How Big is the Logistics Sector in Nigeria?
According to the 2018 Logistics and Supply Chain Industry report as reported by Vanguard corroborated by data from industry contacts, CEIC, National Bureau of Statistics and UN Comtrade, Nigeria's logistics sector was estimated to be $584 million (250 billion Naira) as of 2018. This was a rise of $117 million (50 billion Naira) from 2017 figures.
On the flip side, Nigeria's continuous population explosion and rural-urban migration has been encouraging market players to heavily invest in manufacturing and export sectors, as well as scaling e-commerce platforms and logistics apps.
Also, embedded insurance with digital logistics offerings has also unlocked new possibilities.
For instance, after integrating with Curacel's embedded insurance infrastructure, Topship, processed over a hundred policies, improved business transparency and better understanding of pricing and coverage for customer communication.
Topship is a global shipping platform that helps African businesses export and import goods across the world. It currently helps over 1,500 merchants to move cargo and parcels from Nigeria to more than 150 countries. Read more on How Topship Scaled Their Insurance Distribution Service with Curacel Grow's digital insurance.
1. GIT Insurance
GIT or Goods-In-transit insurance is an embedded insurance policy that covers your goods against loss of or damage by fire, theft or accidental means whilst the goods are in transit in a road vehicle or train or housed in the ordinary course of transit.
2. Marine Insurance
Embedding digital Marine Insurance in your logistics services covers the loss or damages of goods on terminals, cargo, and ships on water or land during transit.
3. Fire and Burglary insurance
This insurance policy provides financial compensation to the insured on their property or valuable items lost within the premises of the insured due to burglary or housebreaking.
4. Warehouse to Warehouse Insurance
This is a Marine cargo insurance policy that you can embed in order to extend the protection from the warehouse at which the shipment originates to the one at which it terminates.
5. Employee Disability Insurance
Typically, Disability insurance replaces a portion of an employee's income when he/she can't work because of an illness or disability from the job. Although it does not replace the employee's total income, instead, it provides wage replacement benefits that cover, on average, up to 60% of employee earnings.
5. Ride-hailing Insurance
This caters to emergency medical expenses, disability or even in the unlikely event of accidental death for riders and partner drivers during a trip on a ride-hailing app.
For instance, Bolt recently announced trip insurance cover which is currently available in over 11 cities across Nigeria. This is an example of innovative embedded insurance offering for Logistics companies that want to solidify customers’ trust by assuring them that their lives and properties are secure when using their services.
Sell: Curacel Grow's embedded insurance helps Logistics companies sell insurance by adding it to the list of offerings on their platforms. This way, your customers can easily add insurance to any trip at checkout.
Buy: embedded insurance helps logistics companies' clients to buy digital insurance as a team to cover their staff, and enable their customers to buy insurance policies for themselves.
Claim: With Curacel Grow, companies can submit digital insurance claims and get paid through the Curacel dashboard, without the hassle of going directly to insurance companies. We do all the hard work for you.
Contact our team today and let's help delight your customers and keep returning to use your logistics services. Get started now.
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