Curacel, one of Africa’s leading insurance infrastructure providers, has raised $3 million in seed funding for the launch of new technology solutions in the coming generation of insurance experiences in Africa.
Curacel is a Nigerian-based insurtech company that enables insurers confidently automate and settle a greater number of legitimate claims, only requiring human involvement for quality assessment.
The seed funding round was led by the top executives from Covergenius, Zopper and Pie Insurance. Other participants include Tencent, AAF Management (invested in Sure, Flutterwave), Elefund (invested in Robinhood, Pie Insurance and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda), and other strategic investors.
This funding round will support the company’s expansion into North Africa, starting with Egypt and Morocco, and exquisitely broaden its presence in other parts of the continent and tackle healthcare problems, particularly regarding insurance. It protects many African insurers from further losing exorbitant money to fraudulent and immaterial claims.
Curacel trusts that this funding will be a pathway for Africans and beyond to experience products and services extensively without bridges and uneasiness since insurance companies are highly skilled in risk management.
Henry Mascot, CEO and co-founder of Curacel added, “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.”
With this, the insurtech hopes to provide underwriting and insurance payment services via its APIs. Through its product expansion, it aims to stay ahead of the competition by becoming the most recognized insurtech ecosystem.
Serik Kaldykulov, General Partner at Elefund, said, “Africa remains a relatively untapped market when it comes to insurance, and technology presents the best opportunity to reach new users and deliver excellent services. Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.”
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Curacel’s history
The Nigerian-based company has processed more than $100 million worth of claims, presently working with more than 20 insurers and more than 5,000 service providers in 8 countries across the continent.
It grew its transaction volume by 600% and increased its revenue by 500%.
With Curabel’s embedded insurance products, more than 100 banks, fintechs, logistics companies and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Providus, PalmPay, Float, and others, are empowered to increase their recurring revenues by offering digital insurance products that are seamlessly incorporated into their existing products and services, driving much-needed insurance penetration and customer loyalty.
Amidst these, the company’s AI-powered infrastructure means have made it feasible for claims to be submitted and processed in real-time, helping insurers to reduce their claims cycle by more than 70% and process up to 10 more fold claims.
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