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Nigerian insurtech, Evolutics, secures $250,000 funding to provide digital insurance infrastructure across Africa

EVOLUTICS, an InsurTech start-up that offers software solutions to Insurance Providers, from Life to General to Health insurance, has just secured an additional $250k pre-seed funding, following the success it has made to date.

The funding round was led by Mercurial Advisory and Dinku Transnational of Dubai.

According to the company, the EVOLUTICS system provides a much-needed software solution for Insurance Companies operating in Africa. Its offering includes:

  • An end-to-end solution cutting across core insurance administration, Finance, Actuarial, CRM, Document Management and Human Resources. Whilst this limits the integration challenges of Insurers, it also has been built with APIs in mind allowing full flexible and customisation.
  • A data-driven application, backed with actuarial insights for profitability as well as introducing customer KPIs to support growth, market insights and segmentations.
  • IFRS-enabled modules to assist Insurers with this new critical financial reporting requirement.
  • An inbuilt objective workflow monitoring system, to make staff appraisals more objective, especially in an era of work from home.
  • A user-friendly application which is fully customisable by the user.

What they are saying

Speaking on the fundraise, Yeside Kazeem, one of the Directors of the EVOLUTICS system said,

At EVOLUTICS, we simply bring our own extensive experience in the industry, to solve the challenges that we experienced during our work life and our clients have validated over and over again that our thoughts on these challenges are right. We believe that for the industry to be fully digitalised, the transformation needs to be powered by a robust and flexible administration solution based on data and that is where we come in,” he said.

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We believe a robust foundation including proper API documentation, prompt support management, and other basic requirements in today’s Insurance administration is critical to operating a fully digital insurance operation.”

As part of our Actuarial Programme, we are committed to grooming the next generation of actuaries for the industry that can translate data to actionable insights, using technology. We have made this a foundational design of the system, despite its cost, because we want to ensure we get it right,” he added.

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Also, the Chief Executive Officer of EVOLUTICS, Miller Kingsley noted that the business is geared towards solving the problems facing the insurance sector based on his over 16 years of experience in the industry and is designed to help insurance companies tailor their services to the needs of the customers.

The business was formed in a bid to solve some of those problems that we have faced ourselves while we were in the industry, which includes issues that hamper the scalability of insurance in Nigeria and what is very clear to everyone in the industry right now is that the future of insurance in Africa generally would come from the retail segment, although this segment is very transactional.”

“Hence, in order to achieve significant growth in this segment, we will have to rely on technology. The Insurance Industry in Africa is still very untapped, with lots of potential for growth and to drive the growth, we think that Insurers should make data-driven decisions and we think that we have the software to support them on this. Insurance as a sector, can elevate Africa out of poverty,” Miller said.

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