ETAP launches Takaful digital car insurance product in Africa
By Gloria Methri
ETAP, an InsurTech company that creates solutions and incentives to improve the automotive experience across Africa, has launched ETAP Takaful, a new car insurance product that is based on Islamic principles.
The insurance is designed to redistribute funds to policyholders and support social good in their communities. Users contribute to a common fund to cover each other against damage and loss, and once a year, ETAP will collate all the remaining funds after claims and associated costs have been deducted, and redistribute them to policyholders, or to their chosen nonprofit cause.
This may include nonprofit organizations working towards ending homelessness, educational programs, healthcare initiatives for the bottom of the pyramid, Human Rights Advocacy, and orphanages. Policyholders can also receive their surplus via cashback or a discount on renewals.
Starting in Nigeria, users can now access the option on the ETAP app alongside other insurance options and begin to give back to their communities while having their cars insured. They simply need to download the app, provide basic information about their car and driving history, and choose the level of coverage they require.
Leveraging ETAP’s technology that allows drivers to buy the insurance and complete claims in 3 minutes or less, and get rewarded for good driving and avoiding accidents, users now get an added layer of ethical insurance.
ETAP Takaful is open to Muslim users that are looking for insurance products that align with their religious beliefs and non-Muslim users who want to benefit from the value that Takaful offers.
Ibraheem Babalola, CEO and Founder of ETAP said, “In a country like Nigeria where Muslims make up almost half of the 220 million population, the vast majority of insurance products on the market are not an option to most Muslims because the way the policies are structured goes against their religious belief. We have built one of the most exciting insurance apps in the world and ETAP Takaful will make it easier for more people to access the many benefits that come with our app and enable more enjoyable driving experiences.”
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