Business Companies News Adedotun November 27, 2025 0 Comments

Expanding Retail Insurance Access: How Coronation is Bridging the Gap in Emerging Markets

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Nigeria stands out as a leading emerging market for insurance, driven by a large population, growing smartphone penetration, a vibrant informal economy, and significant unmet protection needs.

Insurance in Nigeria can evolve from a niche product into a mass-market utility accessible to all. To achieve this, distribution must be simple and embedded into platforms where people already manage their finances.

Scaling retail access to insurance goes beyond selling policies, it’s about making insurance relevant and convenient. Enabling customers to buy and manage policies through mobile devices is a critical step toward changing the perception that insurance is complex and administrative.

Several insurers have successfully leveraged technology to meet customers halfway. Coronation Insurance leads this transformation with its Retail Portal and Claims Portal, which make managing insurance seamless and prove that retail access is achievable.

Coronation Retail Portal: Insurance at Your Fingertips

The Coronation Retail Portal was designed to make buying insurance as simple as transferring money via a banking app or shopping online.

Optimized for self-service, the portal allows customers to select and purchase policies without third-party intervention. This means zero paperwork, shorter processing times, multiple premium payment options, and an overall enjoyable experience.

To strengthen bancassurance partnerships, the portal integrates with banking and payment platforms, enabling customers to access insurance through apps they already use for financial transactions.

This approach has converted previously indifferent individuals into loyal customers, validating the hypothesis that emerging markets need and want insurance coverage.

Coronation Claims Portal: Delivering on Promises

A customer subscribing to an insurance policy and paying their premium is only half the job. In emerging markets, trust is won or lost during the claims process.

Historically, complex claims procedures and unpaid benefits fueled apathy toward insurance in Nigeria, resulting in low renewal rates and the collapse of many firms.

Coronation addressed this challenge by creating the Coronation Claims Portal that offers control, ease, and transparency. Policyholders or beneficiaries can file life or general insurance claims from home using a mobile device or laptop.

Users simply upload required documents and track their claim’s progress in real time. The portal has reduced claims processing time by up to 50%, and when documents are in order, benefits can be paid within 48 hours, providing critical relief to customers.

Synchronizing Retail and Claims Portals for Expansion

The synergy between Coronation’s Retail and Claims Portals drives scalability. Lower acquisition costs through the retail portal are reinforced by positive claims experiences, reducing churn and encouraging referrals.

Partnerships with banks and payment gateways embed the retail portal into financial apps, ensuring customers encounter insurance during routine transactions. This lifecycle approach enables policyholders to discover, purchase, claim, and renew seamlessly.

For customers, the benefits are convenience, speed, and clarity. For partners such as banks, brokers, or retail agents, the portals reduce onboarding problems and make selling possible with no barrier to entry.

The Imminent Future: Coronation’s Plan to Scale Retail Access

Expanding retail access in emerging markets requires intentional engineering that reduces friction at key touchpoints: discovery, payment, and claims. Coronation’s roadmap includes:

· Stronger Bank and Fintech Integrations

Expand bancassurance partnerships and open API connections to mobile money and wallet providers, placing insurance at the point of need.

· Microinsurance and Contextual Covers

Launch micro-premiums and event-based covers, such as travel add-ons during flight booking, gadget insurance at purchase, and short-term motor insurance for low-income vehicles.