Curacel launches new insurance products to increase penetration in Africa

Curacel launched Curacel Grow, an embedded insurance product that allows technology companies to seamlessly offer insurance in addition to their existing products.

Leading African insurance infrastructure startup, Curacel, was part of the Winter 2022 cohort of Silicon Valley’s prestigious Y Combinator accelerator. Join the growing number of African startups that have benefited from this program.

Africa has a low level of insurance penetration at 3 percent. Policies are sold by brokers and agents, and most policies are either manually or offline. Insurance products are difficult to access and can be costly for price-sensitive Africans.

Other factors attributed to the low penetration include high poverty rate, low awareness level, failure to embrace digital technology, high level of financial exclusion, lack of infrastructural & distribution channels, lack of domestic skills and a shortage of data.

Market penetration in Africa for insurance products is approximately half that of the global norm, and premiums per head are eleven times lower than global average. The insurance industry in Africa also shows less than one percent of insured catastrophe losses worldwide, although it’s home to almost 17 percent of the global population. This shows that there’s significant growth potential.

Curacel an insurance infrastructure company that assists insurers and partners in Africa and other emerging countries to increase the reach and functionality for insurance through cloud-based tools, APIs and tools.

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.

This product is a great way for technology companies to increase their recurring revenues by providing the protection their customers need without having to integrate or negotiate terms with brokers and insurers.

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 launches Grow to assist in the distribution of insurance to millions more Africans. Partners include Barter by Flutterwave (Float), Payhippo, and other top technology companies.

The startup will allow seamless integration with insurance into customer journeys. Curacel Grow will allow airlines to offer travel insurance through APIs. Customers will also be able directly to dealers automotive insurance as a value-added product.

Curacel’s market-leading infrastructure powers fraud protection and claims for forward-thinking insurers such as AXA Mansard or Old Mutual. This extensive network of underwriters allows the distribution of insurance at large scale.

The new product was discussed here Henry Mascot, CEO and co-founder of Curacel, said, “risk protection is a major consideration for Africa’s growing middle class. As credit becomes more readily available to allow for new experiences, we want it to be easier to protect those experiences and to fully enjoy them.

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.”

Curacel it has an office in 8 African countries, which allows insurers to easily connect with digital distribution channels and manage their claims more cost-effectively. Curacel currently has 15 African insurance companies.

Get latest news from African Startup ecosystem

Latest stories

You might also like...