Curacel, a leading insurance infrastructure provider in Africa, has secured $3 million in seed funding for the launch of new technology solutions to enhance the insurance experience in the region. The funding was led by executives from Covergenius, Zopper, and Pie Insurance, with participation from Tencent, AAF Management, Elefund, and other strategic investors. The Nigerian-based insurtech firm aims to expand into North Africa, beginning with Egypt and Morocco, and broaden its presence in other parts of the continent. Curacel provides AI-powered infrastructure that enables insurers to confidently automate and settle a greater number of legitimate claims, reducing fraudulent claims and losses. With its embedded insurance products, more than 100 banks and tech-enabled companies can offer digital insurance products, driving insurance penetration and customer loyalty.
The insurtech firm has processed over $100 million worth of claims and presently works with more than 20 insurers and over 5,000 service providers across eight countries in Africa. It has experienced significant growth, with a 600% increase in transaction volume and a 500% increase in revenue.
Curacel's AI-powered infrastructure has made it possible for claims to be submitted and processed in real-time, significantly reducing claims cycles by over 70% and allowing insurers to process up to 10 times more claims. The funding round will support Curacel's expansion into North Africa and its broader presence on the continent, with a focus on healthcare and insurance problems.
According to Henry Mascot, CEO and co-founder of Curacel, the funding will enable the company to deliver on its vision and onboard people who have built technologies at scale in more mature markets. He believes that the right technology in the right places can close the protection gap in Africa and emerging markets, and Curacel hopes to become the most recognized insurtech ecosystem by staying ahead of the competition.
Serik Kaldykulov, General Partner at Elefund, noted that Africa remains an untapped market in terms of insurance, and technology provides the best opportunity to reach new users and deliver excellent services. He believes that Curacel's suite of solutions and impressive track record of success makes it a valuable partner in driving insurance inclusion in Africa.
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