Pay-U provides flexible, comprehensive motor insurance coverage for vehicle owners in Nigeria via a mobile application. Customers benefit from pay-per-minute pricing, allowing them to switch coverage on or off as needed for full auto insurance protection. The service emphasizes user control and a commitment to fast claim settlement, typically within 72 hours of approval.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional auto insurance models often require fixed monthly or annual payments, regardless of actual driving time, which can be expensive for infrequent drivers. Many drivers in emerging markets lack access to affordable and flexible insurance options tailored to their specific needs and usage patterns.
Solution
Pay-U offers a mobile application that provides pay-per-minute auto insurance, allowing users to activate and deactivate coverage as needed. This just-in-time approach enables drivers to pay only for the insurance they use, offering a cost-effective alternative to traditional insurance plans. The app provides comprehensive motor insurance, including coverage for riot, civil commotion, flood, and malicious attacks, with a 72-hour claim settlement turnaround.
Target Audience
The primary target audience includes car owners, particularly in emerging markets, who drive infrequently and seek affordable, flexible auto insurance options.
Features
- Per-minute billing for auto insurance, switchable on/off via the mobile app
- Comprehensive coverage including riot, civil commotion, flood, and malicious attack
- 72-hour claim settlement
- Option to extend lockdown insurance without new video verification
- Ability to add unlimited vehicles to a single account
- Automated reminders to activate insurance coverage
- Secure app infrastructure protecting user data