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YC-backed Curacel unveils new platform to enable tech companies offer insurance


Curacel, a YC-backed African insurance infrastructure startup, has launched  an embedded insurance product that will enable tech companies to offer insurance as part of their existing products and services

Dubbed Curacel Grow, the API tool has so far been integrated with 22 tech entities across Africa including Topship, Barter by Flutterwave, Float, Fingo and Payhippo. 

With Grow, insurers can accelerate the distribution of their products by taking advantage of Curacel’s technology to easily embed insurance within other digital experiences in a more accessible way. Technology companies can also increase their recurring revenue by offering the protection their consumers need without the hassle of finding integration and negotiating terms with insurers and brokers. The solution is designed to integrate seamlessly with any technology platform and Curacel’s AI-powered infrastructure means claims can be submitted and processed in real time.

Curacel says it is launching Grow to support more effective distribution of insurance to millions of Africans. The startup will also enable seamless embedding of insurance in customer user journeys. With Curacel Grow, airlines will be able to offer travel insurance to their customers through simple APIs. Automotive dealers will also be able to seamlessly sell insurance to customers as a value-added service. Curacel has built its market leading infrastructure that powers claims and fraud protection for forward thinking insurers like AXA Mansard and Old Mutual, and this expansive network of underwriters enables the distribution of insurance at scale.  

Insurance penetration in Africa currently stands at less than 3 percent, with most policies sold offline and manually via brokers and agents. This cumbersome process makes insurance products expensive and out of reach for many price-sensitive Africans. As a result, market penetration of insurance products in Africa is half of the global average and premiums per capita are 11 times lower than the global average. The insurance industry in Africa also represents less than one percent of insured catastrophe losses worldwide, although it’s home to almost 17 percent of the global population. This suggests that there is significant scope for growth.

“RIsk protection is a major consideration for Africa’s growing middle class. As it becomes easier to access credit and other financial services to enable new experiences, we want to make it easier to protect these experiences and enjoy them with full 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.” Henry Mascot, CEO and co-founder of Curacel, said, 

Curacel has a presence in 8 countries across Africa, enabling insurers to connect with digital distribution channels and administer their claims cost-effectively.

The startup is also part of the Winter 2022 cohort of Silicon Valley’s prestigious Y Combinator accelerator, joining the growing list of successful African startups that have participated in and benefitted from the program. 

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Nixon Kanali

Tech journalist based in Nairobi. I write about tech, business and African startups. Founder and Editor For TechTrendsKE. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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