• Thursday, March 28, 2024
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Octamile raises $500,000 to protect Africans from financial loss

Octamile, Africa’s digital Insurtech startup raises $ 500,000 to protect Africans from financial loss

Octamile, an Insurance tech company enabling insurance and non-insurance businesses to protect African consumers from financial loss, has raised $500,000 in pre-seed funding led by EchoVC with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (Founding team member of Chime) and other local and international Angels, a statement has said.

Speaking on the launch, the Founder and CEO of Octamile, Gbenro Dara, said in a statement that “Insurance is one sector that has the power to elevate the economy, but only about five out of 100 Africans have any form of insurance protection. The industry has lagged the use of technology to deliver better products and services.”

According to the statement, Gbenro has spent the past decade in leading roles at various technology startups, including Jumia.com, myautogenius.com, Hotels.ng, Efritin.com, Cheki.com and Olist by Opera software. With a degree in insurance from the University of Lagos, Nigeria, Gbenro is a member of the Chartered Insurance Institute of Nigeria.

“Our team has identified key areas where we add value and support the growth of the Insurance ecosystem with data and technology by partnering with traditional insurance businesses and non-insurance businesses,” said Gbenro.

He cited the Access to Insurance Initiative – A2ii – (a global partnership working to ensure that the worlds excluded and underserved have access to insurance); insurance allows the worlds excluded and underserved to take control of their lives and reduce their vulnerability against risks. Hence, insurance is vital to achieving the United Nations Sustainable Development Goals (SDGs) for Africa.

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“At Octamile, we believe in simplifying access to and reducing friction in the insurance experience to protect Africans from financial loss. Our digital insurance solution enables non-insurance businesses to offer Insurance as a feature in their already existing products. For Insurance providers, we are powering them with the data and technology to improve customer experience, reduce administrative costs and optimise the profitability of their insurance portfolio”.

Having been described as the ‘operating system infrastructure for digital insurance in Africa,’ Octamile, according to the statement, offers benefits to the ecosystem which include: Digital Claims: “Our insurtech solution empowers insurance providers to provide a seamless claims experience and reduce administrative costs by integrating end-to-end claims management solutions into their existing systems and processes. Octamile’s end-to-end solution covers first notification of loss, remote inspections, rule-based decision making and payments.

It also offers Improved Risk-Assessment: This Increases the profitability of insurance portfolio by integrating data from diverse sources to establish better pricing and risk profiling of customers and their assets. “Brokers, Banks, Fleet owners, Online Marketplaces can also leverage this data. It also offers Embedded Insurance APIs: Non-Insurance businesses and developers can boost revenues and increase the life-cycle value of existing customers by adding insurance by ‘default’ as a feature in your product or existing business, powered via our flexible and customisable APIs”.

“Our goal over the next months will be to work closely with our partners, which include AXAMansard, and FirstBank, and onboard the dozens of insurers and startups on the waitlist ready to leverage the power of our solutions,” said Gbenro