Risk-rating Data & Analytics
We provide data to insurance companies within Nigeria that allows for the issuing for risk-rated premiums across the insurance sector
Diverse Data Sources
We utilize a diverse variety data sources such as demographics, claims history, and behavioral data to create comprehensive risk evaluation.
Real-time Results
Our platform generates dynamic risk scores and personalized premium recommendations in real-time for insurance companies to utilzie within their operations.
AI powered fraud detection
We are focused on tackling fraud within the insurance sector using the latest AI alogrithms to protect insurance underwriters and consumers.
About
More About Us
Developing new strategies for Insurtech in Nigeria.
Through a pioneering Public-Private Partnership (PPP) established in collaboration with esteemed entities such as the Federal Road Safety Commission (FRSC) and the Nigerian Insurers Association (NIA), we proudly hold the distinction of being the very first organization to usher in a new era of premium calculations powered by data-driven insights and analytics.
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Creating Value
We are working to create value across the Insurtech sector using our solutions and experience
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Experience and Excellence
We have processed over 500,000 records, 800 Million Naira and used our technology to serve over 3 million citizens so far.
The introduction of variable price-based insurance premiums will help to revolutionize Nigeria's insurance landscape. By basing premiums on individual risk factors and driving habits (for car insurance), or health and lifestyle choices (for health insurance), risk-rated premiums will make insurance more affordable and accessible for many Nigerians, and help incentivize safer driving and healthier habits, leading to a potential decrease in accidents and healthcare costs. We are committed to building a future where insurance works for everyone in Nigeria.
Our Partners
Building Strong Foundations
Nigerian Insurers Association
Federal Road Safety Commission
Federal Republic
of Nigeria
Services
Check our Services
Risk Assessment & Pricing Optimization
We utilize advanced analytics and machine learning to assess risks more accurately and recommend optimal pricing strategies for insurance companies based on various data points, leading to fairer and more competitive premiums
Fraud Detection & Prevention
We develop and implement innovative systems to identify and prevent fraudulent claims, protecting insurance companies from financial losses and ensuring the sustainability of premiums
Claims Management Optimization
We provide data-driven insights to streamline claims processing, improve efficiency, and potentially reduce claim settlement times, impacting customer satisfaction and operational costs
Customer Segmentation & Targeting
We leverage data analysis to segment customer groups based on risk profiles and preferences, allowing insurance companies to offer targeted products, services, and marketing campaigns, leading to increased customer engagement and retention
Regulatory Compliance Support
We offer data management and analysis solutions that help insurance companies comply with changing regulations and reporting requirements effectively, reducing the risk of non-compliance penalties
Predictive Analytics & Market Insights
We utilize advanced modeling and forecasting techniques to provide insurers with insights into future trends and potential risks within the insurance industry, enabling them to make strategic decisions and adapt to changing market conditions
F.A.Q
Frequently Asked Questions
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What type of data does your company use?
We utilize a diverse range of data sources, including historical insurance claims data, publicly available demographic and economic information, and anonymized customer data (with consent, where applicable). We adhere to strict data privacy regulations and anonymize sensitive information to protect individual privacy.
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How does your data analysis impact insurance premiums?
Our advanced analytics help insurance companies assess risks more accurately. This can lead to fairer pricing as premiums may be more accurately reflective of individual risk profiles, potentially leading to lower premiums for lower-risk individuals. Increased competition is also created by providing insurers with better risk assessment tools, we encourage competition within the market, resulting in more competitive premiums overall.
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How do your services benefit insurance companies?
Our data-driven solutions offer numerous benefits to insurance companies such as improved risk assessment, reduced fraud, enhanced operational efficiency, and better informed business decisions.
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How does your technology compare to traditional insurance pricing methods?
Traditional insurance pricing often relies on broad categories and averages, potentially leading to situations where individuals with lower risk profiles pay similar premiums to those with higher risk. Our data-driven approach utilizes a wider range of factors and advanced analytics to create more personalized risk assessments, resulting in potentially fairer pricing for individuals. Additionally, our technology can help identify emerging trends and potential risks that may not be fully captured by traditional methods, allowing for more proactive adjustments to pricing models as needed.
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Do other companies provide the same solution within Nigeria?
We are the only company within Nigeria authorized to provide our solutions through our agreement with the Nigerian Insuers Association and the Federal Road Safety Commission as well as other authorized stakeholders.
Contact
Get In Touch
Our Address
12 Mambilla Street, Abuja, Nigeria.
Email Us
contact@motomarket.ng