Octamile, Africa's Digital Insurtech Startup, comes out of stealth mode with $500,000 pre-seed funding
By: Octamile Inc
Speaking on the launch, the Founder and CEO of Octamile, Gbenro Dara, said, "Insurance is one sector that has the power to elevate the economy, but only about 5 out of 100 Africans have any form of insurance protection. The industry has lagged in the use of technology to deliver better products and services."
Gbenro has spent the past decade in leading roles at various technology startups, including Jumia, myautogenius.com, Hotels.ng, Efritin.com, Cheki.com and Olist by Opera software. With a degree in insurance from the University of Lagos, Nigeria, Dara is a Member of the Chartered Insurance Institute of Nigeria.
He cited the Access to Insurance Initiative - A2ii - (a global partnership working to ensure that the worlds excluded and underserved have access to insurance); insurance allows the worlds excluded and underserved to take control of their lives and reduce their vulnerability against risks. Hence, insurance is vital to achieving the United Nations Sustainable Development Goals (SDGs) for Africa.
At Octamile, we believe in simplifying access to and reducing friction in the insurance experience to protect Africans from financial loss. Our digital insurance solution enables non-insurance businesses to offer Insurance as a feature in their already existing products. For insurance providers, we are powering them with the data and technology to improve customer experience, reduce administrative costs and optimise the profitability of their insurance portfolio.
Having been described as the 'operating system infrastructure for digital insurance in Africa,' Octamile offers the following benefits to the ecosystem:
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Page Updated Last on: Dec 01, 2021