ETAP Revolutionizes Car Insurance in Africa with Innovative Digitization and Rewards System

Nigerian startup ETAP revolutionizes car insurance since entering the scene in April 2022 to transform the often tedious process of purchasing and claiming car insurance, embodying its commitment to a smooth and enjoyable experience encapsulated in its name, standing for "easy as taking a picture."

ETAP offers drivers a diverse range of insurance plans, including daily, weekly, monthly, and quarterly options.

Leveraging machine learning, the platform constructs intelligent risk profiles for individual drivers, enabling the customization of premiums based on driving behavior, thereby promoting safer driving practices and lowering premiums for responsible motorists.

The driving experience is further enhanced through advanced telematics, gamifying the process to encourage improved driving behavior.

ETAP users can earn Safe Driving Points, redeemable for shopping vouchers at popular retail outlets, as well as experiences such as fuel, cinema and concert tickets.

Since its launch, ETAP has successfully insured hundreds of thousands of individual trips.

In April of the preceding year, the startup secured a significant boost of $1.5 million in pre-seed funding to expand its team and foster the adoption of its innovative car insurance model throughout Africa.

ETAP Revolutionizes Car Insurance is Driving Into the Future

Ibraheem Babalola, the CEO of ETAP, highlighted the unique challenges faced by the African insurance market, including slow digitization, inappropriate pricing, cultural biases, public apathy, and inefficient manual processes, resulting in less than a three percent penetration across the continent.

However, he sees immense potential for growth in the African insurance market, with a market size exceeding $2 trillion.

Babalola emphasized the pivotal role of technology in addressing these challenges, stating, "We believe that innovating in insurance in Africa goes beyond just digitizing long forms but truly redesigning and reimagining the insurance processes and offerings in a way that makes sense for the customers of today."

ETAP's impact is evident in its positive reception, with over three million kilometers of insured trips via its app to date.

The startup has also introduced "ETAP Enterprise," a tailored solution for companies, fleet managers, and auto-loan providers.

With the backing of strategic investors such as the Toyota Tsusho Corporation and others like Graph Ventures, Tangerine Insurance, and Newmont, ETAP aims to continue its strategic growth.

Babalola stressed the importance of selecting investors who bring value beyond capital deployment.

Operating in Nigeria but with broader ambitions, ETAP is in the final stages of approval for launching in Ghana, with plans for further expansion across Francophone regions.

The startup envisions scaling its innovative car insurance product across the African continent.

Tom Jackson / Disrupt Africa