Curacel, a Nigerian insurtech platform, has raised $3 million in seed capital to extend its insurance technology offering in emerging markets. The platform intends to enhance insurance penetration through APIs and connect insurers with digital distribution channels.
Curacel’s services help insurance companies manage their claims and cut losses by digitizing and settling more legitimate claims, reducing fraud and waste, and making insurance companies less reliant on paper processes.
The company’s “AI-powered” infrastructure makes it possible to process claims in real-time. Since the company started, it has already processed more than $100 million shares.
The platform claims to have grown its transaction volume by 600% and revenue by 500% in 2022. It works with more than 5,000 service providers in eight African markets. Curacel works with 20 insurance companies, including Old Mutual, Jubilee Insurance, AXA Mansard, Old Mutual.
Curacel is expanding its current products, including distribution and claim automation. In the future, it wants to use its APIs to offer underwriting and insurance payment services.
To strengthen its presence across Africa.