An African insurance infrastructure startup, Curacel, says it has launched ‘Curacel Grow’ to enable technology companies seamlessly offer insurance as part of their existing products and services.
The Chief Executive Officer of Curacel, Mr Henry Mascot, in a statement on Friday said that Curacel Grow was an embedded insurance product.
He said the company was launching Curacel Grow to support more effective distribution of insurance to millions of Africans through partners like Barter by Flutterwave, Float, Payhippo and other leading technology companies.
Mascot said the startup would 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 Application Programming Interfaces (APIs).
“Automotive dealers would also be able to seamlessly sell insurance to customers as a value-added service, ” he said.
Mascot said that Insurance penetration in Africa stood at less than 3 per cent, with most policies sold offline and manually via brokers and agents.
He noted that the cumbersome process made insurance products expensive and out of reach for many price-sensitive Africans.
The Curacel boss said that as a result, market penetration of insurance products in Africa was half of the global average and premiums per capita were 11 times lower than the global average.
He said the insurance industry in Africa also represented less than one per cent of insured catastrophe losses worldwide, although it was home to almost 17 per cent of the global population.
“With Curacel Grow, insurers can accelerate the distribution of their products by taking advantage of its 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.
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“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, “he said.
Mascot said :“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.
He noted that the company wanted to make it easier to protect these experiences and so that Africans could enjoy it with full confidence.
NAN reports that Curacel has presence in eight 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 programme.
(NAN)
