YC-backed Nigerian insurtech startup, Curacel announces new product Grow

Curacel, a Nigerian insurtech startup that offers an AI-powered platform for claims processing and fraud management in Africa, has announced its participation in the latest Y Combinator cohort, as well as the launch of Grow, an embedded insurance product that enables technology companies to seamlessly offer insurance as part of their existing products and services.

Curacel, which was founded in 2017, automates the insurance claims process, allowing staff to process large volumes of claims quickly and efficiently, and automatically vets claims to detect fraud, waste, and abuse.

Originally conceived as an electronic health information management system, the startup has evolved into an insurtech infrastructure firm that assists insurers and partners in Africa and other emerging markets in expanding the reach and functionality of insurance through cloud-based tools and APIs.

Curacel, which raised a pre-seed funding round a year ago and now works with 15 insurance companies in eight African markets, has just been confirmed as the latest participant in Silicon Valley’s prestigious Y Combinator accelerator’s Winter 2022 cohort, joining a slew of other African companies. The W22 batch of the program is currently underway and will conclude with a demo day at the end of this month, having played a role in the early days of companies such as Airbnb, Coinbase, and Dropbox, among others.

Simultaneously, Curacel is launching a new product called Grow to support more effective insurance distribution to millions of Africans through partners such as Barter by Flutterwave, Float, Payhippo, and other leading technology companies.

It will also allow for the seamless integration of insurance into customer user journeys.

Insurance penetration in Africa is currently less than 3%, with the majority of policies sold offline and manually through brokers and agents. Because of this time-consuming process, insurance products are expensive and out of reach for many price-conscious Africans. However, by utilizing Grow, insurers can accelerate the distribution of their products by utilizing Curacel’s technology to easily embed insurance within other digital experiences in a more accessible manner.

Technology companies can also increase their recurring revenue by providing their customers with the protection they require without the hassle of integrating and negotiating terms with insurers and brokers.

Curacel’s AI-powered infrastructure allows claims to be submitted and processed in real time, and the solution is designed to integrate seamlessly with any technology platform.

“Risk management is a major concern for Africa’s growing middle class.” As it becomes easier to obtain credit and other financial services to facilitate new experiences, we want to make it easier to protect and enjoy these experiences with complete confidence. “The success of various technology companies over the years has opened the door to many previously underserved people, and we want to take advantage of this to accelerate the penetration of much needed insurance products across the continent,” said Henry Mascot, Curacel’s CEO and co-founder.