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YC-backed Curacel unveils Grow, its API to allow tech startups offer insurance services across Africa

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Curacel, the African insurance infrastructure startup, has launched Curacel Grow, its API platform to allow technology companies to seamlessly offer insurance as part of their existing products and services.

The Winter 2022 Y Combinator portfolio startup says Grow will bolster the distribution of insurance to millions of Africans through partners like Barter by Flutterwave, Float, Payhippo and other firms such as airlines, automotive dealers, among others.

“Risk protection is a major consideration for Africa’s growing middle class,” said Henry Mascot, CEO and co-founder of Curacel. “As it becomes easier to access credit and other financial services to enable new experiences, we want to make it easier to protect these experiences and enjoy them with full confidence. The success of various technology companies over the years has opened the door to many previously underserved people and we want to take advantage of this to accelerate the penetration of much needed insurance products across the continent.”

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Curacel co-founders – Henry Mascot (CEO) and John Dada (CTO)

Insurance penetration in Africa currently stands at less than 3 percent, with most policies sold offline and manually via brokers and agents. This cumbersome process makes insurance products expensive and out of reach for many price-sensitive Africans. As a result, market penetration of insurance products in Africa is half of the global average and premiums per capita are 11 times lower than the global average. The insurance industry in Africa also represents less than one percent of insured catastrophe losses worldwide, although it’s home to almost 17 percent of the global population. This suggests that there is significant scope for growth.

With Grow, insurers can accelerate the distribution of their products by taking advantage of Curacel’s technology to easily embed insurance within other digital experiences in a more accessible way. Technology companies can also increase their recurring revenue by offering the protection their consumers need without the hassle of finding integration and negotiating terms with insurers and brokers. The solution is designed to integrate seamlessly with any technology platform and Curacel’s AI-powered infrastructure means claims can be submitted and processed in real time.

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Curacel has a presence in 8 countries across Africa, enabling insurers to connect with digital distribution channels and administer their claims cost-effectively.

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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