Only 21% of the 12 million vehicles registered on Nigerian roads have genuine motor insurance, as the rest either have fake certificates (most owners are not aware of) or are not covered at all.
The report also stated that a number of car owners who had original insurance policies also failed to renew when they expired, violating the law in Nigeria, which demands that every vehicle should be covered by insurance. All of these challenges come from the fact that most transactions in the industry are still done manually and, most often, through agents, which worsens the problem.
To bridge the gap, insurtech such as Etap has emerged in the past few years in Nigeria, and across Africa, to streamline the process of buying insurance and making claims. Etap claims so that motor vehicle owners can buy insurance within 90 seconds and complete the claim within three minutes.
Starting now on an expansion drive across West African countries to follow $ 1.5 million in pre-seed funding in a round led by Mobility 54; venture capital arm of Toyota Tsusho and CFAO Group.
“We have good products and good value propositions. But we know that products and value propositions can be bigger and that’s why we look for partners that we have now. Our plan is to have insurance products that are most interesting and grow with this scale across. I feel like we are perfectly positioned to achieve that, “Etap founder and CEO Ibraheem Babalola told TechCrunch.
Tangerine Insurance is also an underwriter of Etap, Graph Ventures, Newmont and several angel investors who did not participate in the round.
Etap claims so that motor vehicle owners can buy insurance within 90 seconds and complete the claim within three minutes. Image Credit: Etap
Babalola started building Etap last year frustrated by the complexity and delay involved in buying insurance. In his own words, he went on to make buying insurance and making claims as easy as taking pictures – hence the name Etap.
“My own idea of being a frustrated customer; my insurance will expire and I won’t get notice to renew it … I always had to call the man who would help me renew it. I thought that there was a way to do it better,” said Babalola , adds that policyholders receive notification when coverage expires, and can also opt for automatic renewal.
Babalola, who has experience building and assisting financial services and starting proptech to scale, previously worked with executives of top insurance companies in Nigeria, which led to his interest in the sector.
“Nigeria has one of the highest risk environments in the world and insurance penetration is less than 2% – the relationship was crazy because the higher the risk the more the propensity to want to protect themselves from happening; but in Nigeria and the rest of Africa, this is not a problem. This needs to change,” he said. ”Said Babalola.
He added that, “Having all this experience from being on both sides; being a customer and close with the operator, and experience building startups; I thought it was important to re -imagine insurance – To re -imagine the application, how people access it, the user experience – so more flexibility, and transparency – by building trust and giving more value to people.
Started launching a beta version of its app in November last year, allowing people to buy insurance according to their needs; per trip, daily, monthly or annually. Yet making the process easier and flexible is not the only driving force behind Etap’s growth; startups also adjust product prices based on driver behavior. They have also replaced the product as well, as customers receive and redeem points based on their history.
“With our retail distribution, you will be profiled based on a set of data points that put you in a risk class,” he said.
Start-up end-to-end services also include pre-loss checks (done when registering) and reviews after the accident, all based on drawings. To prevent fraudulent claims, the application comes with geolocation tags, timestamps and other features such as crash notifications.
Mobility 54 project manager Yumi Takagi said, “Etap is addressing many of the challenges that affect the automotive experience in Africa, and we are excited to support and work with them to bring innovation to more drivers on the continent. We are confident that ETAP will engage in this important role. and revolutionize the automotive insurance industry with powerful technology.
How accurate is AutoCheck?
Contents
In general, AutoCheck and CarFax reports offer many of the same benefits. This may interest you : Car insurance costs determined on the basis of an assessment News pressrepublican.com. The second report will provide a fairly reliable account of the emissions history and history of any car accident.
What is the best car history report? Carfax and AutoCheck are the best car history reports, and we recommend them for others, albeit cheaper alternatives. It’s worth paying a little extra for Carfax and AutoCheck to receive the most accurate information about the car before you buy.
Is an AutoCheck report as good as CarFax?
Carfax reports are more comprehensive than AutoCheck – unlike AutoCheck, it includes information about maintenance or services being reported. Read also : How auto insurance claims are deposited. But all this information is valuable â € ”Carfax reports are more expensive than AutoCheck reports.
What’s better AutoCheck or CarFax?
The most significant difference between AutoCheck and CarFax is that AutoCheck is better at tracking auction cars, while CarFax is known to not be able to track cars effectively at auction. This barrier makes CarFax less profitable because many used cars were auctioned at some time in its history.
What is the most accurate vehicle history report?
CarFax said it has a better record to confirm mileage and report the number of car owners who have. AutoCheck includes the â € œAutoCheck Scoreâ € for car history. AutoCheck also has better information about auction cars because it has exclusive access to auction data.
Are AutoCheck reports reliable?
Carfax and AutoCheck reports are the most reliable and complete. If the report is not up to date or you suspect that it has information that was lost or created, check back with that service. Some dealer web sites have free links to direct reports of services.
What’s better CarFax or AutoCheck?
The best way to get a complete picture of the history of a working vehicle is to take a Carfax report with AutoCheck. See the article : Safeco Car Insurance Review 2022 – Forbes Advisor. While Carfax reports are more comprehensive, there are probably some things that AutoCheck will have data that you won’t be able to access if you only receive reports from one of them.
Is there anything better than CarFax?
AutoCheck Provides More Value Carfax AutoCheck® vehicle history reports deliver information about reported accidents, odometer rollback, lemon vehicles, branded titles and more.
Does CarFax show more than AutoCheck?
Carfax reports are more comprehensive than AutoCheck – unlike AutoCheck, it includes information about maintenance or services being reported. But all this information is valuable â € ”Carfax reports are more expensive than AutoCheck reports. For example, the cost of six Carfax reports is $ 99.99.
Is AutoCheck worth the money?
Our opinion: Although it doesn’t have Carfax name recognition, AutoCheck is worth a look. It’s a cheaper alternative for buyers who plan to run multiple reports. Vehicle scores are good as a quick reference, but don’t stock too much.
Does AutoCheck show accidents?
AutoCheck scores are based on proprietary models to help you understand the predicted reliability of a vehicle in relation to age, number of owners, accidents and other vehicle history factors.
Are AutoCheck reports accurate?
Carfax and AutoCheck reports are the most reliable and complete. If the report is not up to date or you suspect that it has information that was lost or created, check back with that service. Some dealer web sites have free links to direct reports of services.
Does Carfax always show accidents?
CARFAX compiles the CARFAX Vehicle History Report from information received from thousands of sources. As extensive as our database is, we do not have any accidents as many have not been reported, or may just have been reported to sources to which CARFAX does not have access.
Why does AutoCheck show an accident but Carfax doesn t?
Such credit reports they can contain errors. The information contained is only good and the information is reported to them. As with credit bureaus, some companies only report to Carfax or AutoCheck, so accidents that are reported to AutoCheck may not appear on Carfax.
How can I get Maruti service history?
You can check your Maruti Suzuki car service record in an app called the ‘Maruti Suzuki Rewards’ app. You can go through service history, nearest workshops and much more in the app. register using your car VIN no. and book service appointments, register complaints and check service history.
How can I get a service record for my car in India? To get a complete certificate of any used car, users must opt for online vehicle registration by entering the car’s registration number; As soon as the registration number is provided, the user will get a vehicle history report.
What is Maruti auto card?
Maruti Auto Card Maruti Auto Card:- is a Loyalty Rewards Scheme for Maruti Suzuki owners, where you have:- »Earn Points When Serving Cars in Maruti Suzuki Network (Points apply only if no discount is offered on Spares and Accessories)» Earn Points for Buy MGA Accessories at Maruti Suzuki Network.
What is the benefit of Maruti rewards?
What benefits are offered by the Maruti Suzuki Rewards program? Points that are accrued can be redeemed against vehicle services and the purchase of accessories, original parts, renewal warranties and insurance from Maruti. The company also allows its customers to take advantage of the benefits of enrolling in its driving school.
What are the benefits of auto card?
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Is Maruti auto card mandatory?
Not required to purchase Maruthi loyalty cards, Extended Warranties, B2B insurance, and Accessories, etc., we recommend that you contact other Maruti brands or dealers for better clarity.
How can I check my Maruti card balance?
Chapter Info
- www.marutisuzuki.com/
- Email. Send an email. contact@maruti.co.in.
- 18001021800.
What is Autocard in vehicle?
Every time you take advantage of the services of Popular Maruti or exchange your car with us or refer Popular to friends who buy a new car, you earn valuable points by using your Autocard, which can be redeemed later from your car service or insurance or extended warranty or purchase Maruti Original Parts and Accessories.
What is the use of Maruti rewards points?
Points that are accrued can be redeemed against vehicle services and the purchase of accessories, original parts, renewal warranties and insurance from Maruti. The company also allows its customers to take advantage of the benefits of enrolling in its driving school.
What is loyalty card in Maruti Suzuki?
This allows owners to accumulate points that can be used for real profit such as serving regularly and buying parts. The Maruti Suzuki Rewards program offers points that can be redeemed to purchase warranty, insurance, spare parts and more. Apply to all new Maruti car buyers.
What is the use of Maruti rewards points?
Points that are accrued can be redeemed against vehicle services and the purchase of accessories, original parts, renewal warranties and insurance from Maruti. The company also allows its customers to take advantage of the benefits of enrolling in its driving school.
What are loyalty points used for?
Loyalty programs, sponsored by retailers and other businesses, offer rewards, discounts, and other special incentives as a way to attract and retain customers. It’s designed to encourage repeat business, offering people rewards for store / brand loyalty (hence the name).
What is the benefit of Maruti rewards?
What benefits are offered by the Maruti Suzuki Rewards program? Points that are accrued can be redeemed against vehicle services and the purchase of accessories, original parts, renewal warranties and insurance from Maruti. The company also allows its customers to take advantage of the benefits of enrolling in its driving school.
What is the use of Maruti auto card?
The Maruti Suzuki Rewards program offers points that can be redeemed to purchase warranty, insurance, spare parts and more. Apply to all new Maruti car buyers. AutoCard and MyNexa members will be upgraded to the new rewards regime. Existing owners can register through the official Maruti website.
Who pays for the Carfax report?
| The buyer | 73.91% | 34 votes |
|---|---|---|
| SELLERS | 26.09% | 12 sora |
Why does Carfax offer free reports? How To Get A Free Carfax Report Store at the Carfax used car listing site where every car listed has a free vehicle history. Visit online car listing sites such as Cars.com and AutoTrader that can offer free Carfax for some used cars. Visit the dealer website and look for links to Carfax history.
Should I pay for a Carfax report?
If you consider a vehicle for sale by a private seller, ask the CARFAX Report. If they don’t have a report or are reluctant to share vehicle history, you thought of going to buy that report for yourself.
Why are Carfax reports so expensive?
Overall, the level of detail that Carfax provides is the main reason it’s so expensive. Price helps to ensure that the information is accurate, detailed, and clearly presented to those who need it most.
Is it worth it to buy a Carfax report?
The CARFAX report is a good place to start when buying a used vehicle because it provides initial information, such as whether the car you want has been destroyed. They should also tell you whether there are reminders that have been addressed or remain open.
How can I get a free Carfax report without paying?
How to Get a Free Carfax Report
- Shop at the Carfax used car listing site where every car listed has a free vehicle history.
- Visit online car listing sites such as Cars.com and AutoTrader that can offer free Carfax for some used cars.
- Visit the dealer website and look for links to Carfax history.
Does AutoCheck show accidents?
AutoCheck scores are based on proprietary models to help you understand the predicted reliability of a vehicle in relation to age, number of owners, accidents and other vehicle history factors.
Why does AutoCheck indicate a crash but Carfax does not? Such credit reports they can contain errors. The information contained is only good and the information is reported to them. As with credit bureaus, some companies only report to Carfax or AutoCheck, so accidents that are reported to AutoCheck may not appear on Carfax.
Is an AutoCheck report as good as Carfax?
Carfax reports are more comprehensive than AutoCheck – unlike AutoCheck, it includes information about maintenance or services being reported. But all this information is valuable â € ”Carfax reports are more expensive than AutoCheck reports.
What’s better AutoCheck or CarFax?
The most significant difference between AutoCheck and CarFax is that AutoCheck is better at tracking auction cars, while CarFax is known to not be able to track cars effectively at auction. This barrier makes CarFax less profitable because many used cars were auctioned at some time in its history.
Are AutoCheck reports reliable?
Carfax and AutoCheck reports are the most reliable and complete. If the report is not up to date or you suspect that it has information that was lost or created, check back with that service. Some dealer web sites have free links to direct reports of services.
What is the most accurate vehicle history report?
CarFax said it has a better record to confirm mileage and report the number of car owners who have. AutoCheck includes the â € œAutoCheck Scoreâ € for car history. AutoCheck also has better information about auction cars because it has exclusive access to auction data.
Are AutoCheck reports accurate?
Carfax and AutoCheck reports are the most reliable and complete. If the report is not up to date or you suspect that it has information that was lost or created, check back with that service. Some dealer web sites have free links to direct reports of services.
What is the most accurate vehicle history report?
CarFax said it has a better record to confirm mileage and report the number of car owners who have. AutoCheck includes the â € œAutoCheck Scoreâ € for car history. AutoCheck also has better information about auction cars because it has exclusive access to auction data.
Why is my AutoCheck score so low?
If the car has had more than the expected number, that could cause the Score to be reduced. Vehicle Use and Incidents – Other factors such as taxi use, accidents, repossession and theft history also affect AutoCheck Scores.
Does Carfax always show accidents?
CARFAX compiles the CARFAX Vehicle History Report from information received from thousands of sources. As extensive as our database is, we do not have any accidents as many have not been reported, or may just have been reported to sources to which CARFAX does not have access.
Does Carfax show pictures of accidents?
In many cases, the Carfax Vehicle History Report not only details where the car damage occurred, but also the severity of the damage. A large percentage of owners – 25% – whose cars got damaged are putting the car on the market within a year after the damage, Carfax data shows.
Why would an accident not show up on Carfax?
The most common situation is when the police are not called to write an accident report or the police department does not have a computerized record system that can be accessed by CARFAX. Very often there is a delay time before an accident is reported to CARFAX.
Because CARFAX relies on information reported to the company, anything not reported to the company or to the data source will not appear in that report. We ordered a report on the vehicle which we knew had extensive collision work done on it five times.