Nigeria as well as other African insurers particularly in West and East Africa will soon see a boost in their digital infrastructure, as Evolutics, an InsurTech start-up that offers software solutions has secures an additional $250,000.00 pre-seed funding.
The funding round led by Mercurial Advisory and Dinku Transnational of Dubai will enable Evolutics provide digital support to help drive penetration in both life and general insurance as well as healthcare in the continent.
The Evolutics system provides the much-needed software solution for Insurance Companies operating in Africa. Its offering includes:
It is an end-to-end solution cutting across core insurance administration, Finance, Actuarial, CRM, Document Management and Human Resources. Whilst this limits the integration challenges of Insurers, it also has been built with APIs in mind allowing full flexible and customization.
According to the promoters, it is a data driven application, backed with actuarial insights for profitability as well as introducing customer KPIs to support growth, market insights and segmentations.
“It is IFRS-enabled modules to assist Insurers with this new critical financial reporting requirement.An inbuilt objective workflow monitoring system, to make staff appraisals more objective, especially in an era of work from home, the promoters said.
The staff team, led by Miller Kingsley, its chief executive officer, comprises of persons with extensive experience in Insurance and Actuarial management, and consequently, this drives better anticipation of client needs and ability to engage more incisively to their requests. Miller Kingsley, is a professional Actuary with about 16 years work experience spanning across banking and Insurance.
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“At Evolutics, we simply bring our own extensive experience in the industry, to solve the challenges that we experienced during our work life and our clients have validated over and over again that our thoughts on these challenges are right. We believe that for the industry to be fully digitalised, the transformation needs to be powered by a robust and flexible administration solution based on data and that is where we come in”.
“We believe a robust foundation including proper API documentation, prompt support management, and other basic requirements in today’s Insurance administration is critical to operating a fully digital insurance operation. As part of our Actuarial Programme, we are committed to grooming the next generation of actuaries for the industry that can translate data to actionable insights, using technology. We have made this a foundational design of the system, despite its cost, because we want to ensure we get it right” says Yeside Kazeem, one of the directors of the Evolutics system.
Already about three insurance companies – two in Nigeria and one in Ghana are already test running the system application.
The Insurance industry in Africa is still very untapped, with lots of potential for growth and to drive the growth, we think that insurers should make data driven decisions and we think that we have the software to support them on this. Insurance as a sector, can elevate Africa out of poverty, they noted.
