Following a successful rollout to key industry stakeholders, the mobile application is now available for download on the Google Play Store and Apple App Store for both Android and iOS users.

InsurEase allows customers to purchase a variety of insurance policies, health, device, motor, and travel directly from their smartphones. Designed with user convenience in mind, the app offers a seamless, user-friendly experience, enabling users to explore, compare, and secure coverage in just a few taps.

Transparency Scape aims to empower customers with access to affordable, reliable, and convenient insurance policies while giving them the flexibility to choose from a wide range of offerings from top-tier insurance providers. 

These partners include AXA Mansard Insurance Plc., NEM Insurance Plc., Leadway Assurance Company Limited, Coronation Insurance Plc., Cornerstone Insurance Plc., Consolidated Hallmark Insurance Plc, Bastion HMO, and Tangerine Africa. The app is also integrated with trusted payment gateways Paystack and Budpay to ensure smooth and secure transactions.

“We are thrilled to officially go live,” said Oluseyi Ifaturoti, managing director and CEO of Transparency Scape. “Reaching this milestone has been a journey of perseverance, and we are excited to offer our customers peace of mind through a smart, easy-to-use app. Our goal is to be a trusted partner as they navigate the often complex world of insurance.”

Transparency Scape has also partnered with key regulatory bodies, including the National Insurance Commission, NAICOM, Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria, CIIN, The Nigerian Council of Registered Insurance Brokers, NCRIB, to ensure full compliance and uphold the highest industry standards.

“We extend our sincere gratitude to our regulators for fostering innovation within Nigeria’s insurance space,” Ifaturoti added. “We are also grateful to our insurance partners for their trust and for allowing us to integrate their APIs. This has been instrumental to our success.”

Speaking further on the impact of the launch, Olufela Olurin, chief operating officer of Transparency Scape Insurance Brokers Limited, said,

“InsurEase reflects our core values of transparency and trust. By breaking down the barriers to insurance accessibility, we have made it easier for Nigerians to secure the protection they need. Our app simplifies the entire insurance journey, giving users greater peace of mind and security for their future.”

InsurEase is now available for download on the Google Play Store and Apple App Store. For more information about the company, visit the website or follow us on Instagram, Twitter, Facebook, and LinkedIn.

Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements.

With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.

While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.

Commenting on this partnership, Tunde Kuponiyi, Chief Executive Officer, Smartcash PSB, highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.

“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.

He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.

Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion. This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”

The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.

This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.

Companies that want to stay resilient are adapting fast, and two of Nigeria’s oldest and most trusted insurers, Leadway Assurance and AIICO Insurance Plc, are scaling up without losing focus.

In a country where insurance penetration is under 2%, these two industry giants are working alongside other innovators in the sector to ensure the gap is bridged.

Leadway has been around since 1970, and AIICO since 1963. Both have weathered Nigeria’s unstable economic cycles and regulatory instability. But now, digitisation is taking over, the industry is facing total disruption from mobile penetration, changing consumer expectations, and pressure to reduce costs of operations. 

78% Surveyed Insurance Execs Say Closing $1.8trillion Protection Gap is an Ethical Obligation

It’s interesting to look closely at how both firms are adapting, where they’re focusing, and how well they’re delivering on customer expectations in this new phase. So, let’s do that:

Company Overview

Leadway Assurance is a private, family-founded company that has built a reputation for dependable service. It offers a wide range of insurance products, life, general, motor, health, and has expanded into pensions and asset management. Over time, it’s developed strong partnerships and a solid distribution model that includes brokers, agents, and digital platforms.

AIICO Insurance Plc, on the other hand, is publicly listed. Its roots are in life insurance, but it now operates across retail and corporate segments with products in general insurance, pensions, health, and investments. Unlike Leadway, it’s accountable to shareholders, which may influence its speed of innovation, but it stands as one of the most financially solid insurers in the country.

Market Focus and Services

Both companies have broad portfolios, but they’ve taken slightly different paths.

• Leadway has a stronger hold in motor insurance, health, and agricultural insurance. It also offers estate planning and microinsurance products aimed at individuals and small businesses.
• AIICO is seen more in life insurance and retirement planning. It also has strong partnerships with corporate clients, particularly in oil and gas, and offers group life insurance and pensions.

Both have pension subsidiaries: Leadway Pensure and AIICO Pension Managers. These arms manage thousands of Retirement Savings Accounts (RSAs), but Leadway’s approach has been more aggressive in digital outreach, while AIICO has leaned on regulatory compliance and steady growth.

Claims and Customer Experience

When it comes to claims, what most people care about, Leadway leads by example. In 2023 alone, the company paid out over ₦67.1 billion in claims. It has consistently ranked as one of the top claim payers in Nigeria over the last five years. That level of consistency matters. In a market where trust is thin, the ability to settle claims promptly sets you apart.

AIICO, while not disclosing its total claims for 2023, reported a profit after tax of ₦12.02 billion in the same year. That figure speaks to strong financial management, but it doesn’t necessarily tell us how quickly or easily customers get paid. Nonetheless, customer feedback reveals that AIICO has made solid improvements in this area, especially through digital self-service tools.

Digital Shift

Now, let’s talk about what really matters in this phase of change, digital adaptation. Both companies are no longer operating in a paper-heavy world, but their approaches differ.

Leadway has taken steps towards simplifying insurance. It introduced LOLA, a chatbot that helps customers buy insurance, track claims, and get support online. It also launched VehiScanner, a tool that lets users assess car damage with their phone camera. More importantly, it partnered with Octamile to provide flexible motor insurance payment plans, which helps address affordability, a major issue in Nigeria.

AIICO has also upgraded. Its mobile app and online portal allow users to buy policies, file claims, and view policy status. It recently partnered with ETAP, a platform that rewards good driving with lower premiums. This step indicates AIICO is ready to personalise pricing, a model that has seen success abroad.

Financial Strength

Here’s a quick financial snapshot:

What these numbers show is that both are strong, but in different ways. Leadway tops in claims servicing and premium volume, while AIICO is focused on efficient profit management and sustainable growth.

Health Insurance Segment

Another space where competition is rising is health insurance. Nigeria’s public health infrastructure is weak, and HMOs (Health Maintenance Organisations) are stepping in.

Leadway Health, a newer subsidiary, is building digital-first health plans. It provides virtual consultations, digital prescriptions, and customised wellness programmes. Its app allows users to manage benefits and speak with doctors remotely.

AIICO offers health insurance through NHIS-accredited plans. It hasn’t created a separate HMO arm yet, but its health plans are part of its insurance suite and target both individuals and corporates.

In terms of depth and digital readiness, Leadway appears to be ahead in this area.

Challenges and Risks

There’s no shortage of obstacles.

• Penetration is still low: With insurance penetration below 2%, both firms are fishing in shallow waters. Public awareness remains poor, and many still see insurance as a luxury.
• Economic challenges: High inflation, job losses, and currency instability mean fewer people can afford regular premiums.
• Trust issues: The industry still suffers from a trust deficit, especially in rural areas and among low-income earners.

However, even with the issues, digital access is growing, and both firms are using that as a path forward.

Finally?

It’s not a matter of who’s better, but who is doing what better.

• If you want a provider that’s leading with speed, innovation, and user experience, Leadway is clearly ahead.
• If you value financial consistency, corporate reputation, and structured expansion, AIICO has a solid case.

Leadway seems more aggressive in its modernisation efforts, while AIICO is more measured but stable. From a consumer’s point of view, both are viable and dependable. From a competitive standpoint, Leadway is pushing harder to define the next phase of insurance in Nigeria.

Insurance in Nigeria is at a turning point and companies like Leadway and AIICO are adjusting. But success won’t be defined by who has been around the longest, it will depend on who listens to the customer, who simplifies the process, and who makes insurance feel less like a burden and more like a necessity.

At Techeconomy, we believe brand comparisons like this help users and decision-makers see through the noise. In a market with huge potential and still not leveraged as well as it should, the clearer and faster you move, the more relevant you become.

This was contained in an official filing by FBN Holdings published on the stock exchange website.

His departure marks the end of a 12-year tenure on the board, adhering to the tenure guidelines set by the Central Bank of Nigeria for Non-Executive Directors.

Stepping into this key leadership role, Mr. Ebenezer Olufowose has been appointed as the new Chairman. Olufowose, who joined the FirstBank Board as a Non-Executive Director in April 2021, brings a robust portfolio of experience spanning over three decades in the financial sector.

Prior to his new role, he served as the Group Managing Director of First Ally Capital Limited, a notable investment banking firm in Lagos.

Odukale’s exit also follows that of the former Managing Director of First Bank Ltd Adesola Adeduntan who also resigned following attaining the maximum tenure limit for the bank.

Tunde Hassan-Odukale joined the Board of First Bank of Nigeria Limited as a Non-Executive Director in 2011.

He is the Managing Director of Leadway Assurance Company Limited.

His executive management experience spanning over 22 years includes asset management, finance, IT and life insurance operations.

Mr. Tunde Hassan-Odukale has been a notable figure in Nigeria’s financial sector, prominently serving as the Chairman of First Bank of Nigeria Limited.

His tenure as Chairman is characterized by strategic leadership and substantial contributions to the bank’s growth and stability.

Prior to his role as Chairman, he held various key positions in the financial industry, showcasing a broad understanding of corporate governance and financial management.

He is on the board of directors of various blue-chip companies, including First Bank of Nigeria Limited and Digital Jewels Limited.

As the Managing Director of Leadway Assurance Company Limited, he plays a significant role in the insurance industry.

Following NAICOM’s guidelines on tenure limits for executives, the Board of Directors announced the appointment of Mr. Gboyega Lesi as the Acting Managing Director of Leadway Assurance Company Limited, effective January 1, 2024.

This appointment is subject to the requisite regulatory approval from NAICOM.

This strategic move is a testament to Leadway Assurance Company Limited’s commitment to sustaining the highest standards of corporate governance and adherence to regulatory directives.

The Board expressed confidence in Mr. Gboyega Lesi’s leadership capabilities, underpinned by his close collaboration with Mr. Tunde Hassan-Odukale over the years.

Tunde, commenting on the appointment of his successor, stated, “I am confident in Gboyega Lesi’s leadership, and I believe his expertise and experience in the industry in almost three decades will be instrumental in steering the company towards continued success and growth across the west African insurance market.

“Mr. Lesi, a seasoned professional with a wealth of experience, is well positioned to lead the company into its next phase of growth. His strategic vision and deep understanding of the industry make him an ideal successor to guide Leadway Assurance on its trajectory of sustained success,” Mr. Hassan-Odukale added.

Reflecting on his appointment, Lesi said: “It is an honour to assume leadership of this esteemed company during such a pivotal time. Our robust growth over the years is attributed to our values, a customer-centric culture, and an engaging approach that sets us apart.

“Taking up the mantle to build upon this rich legacy is a challenge I eagerly embrace alongside our dedicated professional team. Our current standing is a testament to our stakeholders, brokers, and peerless customers’ trust in our ability to provide convenient, tech-driven, and reliable risk management support. My determination to consistently deliver excellence remains unwavering. I am wholeheartedly committed to furthering our accomplishments by placing our clients at the center of every aspect of our operations.”

Gboyega Lesi

Mr. Gboyega Lesi studied Civil Engineering at the University of Lagos, Nigeria. His professional insurance career started over 25 years ago as a trainee risk surveyor.

Since then he has gained experience in several aspects of risk management, insurance broking, underwriting, product development, Bancassurance and sales.

Mr. Lesi has attended several courses over the years (locally and abroad) particularly in the areas of insurance underwriting, risk management, strategy, management, operations and marketing. Apart from a B.Sc.

Degree in Civil Engineering, Mr. Lesi possesses an MBA from Aston University in Birmingham, UK. Mr. Lesi is also an Associate of the Chartered Insurance institute of London and Nigeria and a member of the Chartered Management Institute (MCMI) of London.

Prior to his appointment as the Managing Director, Mr. Gboyega Lesi was the Executive Director, Commercial of the Company.

Industry leaders and delegates from about 70 organisations, including technology, insurance, insurtech, and Health Maintenance Organizations (HMOs), converged at this prestigious event to discuss the future of insurance and technology in the country.

The conference revolved around “Unlocking policy and tech bottlenecks hindering disruptive insurance penetration.”

Here are the key takeaways from this groundbreaking event.

Collaboration for a Brighter Future

One of the standout features of IMT 2.0 was the emphasis on collaboration between underwriters and technology service providers.

The goal is to enhance customer experiences, build trust, and expand service reach across Nigeria.

This collaboration is a response to the significant increase in health insurance premiums, contributing to Nigeria’s cumulative insurance premium exceeding one trillion Naira in 2022.

The Vision of IMT

Odion Aleobua, the convener of IMT, highlighted the conference’s mission as a fusion of technology’s disruptive innovation and insurance’s wealth preservation.

IMT serves as a catalyst for Nigeria’s drive for financial inclusion, bringing together the forces of tech and insurance.

Technology’s Pivotal Role

IMT 2.0 highlighted technology’s pivotal role in the industry, particularly emerging technologies like Artificial Intelligence.

These technologies have the potential to drive significant growth and financial stability.

The conference emphasised the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.

Innovations in Customer Engagement

Insurtech played a crucial role in helping the insurance industry navigate challenging times.

Panel discussions at IMT 2.0 focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention, all essential in the ever-evolving landscape.

Call for Regulatory Support

Delegates at the conference called upon regulators to collaborate with innovators to identify barriers to innovative solutions within the industry. While advocating for stringent regulations for underwriters, they emphasised the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.

Health Insurance Enhancement

IMT 2.0 underscored the need to leverage digital technology and telemedicine to improve the quality of health insurance services, particularly in underserved rural areas where specialised medical services are lacking.

Innovative Micro-Insurance Initiatives

Delegates agreed that there is a need for insurtech to collaborate with partners like retailers and insurance companies to build solutions that will help meet the needs of grassroots consumers.

There is to build technological solutions that will allow insurance companies to integrate their products into platforms for enhanced penetration, leveraging third-party platforms and cross-selling strategies.

Awards of Excellence

IMT 2.0 marked a significant moment as awards were given to notable industry players, recognising excellence in various categories.

• Insurance Company of the Year: Leadway Assurance.
• Insurance and Insurtech Collaboration of the Year:  AIICO-ETAP
• Promising Product of the Year: FastClaim.
• Micro-Penetration for Financial Inclusion Award: Awabah.

More about Insurance Meets Tech (IMT)

IMT is dedicated to accelerating growth within Nigeria’s insurance and insurtech sectors.

Established in 2021, IMT made its inaugural debut in 2022. The conference brings together leaders from Africa’s finance and tech sectors to drive innovation, collaboration, and progress in the insurance industry.

With each edition, IMT continues to serve as a platform for sharing ideas, insights, and experiences in leveraging technology for insurance penetration and industry efficiency.

IMT 2.0 was a resounding success, showcasing the potential of collaboration between technology and insurance to revolutionise the sector in Nigeria.

As the industry continues to navigate challenges and embrace innovation, the future looks promising, focusing on expanding insurance coverage, improving customer experiences, and driving digital transformation.

AI automates repetitive learning and discovery through data. Instead of automating manual tasks, AI performs frequent, high-volume, computerized tasks.

With the Nigerian and global business climates expected to experience significant micro and macroeconomic dynamics such as inflationary cost pressures, exchange rate volatility, and disrupting talent attrition, it has become imperative to deploy AI.

Leadway is a Nigerian insurance corporation headquartered in Lagos, Nigeria. It is one of Nigeria’s largest insurance companies. Leadway provides commercial and personal property and casualty insurance, travel insurance, and life insurance

“As the business envirAI automates repetitive learning and discovery through data. Instead of automating manual tasks, AI performs frequent, high-volume, computerized tasks, the speed of change driven by technology will never be slower,” stated Hassan Odukale in his New Year strategic welcome message to all stakeholders.

This has far-reaching repercussions for business. As a result, we will be launching more data-driven and research-focused initiatives, as well as implementing data and artificial intelligence methods for enhanced procedures and faster decision-making in order to create immersive and extraordinary customer experiences.

“Indeed, part of our emphasis this year is to significantly enhance our operational excellence with improvements in our technology use. In this new year and future years, we are committed to strengthening our risk management strategies and technical expertise to ensure such risks are properly identified, assessed, and proactively mitigated,”

Given the government’s massive investment in public infrastructure and the economy’s impending changes, Hassan-Odukale expressed confidence that the future holds enormous prospects for all Leadway firms.

“Leadway as an organization will continue to tap into these emerging opportunities and pursue its strategic goal of being ‘the most dominant insurance company in Nigeria’, in revenue and profit market share, within the corporate and retail market segments,” he added.

He emphasized that the corporation cannot attain these lofty goals unless it makes a clear commitment to constantly providing a world-class customer experience. As a result, he charged his staff with becoming more customer-centric and positively impacting Leadway’s customers’ experiences at every touch point in its customer service value chain.