Following its previous success, EVOLUTICS, a digital insurance startup that provides software solutions to insurance providers ranging from life to general to health insurance, has now obtained an additional $250k pre-seed funding. Mercurial Advisory and Dinku Transnational of Dubai led the fundraising round.
“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,” Chief Executive Officer of EVOLUTICS, Miller Kingsley said.
A Look At What The Startup Does
The EVOLUTICS system, which was founded in 2021, provides a much-needed software solution for African insurance companies. It provides:
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- An end-to-end solution for core insurance administration, finance, actuarial, CRM, document management, and human resources. While this reduces Insurers’ integration issues, it was also created with APIs in mind, providing complete flexibility and modification.
- A data-driven programme that includes actuarial insights for profitability as well as customer KPIs to help growth, market insights, and segmentations.
- Insurers will benefit from IFRS-enabled modules to help them meet this new essential financial reporting obligation.
- An in-built objective workflow monitoring system to make employee evaluations more objective, especially in this day and age of work from home.
- A user-friendly application that the user may completely customise.
“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. 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,” Yeside Kazeem, one of the Directors of the EVOLUTICS system said.
Miller Kingsley has over 16 years of experience in the insurance industry.
Evolutics digital insurance Evolutics digital insurance
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh