- Infrastructure insurance provider, Curacel has raised a $3 million seed to enhance insurance penetration in Africa.
- The seed funding round had investors such as Tencent, and Flutterwave investor, AAF Management.
- It is currently in Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco and Egypt and plans to expand into North Africa.
Founded in 2019 by Henry Mascot and John Dada, Curacel is an insurance infrastructure provider used by companies such as AXA Mansard and Liberty Health.
The startup's model is to drive insurance penetration by helping insurance providers, and other companies digitise the distribution of their insurance products.
Its $3 million seed funding round had the participation of investors such as Tencent, AAF Management, Elefund, Olugbenga Agboola (Flutterwave CEO), and Babs Ogundeyi (Kuda CEO).
Curacel said the paper-based approach and antiquated technology that currently powers insurance processes in Africa is time-consuming and opens many insurers to fraudulent, wasteful and abusive (FWA) claims.
The startup's technology will help insurance companies digitise their claims processes with an API connection.
According to a statement sent to Techpoint Africa, the startup makes it easy for insurance providers, fintechs and even banks to embed insurance into the product offering they already have. Its embedded insurance product, Grow, has 100 companies, including banks and logistics companies using it.
The startup CEO Mascot said, "We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets. It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion."
The company said it has processed more than $100 million worth of claims with more than 20 insurers and 500 service providers on its platform across eight African countries, including Nigeria, Egypt, Rwanda, and Tanzania.