BEYOND TRANSACTIONS: SCUDO’S VISION FOR A MORE TRANSPARENTAND ACCESSIBLE INSURANCE ECOSYSTEM

Arravo proudly hosted the May edition of the Nigeria-South Africa Chamber of Commerce Breakfast Meeting.
Dr. Ayo Adegboye,  CEO  delivered a powerful address: 𝗕𝗲𝘆𝗼𝗻𝗱 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀: 𝗦𝗰𝘂𝗱𝗼’𝘀 𝗩𝗶𝘀𝗶𝗼𝗻 𝗳𝗼𝗿 𝗮 𝗺𝗼𝗿𝗲 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝘁 𝗮𝗻𝗱 𝗔𝗰𝗰𝗲𝘀𝘀𝗶𝗯𝗹𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗘𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺.

Scudo,  innovative insurance web aggregator, is set to revolutionize how you experience insurance.
It allows you to compare policies and navigate the insurance landscape with ease, simplicity, transparency, and trust.

Scudo is a comprehensive insurance platform that helps you find the coverage you need to protect yourself, your loved ones, and your assets.

Nigerian insurance has grown tremendously from 2020 to 2022

While it’s accurate to say the Nigerian insurance market has seen growth from 2020 to 2022, the extent of that growth is more accurately described as “substantial” or “impressive” rather than “tremendous”. The industry did experience notable expansion in both premium generation and asset growth during that period. However, the market still faces challenges, including low insurance penetration and the need for increased digitization. 

Here’s a more detailed look:

• Premium Growth:

The Nigerian insurance sector saw a significant increase in gross premium written, with a milestone growth rate of 25% to close at about N790 billion in 2022, according to the National Insurance Commission (NAICOM). This growth rate outpaced the real national output growth during the same period. 

 Asset Growth:

The industry’s total assets also grew by 7.5% in the same period, reaching N2,673.1 billion compared to the previous year’s N2,485.8 billion. 

Market Concentration:

The non-life segment continued to dominate the market, contributing 57.7% of the total premium pool, while the life insurance segment accounted for 42.3%. 

 Challenges:

Despite the positive growth, the Nigerian insurance market still faces challenges, including low insurance penetration rates and the need for increased digitization to improve customer engagement and claims processing. 

Scudo, a dynamic user-mode memory allocator, works by mitigating heap related vulnerabilities like buffer overflow and user after free errors, while maintaining performance. It achieves this through several mechanisms, including zeroing out memory on allocation and deallocation, randomizing memory layout and enabling the release of unused memory pages.

The user journey with Scudo is essentially the process of interacting with a program that utilizes Scudo as its memory allocator. This interaction is seamless to the user, as Scudo operates in the background to protect against memory errors.

According to Ayo Adegboye, CEO, Arravo, Here’s a breakdown of how it works, focusing on the user’s perspective.

He emphasized on the Challenges of insurance and the way forward on how to bridge the insurance gap

User Interaction: The User interacts with an application or program that is built to use Scudo as its memory allocator.

Memory Allocation: When the application needs to allocate memory, Scudo steps in to manage the process. It allocates memory from a pool and initializes it with all zeros to prevent information leakage from previous uses.

Memory access: The user continues to interact with the application and the application uses the allocated memory to perform its function.

Memory Deallocations: When the application no longer needs the memory, it’s deallocated. Scudo zeroes out the memory again during desllocation to prevent user-after free vulnerabilities.

Randomisation Scudo also randomizes the layout of memory blocksand cache assignments to further complicate exploitation attempts by attackers

Memory Release: In some cases, Scudo can release unused memory pages back to the operating system, reducing the application’s memory footprint.

In essence, the user journey with Scudo is a typical application usage experience. The user doesn’t directly interact with Scudo; instead Scudo works behind the scenes to provide a more secure and robust memory and management system for the application the user is interacting with. The user benefits from a more stable and less vulnerable application without needing to understand the underlying mechanisms.

Scudo is an insurance aggregator, providing a clear and easy way to compare various insurance products from different providers, all in one place.

Our core mission is to simplify the process, increase transparency, and drive greater insurance adoption by fostering trust and accessibility.

Using Scudo is simple and puts the user in control

Users can select the type of insurance they need – whether it’s vehicle, health, or other options.

When they enter a few basic details relevant to their specific needs.

Scudo then presents a clear and easy-to-understand comparison of available insurance policies from various reputable providers.

Users can see key features, coverage details, and pricing side-by-side, empowering them to make informed choices.

Once the user finds the policy that suits their needs, they can easily proceed with the purchase directly through the Scudo platform transactions:

 Scudo has strategically partnered with Epicure Insurance Brokers Limited, a leading and licensed Nigerian brokerage firm with extensive experience in general, health, and life insurance.

This partnership ensures a strong foundation of expertise, excellent service delivery, and high ethical standards for our users, reinforcing our commitment to building trust and long-term relationships

This partnership ensures a strong foundation of expertise, excellent service delivery, and high ethical standards for our users, reinforcing our commitment to building trust and long-term relationshipsas strategically partnered with