot of value to car buyers because it helps them minimize maintenance risks, especially with pricey automobiles.
Embedded auto insurance that offers choices and transparency will be a smart play for customer-centric dealers and a seamless savings-oriented experience for customers.
By partnering with Curacel, embedded auto insurance will enable dealerships to seamlessly integrate insurance solutions within their systems to provide customers with the opportunity to shop for and purchase insurance through trusted insurers that suit their taste and budget during the car buying journey.
Unlike the situation whereby dealerships have to sign up with multiple insurance brokers in order to give their customers a variety of options for auto insurance policies, Curacel's AI-powered insurance distribution infrastructure offers a rich network of insurance brokers across Africa which provides ample options, price comparison and best rates.
The global embedded insurance market is expected to reach $3 trillion by 2023, according to technologist Bill Malloy. A large proportion of that value is likely to come from embedded vehicle insurance as it is one of the most sought-after insurance coverage in Nigeria.
Insurers and dealerships now have the opportunity to expand their technological capabilities and build stronger customer relationships by leveraging Curacel's leading insurance infrastructure to offer innovative products and redefine customer experience across online and offline touch points. Talk to our team now.
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