Nigerian startup Curacel in technology insurance introduces new product to support insurance spread among Africans

With Curacel Grow, airlines will be able to offer their customers travel insurance through simple APIs. Car dealers will also be able to freely sell insurance to customers as a value-added service.

Insurance penetration in Africa is currently less than 3%, with most policies sold offline and manually through brokers and agents. This cumbersome process makes insurance products expensive and unaffordable for many price-sensitive Africans. The insurance industry in Africa also accounts for less than one percent of disaster losses worldwide, although it is home to nearly 17 percent of the world’s population. This suggests that there is significant potential for growth.

With Grow, insurers can accelerate the spread of their products by using Curacel technology to easily embed insurance into other digital capabilities in a more affordable way.

In addition, technology companies can also increase their recurring income by offering the protection their consumers need, without the hassle of seeking integration and negotiating with insurers and brokers. The solution is designed to seamlessly integrate with any technology platform, and Curacel’s artificial intelligence-based infrastructure means claims can be filed and processed in real time.

Commenting on the new product, Henry Mascot, CEO and co-founder of Curacel, said: “Risk protection is a major factor for Africa’s growing middle class. As it becomes easier to access credit and other financial services to gain new experiences, we want to make it easier to defend this experience and enjoy it with full confidence. The success of various technology companies over the years has opened the door to many people who were not previously served, and we want to take advantage of this to accelerate the penetration of much-needed insurance products across the continent. ”

Curacel is present in 8 African countries, allowing insurers to connect to digital distribution channels and administer their claims cost-effectively. The startup is also included in the cohort of the prestigious Y Combinator accelerator for the winter of 2022 in Silicon Valley, joining the growing list of successful African startups that have participated in and benefited from the program.