Evolutics, an InsurTech startup that provides software solutions, says it has secured $250,000 in funding to offer digital infrastructure to insurance companies in Africa.
Evolutics Chief Executive Officer, Mr. Miller Kingsley, made the announcement during a press conference to discuss the company’s offerings for insurance companies in Africa in Lagos on Friday.
He said the funds received would be used to provide industry representatives with digital infrastructure for life, general and health insurance.
Kingsley said the end-to-end solution would also include core areas of insurance administration, finance, actuarial, document management and human resources.
He said the company realized that the insurance industry desperately needed big data to identify their customers’ needs, hence the idea of creating an innovation to fill the gap in the industry.
“To compete in the insurance industry in Africa, they need to understand their customers’ needs, and that requires technology.
“Our data-driven application relies on actuarial insights into profitability as well as key customer metrics to support growth, market insights and segmentation.
“We have integrated an International Financial Reporting Standard (IFRS)-compliant module to help insurers with the new critical financial reporting requirements,” said Kingsley.
The chief executive officer also said the solution has an integrated objective workflow monitoring system to make employee appraisals more objective, especially during times of remote work.
“At Evolutics, we believe that for the industry to go fully digital, the transformation must be driven by a robust and flexible data-based management solution,” he said.
Kingsley said that a solid foundation and proper API (application programming interface) documentation and rapid support management are critical to running a fully digital insurance operation.
“As part of our actuarial program, we are committed to educating the next generation of actuaries for the industry who can use technology to transform data into actionable insights.
“The insurance industry in Africa is very untapped, with a lot of potential for growth, insurers need to start making data-driven decisions and we believe we have the software to help them do that,” Kingsley said