ETAP, a Nigerian insurtech startup that raised a 1.5 million pre-seed in 2022, has expanded into Ghana, after securing an operational license from the countrys National Insurance Commission NIC.ETAP is expanding into Ghana through a joint partnership with Ghanas leading insurance firm, Hollard Insurance Ghana. The partnership will allow Hollard Insurance to underwrite the insurance while ETAP will provide the tech platform and run the operations.
We have partnered with Hollard because of their deep understanding of the market, Ibraheem Babalola, ETAP CEO told TechCabal.
Launched in 2022, ETAP claims it allows users to buy car insurance in 90 seconds and file claims in three minutes. The company offers instant claim processing, customizable coverage options, and a rewards system that incentivises safe driving behavior. The insurtech also allows drivers to pay for insurance according to their needs, per trip, daily, monthly, or yearly.
The business which is currently present in 12 Nigerian states expects the Ghanaian market to contribute significantly to its revenue streams. ETAP claims it has processed nearly ?20 billion sum assured across its comprehensive and third-party insurance policies.
While Nigeria presents a larger market, Babalola believes Ghana offers more business potential due to its higher insurance penetration rate. One in three cars is insured in Ghana, while only one of five registered vehicles is insured in Nigeria.
