Zenith, Prudential seek to expand financial inclusion in Nigeria with the launch of mobile insurance service

Zenith Bank and Prudential Zenith Life have partnered to launch a groundbreaking mobile insurance service in Nigeria, aimed at revolutionizing the insurance industry and expanding financial inclusion in the country. The new service, named Life's Silence Insurance, has been designed to provide accessible insurance services to Nigerians through a simple USSD code, star 5966, HASH. The Chairman of Zenith Bank, Jim Ovia, recently joined CNBC Africa to discuss the significance of this innovative approach to insurance in Nigeria. Ovia highlighted the importance of rebranding insurance products to make them more appealing to the Nigerian market. Instead of using the term 'funeral insurance,' which may have negative connotations in the region, the service is marketed as Life's Silence Insurance, emphasizing its versatility and applicability to various life situations. Ovia further referenced the success of similar mobile insurance initiatives in West African countries like Ghana, where mobile distribution of insurance products has already gained traction. He expressed his ambition for the new mobile insurance service to provide coverage for over 5 million Nigerians in the coming years, marking a significant leap in insurance penetration in the country. Traditionally, insuring 1 million individuals could take up to 40 years through traditional insurance methods. However, with the introduction of mobile insurance services, this milestone can now be achieved in less than a year, showcasing the transformative impact of technology and innovation in the insurance sector. The launch of Life's Silence Insurance with the star 5966, HASH USSD code is expected to be a game-changer in Nigeria's insurance landscape, offering a convenient and efficient way for individuals to access essential insurance coverage. This initiative not only facilitates financial inclusion but also demonstrates the potential for technology to drive meaningful change in the financial services industry.