MarketPlace

Resolution goes online for a slice of taxis insurance

taxi

A row of taxi vehicles in Nyeri town. PHOTO | JOSEPH KANYI

Resolution Insurance and Insure Afrika have launched an online platform for taxi owners to acquire policies, increasing competition in this sub-segment.

On the Next Taxi platform, car owners provide the details of their vehicles, get a quotation and pay up for a new policy. However, they are required to submit their cars to a valuer for an independent assessment within a month of acquiring the policy.

It’s a comprehensive cover.

Resolution Insurance is the latest company in this market to turn to technology as it seeks to woo more customers.

The product will “deepen uptake of our motor vehicle insurance offering and consequently show up its margins, as well as minimise operating costs at a time when competition in the industry is increasingly steeper,” says Resolution Insurance in a statement.

READ: Mobile platforms likely to phase out insurance agents

Insurance firms are increasingly turning to technology as innovation-driven start-ups threaten to disrupt the sector while existing companies look for new ways of generating revenues.

Insure Afrika runs a separate platform where consumers can compare different motor insurance policies.

Significant investments in the nexus between technology and insurance include Safaricom’s #ticker:SCOM M-Tiba product.

WazInsure, a start-up, allows consumers to track their insurance policies in a single platform.

GrassRoots Bima, another start-up, has been ranked by consultancy firm KPMG among top global fintech companies.