Curacel

Curacel operates on a B2B model, serving two primary client types: traditional insurance companies and tech-enabled businesses. For insurers such as AXA Mansard, Old Mutual, and Liberty Health, Curacel offers a suite of products to automate claims and mitigate risk. Its flagship CLAIMS platform uses AI to automate the entire claims process, from collection to vetting, which can reduce fraudulent payouts by up to 25% and decrease processing time. The company also provides specialized solutions for health, auto, and travel insurance, utilizing technologies like image recognition for damage assessment in auto claims. Revenue is generated through a SaaS model, typically involving an integration fee and a per-claim fee ranging from 40 cents to a dollar.

The second pillar of Curacel's business is "Curacel Grow," an embedded insurance product launched in 2022. This API-first platform enables fintechs, e-commerce platforms, logistics companies, and banks to seamlessly integrate insurance products into their existing services. By doing so, partners like ALAT, PalmPay, and Float can create new revenue streams and enhance customer loyalty. This embedded finance approach is designed to tackle the low insurance adoption rate by distributing insurance through trusted, everyday digital channels. The company has received significant backing from investors, securing a $3 million seed round in 2023 with participation from Tencent, Y Combinator, and executives from companies like Fitbit and Flutterwave. Having processed over $100 million in claims, Curacel operates in more than 10 African countries and continues to expand its footprint with plans to deepen its presence in North Africa.