Towards achieving Universal Health Coverage (UHC), which aims at providing essential healthcare services for all citizens at affordable rates, with a drastic reduction in out-of-pocket purchases, Cubecover, a dynamic new entrant in Nigeria’s insurance technology sector, has laid out an ambitious plan to provide affordable insurance for 10 million Nigerians by 2027.
This is concerning as a recent survey conducted by the insurance and technology company showed that less than three percent of Nigerians have a functional insurance package, while about 218 million have no insurance protection. Implications of these troubling figures, according to the study, are an increase in the cycle of pain for the masses, leading to vulnerability to shocks, overburdened government facilities, social inequality, and higher mortality, with women and children being more vulnerable.
Other outcomes of the study, according to Deji Macaulay, CEO of Cubecover, negate existing notions about health insurance, as they found that 86 percent of Nigerians are willing to access health, life, and other insurance if their employers or insurance companies grant them free access to the services. Lack of awareness was also identified as a major barrier preventing most people from accessing insurance services.
Thus, to break these barriers and make insurance affordable and accessible to ten million Nigerians and more in three years, Cubecover made a gallant entry into the Nigerian insurance and technology space, leveraging strategic partnerships with healthcare providers, fintech platforms, network providers, and insurers.
Fielding questions from the press at the launch of the innovative brand recently in Lagos, Macaulay disclosed that the insuretech organization has already processed over 400,000 policies and that thousands of enrollees are receiving medical care and processing claims. They are set to redefine how Nigerians engage with insurance by offering user-centric, tech-enabled solutions.
He said enrollees benefit from streamlined claims processing, allowing quicker access to insurance protection and financial support during emergencies. “The company’s innovative approach aims to bridge the gap between underinsured populations and accessible healthcare, leveraging technology to streamline services and ensure transparency in claims processing.
“Insurance should be affordable, accessible, and trustworthy for every Nigerian. Our platform simplifies the process, bringing peace of mind to individuals and families while enhancing the efficiency of the overall system,” said Macaulay.
The World Health Organisation (WHO) estimated that about 2 billion people are facing financial hardship, with 1 billion experiencing extreme out-of-pocket health spending or 344 million people going deeper into abject poverty due to health costs.
The global health agency decried a drastic decrease in the population of the world without essential health services, by about 15 percent between 2000 and 2021, leaving about 4.5 billion people without full insurance coverage.
Protecting people from the financial consequences of paying for health services out of their own pockets, the WHO maintains, reduces the risk that people will be pushed into poverty, as the cost of needed services and treatments requires them to use up their life savings, sell assets, or borrow—destroying their futures and often those of their children.
Sam Ishie, Chief Technical Officer of Cubecover, further buttressed the findings of their survey, noting that it is the driving force behind the strategic partnerships the company has initiated to improve insurance penetration by connecting service providers, network providers, and financial institutions. The platform simplifies access to care, makes claims processes transparent, and reduces wait times. This integrated approach not only strengthens relationships with partners but also improves customer satisfaction.
According to him, “Cubecover’s partnerships with network providers and fintechs ensure that policyholders stay informed through regular updates and reminders, helping them take full advantage of their coverage. Meanwhile, healthcare providers partnering with Cubecover benefit from a steady influx of insured patients, with simplified claims processes that reduce administrative tasks and allow them to focus more on patient care. Financial institutions involved in the platform also benefit from Cubecover’s seamless integration and improve customer loyalty by offering value-added services to their clients, ultimately driving more engagement and trust.”
Looking forward, he explained that the insurance and technology firm aims to democratize insurance further by expanding its offerings to include products like life, property, and auto insurance. By centering solutions around customer needs and integrating seamlessly with service providers and financial institutions, Cubecover is positioned to become a game-changer in the Nigerian insurance industry.
At the brand launch, a panel session consisted of leaders in the insurance, telecommunications, and finance industries, including Cubecover CEO Macaulay; Chief Digital Officer of MTN Nigeria, A’isha Mumuni; Chief Distribution Officer of AXA Mansard, Jumoke Odunlami; and Head of Wealth Product at PalmPay, Habib Kowontan, who discussed how mobile platforms can expand insurance accessibility in Nigeria. They all unanimously agreed that the current process of signing up for insurance and receiving claims could be simplified, and that innovative partnerships would foster solutions to the challenges currently faced in the industry.
The panelists also acknowledged that Cubecover’s entry signals a new era for insuretech in Nigeria, combining cutting-edge technology with an understanding of local needs and peculiarities. With a commitment to inclusivity, accessibility, and reliability, Cubecover is poised to transform the insurance landscape, offering Nigerians the coverage and peace of mind they deserve.
