ITC DIA Europe

AutoGenius: A revolution in Nigeria’s insurance industry

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jan 25, 2017

Speaking of a disruptive business model! AutoGenius, Nigeria’s first and number 1 online insurance comparison platform provides users with a start-to-finish e-insurance experience. It allows vehicle owners and operators to search for quotes from their preferred insurance providers, compare prices and features and purchase auto insurance online. They receive immediate SMS confirmation from the national authorized validation database. Key features of the extremely user-friendly site include automatic renewal reminders, integration with leading insurance partners, real-time client advisory provisions on claims and inspection, insurance verification, promotion code integration as well as an automated claims process.  Since all the information is saved on the mobile platform, customers have no worries about losing their printed copy of car insurance policy. Simple, straightforward, easy – that’s why it is called “Genius”.

Redefining the insurance industry
There are 15.5 million vehicles on Nigerian roads. Only about 2.5 million of these are insured at any given time. AutoGenius was founded to insure every vehicle in Nigeria, one at a time, by providing access to comparable rates and trusted brands anywhere, anytime. With AutoGenius, customers also get a varied range of value-added services that are accessible to customers only. These services include discounted car breakdown cover from AA and other vehicle product discounts of up to 20%.

By injecting innovation that ensures convenience, trust, transparency, access and value, AutoGenius redefines the insurance industry by changing the way people buy insurance. The company has recorded a 100% paid claims processed by its leading insurance partners, namely AIICO Insurance, Custodian and Allied Insurance, Leadway Assurance, NEM Insurance and Royal Exchange providing premium comprehensive and 3rd Party auto insurance packages to customers.

The company also helps curb the menace of fake motor certificates and it generates accurate data for the National Insurance Commission (NAICOM) because products purchased from the platform are immediately uploaded to the Nigerian Insurance Industry Database (NIID). The entire insurance industry in Nigeria is excited about the positive impact that the technology has on deepening insurance penetration.

Why we selected AutoGenius for DIA Barcelona
We selected AutoGenius to DIA Barcelona because AutoGenius is an innovator and disruptor, revamping the concept of insurance relationships. AutoGenius technology offers insurance companies an unprecedented opportunity to integrate and simplify processes to customers and agents while reducing costs and increasing loyalty in an ever changing environment. It is also a unique channel for selling the product with focus on convenience and speed.

AutoGenius throws the insurance space open to a whole new generation of upwardly mobile people who are gradually seeing the value of insuring their cars, homes, gadgets and so on. AutoGenius basically makes insurance cool!

Who are AutoGenius?
Kola Oyeneyin, is CEO and founder. Before creating AutoGenius in 2014, Kola founded the Venia group, a venture investment company with interest in Business Start-Up, Media & Technology, Financial Services, Infrastructure, Insurance and Energy.

The idea of AutoGenius was born when Kola was living and working in the UK and he experienced first-hand that insurance works when he was hit by a car and received a replacement car within 24 hours and within a week he received the market value of the car. In Nigeria there are a lot of people who do not have insurance cover or they have fake insurance licenses bought from some random person referred to “One Guy like that”.

The strategy is driven through by thorough research and analysis. The market entry strategy focuses on 7 core values; Integrity, Customer Service, Innovation, Excellence, Teamwork, Fairness and Support and are structured to better serve local markets by creating a real competitive advantage.

“AutoGenius does not only make buying insurance easy and cool. It also helps users save a lot of money.” Kola Oyeneyin, CEO and founder AutoGenius.


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