Curacel, Nigerian Insurtech Receives $3m Seed Funding to Penetrate North Africa

A Nigerian insurtech firm called Curacel has raised $3 million in seed capital to expand into North Africa, which includes Egypt, Morocco, and other countries on the continent. Curacel’s mission is to bring contemporary insurance infrastructure to emerging markets.

Tencent, AAF Management, Elefund, and other strategic investors joined Covergenius, Zopper, and Pie Insurance in leading the funding.

According to Curacel’s CEO and co-founder Henry Mascot, the money would allow the business to carry out its strategy and hire staff who have established solutions at scale in more developed countries. According to him, the protection gap in Africa and emerging countries may be closed with the correct technology used in the right areas. Curacel aspires to become the most renowned insurtech ecosystem by remaining one step ahead of the competition.

In 2019, Henry Mascot and John Dada founded Curacel, which provides AI-powered infrastructure that enables insurers to automate and settle valid claims while minimizing losses and fraudulent claims.

When Mascot was founded in 2019, its primary goal was to address a challenge facing health insurance providers related to the infrastructure for digitizing claims. Approximately 20% of premiums paid by insurance firms across the continent are lost to fraud, waste, and abuse. It was necessary to take action to reduce fraud so that insurance companies could reinvest in developing less expensive products for customers.

Over 100 businesses, including banks, fintechs, logistics providers, and e-commerce platforms, utilize its embedded insurance product Grow throughout eight African markets: Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco, and Egypt.

AXA Mansard, Old Mutual, and Jubilee Insurance are just a few of the 20 insurance firms that Curacel currently partners with. Claims automation is only intended for insurance companies, who use the platform to increase the speed and accuracy of their claims processes.

Because of its AI-powered infrastructure, claims can be filed and processed instantly, allowing insurers to handle up to 10 times as many claims while cutting their claims cycle by more than 70%.

Since its founding, the insurtech, which collaborates with more than 5,000 service providers throughout its eight countries, says it has handled claims totaling more than $100 million.

According to a statement from Curacel, the company had a 600% increase in transaction volume and a 500% increase in income last year.

Mascot stated that Curacel plans to introduce underwriting and insurance payment services via its APIs, despite the fact that the company presently focuses on claims and distribution. One strategy it plans to use to stay one step ahead of the increasingly ferocious competition in Africa’s insurtech landscapes is to diversify its product offering.

According to Serik Kaldykulov, General Partner at Elefund, Africa is still an untouched market for insurance, and technology offers the best chance to attract new customers and provide top-notch services. He thinks Curacel is a great partner in promoting insurance inclusion in Africa because of its array of solutions and remarkable track record of achievement.