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

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EVOLUTICS, an InsurTech startup that offers software solutions to insurers, from life insurance to general insurance to health insurance, has just secured an additional $250,000 in pre-seed funding, following the success which she has won so far.

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

According to the company, the EVOLUTICS system provides an indispensable software solution for insurance companies operating in Africa. Its offer includes:

  • An end-to-end solution covering basic insurance administration, finance, actuarial, CRM, document management and human resources. While this limits integration challenges for carriers, it was also designed with APIs in mind allowing for complete flexibility and customization.
  • A data-driven application, supported by actuarial information for profitability as well as the introduction of customer key performance indicators to support growth, market insights and segmentations.
  • IFRS-compliant modules to help insurers meet this critical new financial reporting requirement.
  • A built-in objective workflow monitoring system, to make staff assessments more objective, especially in the age of working from home.
  • A user-friendly and fully customizable application by the user.

What they say

Speaking on fundraising, Yeside Kazeemsaid one of the directors of the EVOLUTICS system,

At EVOLUTICS, we simply bring our own deep experience in the industry, to solve the challenges we have encountered during our working life and our clients have validated time and time again that our thoughts on these challenges are right. We believe that for the industry to be fully digitized, the transformation must be powered by a robust and flexible data-driven administration solution and that’s where we come in.,” he said.

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We believe that a solid foundation including proper API documentation, timely support management, and other basic requirements in today’s insurance administration is essential to operating a fully digital insurance operation.

As part of our actuarial program, we are committed to training the next generation of actuaries for industry who can translate data into actionable insights, using technology. We made this a core system design, despite the cost, because we want to make sure we get it right,” he added.

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Also, the Managing Director of EVOLUTICS, Miller Kingsley noted that the company is focused on solving problems facing the insurance industry based on its more than 16 years of industry experience and is designed to help insurance companies adapt their services to customer needs.

The business was set up with the aim of solving some of the problems that we faced when we were in the industry including issues that hinder the scalability of insurance in Nigeria and what is very clear to everyone world in the industry right now is that the future of insurance in Africa would generally come from the retail segment, although this segment is very transactional.

“Therefore, to achieve significant growth in this segment, we will need to rely on technology. The insurance industry in Africa is still very untapped with a lot of potential for growth and to drive growth we believe insurers should make data driven decisions and we believe we have the software to support them on this subject. Insurance as a sector can lift Africa out of poverty,” said Miller.

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