By Favour Nnabugwu
AIICO Insurance Plc said it has strategised to take the lead in enhancing customers experience and satisfaction through the embedded insurance concept which is presently transforming underwriting practice.
Embedded insurance, which is presently gaining traction across the globe, according to experts, has the potential to grow into a trillion-dollar market.
AIICO Insurance said as a forward-looking underwriting firm, it has signed partnerships with two firms to drive the concept.
According to its Divisional Head, Shared Services, Olusanjo Shodimu, the firm is enlarging its frontiers in the retail market space through the embedded insurance concept.
“We have adopted two approaches to managing micro insurance. What we are doing is seeking partnership by identifying people operating within the space of business we want to do. There is a new concept called embedded insurance, that is partnering people with large customer base and putting insurance on their platforms,” he said.