Cassava, the digital insurance company, was recently awarded the InsurTech of the Year at the just concluded Business Day BAFI Awards.
The Business Day Banks and Financial Institutions (BAF) Awards aims to celebrate the great accomplishment of industry innovators across various sectors.
Founded by Bode Pedro, a veteran technology entrepreneur who has built many successful companies, Casava has recorded significant milestones in 2022.
How Casava Was Selected as The Winner Of The Award
To give such an award, the selected winner/company must be fully licensed to operate by Nigeria’s insurance regulator, NAICOM. It must also be an innovative technology company that enhances, extends, or replaces a traditional approach to servicing customers’ needs.
Another requirement is that whatever solution the company is providing must be solving real customer needs with the view of creating genuine innovation in the insurance industry.
The CEO’s Reaction
Reacting to the award, the Chief Executive Officer, Bode Pedro said,
“Casava has experienced immense growth from the customer base to our product offerings. But most importantly we are actively bridging the knowledge and accessibility gaps that exist in the ecosystem.”
Pedro added that this makes, “insurance affordable, appealing, valuable, relevant, and enjoyable. We are transforming the way people experience insurance. This is by simplifying insurance and ensuring a fast claims process so that our customers can thrive and prosper in their lives.”
Casava is Nigeria’s first licensed microinsurance underwriter, creating insurance products that make it easier for income earners across the country. This is to help themselves against life’s unforeseen events, including job loss and health emergencies.
In February 2022, the startup announced a $4 Million pre-seed funding to support customer acquisition and growth. It also acquired more than 95,000 customers with $23 million in insurance coverage.
Officially inducted as the first Insurtech and Microinsurance member of the Nigerian Insurers Association (NIA) in October 2022, it has made a name for itself.
“We are digitally rebuilding insurance from the ground up with our unique business model and great customer experiences to make it more accessible, and socially impactful. Importantly, we will also provide insurance with a great user experience, amazing value, and instant benefits.
Finally, more innovations will also be coming from them in the years to come
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