Octamile, a Nigerian insurtech company that enables insurance and non-insurance businesses to protect African consumers from financial loss, has emerged from stealth mode with pre-seed funding of US$500,000.
This solution allows non-insurance companies to include coverage as an option in their existing products, while also giving insurance companies access to the data and technology they require for better customer service, lower administrative costs, and increased profitability across their entire insurance portfolio..
The startup had been operating in the shadows up until now, but it has now gone public thanks to a pre-seed funding round of $500,000 in the United States. Leading the funding round, which included Fiat Ventures, Kesho VC, and Verraki Partners as well as the other local and international angels were EchoVC Partners and Verraki Partners.
One of the most powerful sectors in the economy is insurance, but only about five out of every 100 Africans have any kind of insurance protection. As CEO of Octamile, Gbenro Dara has worked in a variety of technology startups over the past decade, including Jumia, MyAutoGenius, Hotels.ng, and Cheki. “The industry has lagged in the use of technology to deliver better products and services,” he said.
Octamile, which describes itself as the “operating system infrastructure for digital insurance in Africa,” offers a variety of advantages to the ecosystem, including digital claims, improved risk assessment, and embedded insurance APIs.
During the next few months, FirstBank and AXAMansard will work closely with Dara to onboard the dozens of insurers and startups on the waitlist who are eager to benefit from our solutions.
By partnering with both traditional insurance companies and non-insurance businesses, our team has identified key areas where we can add value and support the growth of the Insurance ecosystem with data and technology.”
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