Nigeria-based insurtech platform Curacel has raised $3 million in seed funding to further expand its insurance technology offering in emerging markets. The platform aims to increase insurance penetration and connect insurers with digital distribution channels via APIs.
Curacel's services enable insurers to administer their claims and mitigate losses by digitizing and settling more legitimate claims while reducing fraud and waste and reducing insurers' dependence on paper-based processes.
The company's "AI-powered" infrastructure enables real-time claims processing and has already processed more than $100 million in claims since its inception.
The platform, which works with more than 5,000 service providers across eight African markets, claims to have grown its transaction volume by 600% and increased its revenue by 500% in 2022. Curacel boasts partnerships with 20 insurance companies, including AXA Mansard, Old Mutual, and Jubilee Insurance.
Curacel is building on its current offerings, distribution, and claims automation, and will be looking to provide underwriting and insurance payment services via its APIs in the future. The investment will be used to deepen its presence across the African continent.