Making it easier for insurers to distribute their products, helping them automate claims processes, and contributing to the growth of their revenues. All through the use of simple and specifically designed technological solutions. This is the mission of Curacel, an insurtech that was founded in Nigeria in 2019. The CEO and co-founder, Henry Mascot, explained to InsurZine what this reality entails.

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"We are a company that is only three years old, born with a mission: to help companies break down insurance products to increase their adoption in the African continent. Curacel is a B2B insurance software platform enabled by artificial intelligence (AI). Our technological infrastructure allows insurers to connect with digital distribution channels and quickly manage claims."

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CURACEL'S SOLUTIONS FOR INSURERS

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To continue its path of technological innovation, the startup launched Curacel Grow in March 2022, an embedded solution that allows partner companies to offer policies within their existing offerings. For example, automobile dealerships, through Curacel's embedded solution, can also sell coverage to customers as an additional value-added service.

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"So far, our technology has focused on insurance distribution and claims automation," Mascot explained. "To date, we have three solutions: Curacel Claims (Collection), a SaaS solution dedicated to motor and health insurance, useful for claim collection and management; Curacel Claims (Detection), a fraud detection service for companies operating in the auto and health segments, and Curacel Grow, an API-based distribution service for companies that want to integrate insurance into their platforms."

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CURACEL, NOT ONLY IN NIGERIA

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The company is present in several African countries in addition to Nigeria. Curacel operates in Ghana, Kenya, Egypt, Uganda, Senegal, Tanzania, and Morocco. In its first three years of existence, the insurtech has expanded geographically and managed to establish numerous partnerships. Mascot emphasized the strategic importance of the collaborations undertaken with over twenty companies, including Axa Mansard, Old Mutual, and Jubilee Insurance.

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Since its inception, the insurtech has processed claims requests worth over $100 million, working with more than 5,000 service providers in 8 countries across the continent. "Our extensive network of underwriters and our solutions allow us to move from one market to another without having to negotiate policy terms with another insurer and/or broker. We are customer-focused and leverage AI to make the purchase of coverage and claims processing seamless. Thanks to our solution, claims can be submitted and processed in real-time. This makes it easier for policyholders to enjoy the benefits of their policies and build trust in the insurance market in a territory with very low insurance penetration. Our main goal is to ensure customer satisfaction and peace of mind."

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THE FUTURE OF INTEGRATED INSURANCE IN AFRICA

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Curacel's CEO is convinced of the potential role of technology in bridging the protection gap in Africa and emerging markets. "The future of insurance in Africa looks promising, especially when it comes to embedded insurance. There is an increasing number of companies and individuals attempting to access insurance coverage through mobile and digital platforms. This trend is driven by the growing penetration of mobile phones and the rise of digital financial services on the continent. However, there are still challenges to be faced, such as low levels of insurance literacy and regulatory barriers. Overall, integrated insurance is expected to continue growing and evolving in Africa, providing greater access to products and services to previously underserved populations."

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Regarding the insurtech phenomenon, Mascot argues that the insurance sector must play a key role in allowing innovation to meet the new needs of customers. "The insurtech sector appears to be in a strong position for continuous growth and innovation, thanks to the increasing demand for digital solutions from consumers and the emergence of new technologies. A report by Mordor Intelligence predicts that the global insurtech market will grow at a compound annual growth rate of 48.8% from 2021 to 2026. This growth should be driven by the increasing adoption of digital solutions, the growth of new business models, and the emergence of new technologies, and companies must do their part." -Francesca Ghisi

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