Evolutics, Nigerian Insurtech Secures $250,000 to Develop Digital Insurance Infrastructure in Africa
A $250k pre-seed round of funding has been raised by EVOLUTICS, a Nigerian start-up that provides software solutions to insurance providers for life, general, and health insurance.
The round was led by Mercurial Advisory and Dinku Transnational of Dubai.
The money will be used to give industry participants access to digital infrastructure for life, general, and health insurance.
One of the Directors of the EVOLUTICS system, Yeside Kazeem, commented on the fundraising event: “At EVOLUTICS, we simply bring our own extensive experience in the industry, to solve the challenges that we experienced during our work life, and our clients have validated over and over again that our thoughts on these challenges are correct. According to us, the transformation of the sector must be driven by a reliable and adaptable administration solution based on data, and that is where we come in, he added.
A much-needed software solution is provided by the EVOLUTICS system for insurance companies doing business in Africa.
An end-to-end system spanning core insurance administration, finance, actuarial, CRM, document management, and human resources is part of its portfolio. While limiting the integration difficulties faced by insurers, it has also been designed with APIs in mind, enabling complete flexibility and customization.
A data-driven application that includes customer KPIs to promote growth, market insights, and segmentations, along with actuarial insights for profitability.
To help insurers with this new, crucial financial reporting obligation, IFRS-enabled modules are available.
An integrated objective workflow monitoring system and a user-friendly application with full user customization help staff evaluations be more objective, especially in the age of work from home.
“We feel that running a fully digital insurance operation requires a solid basis, which includes comprehensive API documentation, fast support management, and other essential criteria in today’s Insurance administration.”
We are committed to developing the next generation of actuaries for the market who can use technology to transform data into useful insights as part of our Actuarial Programme. Despite the expense, we have made this the system’s basic design because we want to make sure we do it correctly, Kazeem continued.
Based on his more than 16 years of experience in the industry, Miller Kingsley, Chief Executive Officer of EVOLUTICS, stated that the company is geared towards resolving issues the insurance sector is currently facing and is created to assist insurance companies in customizing their services to the needs of the clients.
According to Kingsley, the company was established in an effort to address some of the issues we have encountered in the industry, such as those that limit the scalability of insurance in Nigeria. At this point, it is abundantly clear to everyone in the sector that the retail segment, despite its high transactional nature, will be the source of future growth for insurance in Africa as a whole.
Therefore, we must rely on technology if we want to see this industry grow significantly. In order to spur growth in the insurance sector, which is still largely untapped in Africa, we believe that insurers should make data-driven decisions, and we believe that we have the technologies to assist them in doing so. Africa can escape poverty thanks to the insurance industry, Miller said.
