Evolutics offers digital infrastructure to insurance providers, secures $250k pre-seed
- An InsurTech start-up has offered to provide software solutions to insurance providers in Africa
- Miller Kingsley, chief executive officer of Evolutics, said the decision was taken in order to make insurance accessible to the public
- According to him, the software would assist insurers with this new critical financial reporting requirement
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VI, Lagos - Following the success it recorded recently, Evolutics, an InsurTech start-up that offers software solutions to insurance providers, from Life to general to health insurances, has just secured an additional $250k pre-seed funding.
Legit.ng reports that this was disclosed on Friday, July 29, by the company's chief executive officer, Miller Kingsley, during a media chat at Victoria Island, Lagos.
Source: Original
According to him, the funding round was led by Mercurial Advisory and Dinku Transnational of Dubai.
He added that the EVOLUTICS system provides the much-needed software solution for Insurance Companies operating in Africa, saying that its offering includes an end-to-end solution cutting across core insurance administration, finance, actuarial, CRM, document management and human resources.
He, however, said that while this limits the integration challenges of insurers, it also has been built with APIs in mind allowing full flexible and customisation.
Kingsley said:
"A data driven application, backed with actuarial insights for profitability as well as introducing customer KPIs to support growth, market insights and segmentations.
"IFRS-enabled modules to assist Insurers with this new critical financial reporting requirement. An inbuilt objective workflow monitoring system, to make staff appraisals more objective, especially in an era of work from home."
He described the system as a user-friendly application which is fully customisable by the user.
Kingsley, a professional actuary for close to two decades, noted that the extensive experience he and his team had in the insurance and actuarial management drives better anticipation of client needs and ability to engage more incisively to their requests.
Also speaking, one of the directors of the company, Yeside Kazeem, stated that said they bring their extensive experience in the industry, to solve the challenges that they experienced during their work life.
Why we are taking the bold step
He further noted that their clients have validated over and over again that their thoughts on the challenges were right.
Kazeem reiterated:
“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."
Insurance Industry in Africa remains untapped
He noted that the insurance providers industry in Africa is still very untapped, with lots of potential for growth and to drive the growth, saying that they think that insurers should make data driven decisions and we think that we have the software to support them on this.
The insurance expert added:
"Insurance as a sector, can elevate Africa out of poverty."
BUA Cement owner, Rabiu goes to Debt Market over cement business
Meanwhile, Legit.ng had previously reported that the owner of BUA Group, Abdulsamad Rubiu joined his arch-rival, Aliko Dangote in the debt business, as both billionaires shop for capital to fund their projects.
It was reported that the BUA Group Chairman approached International Finance Corporation (IFC) to get an undisclosed amount to finance the expansion of the BUA Cement business which is dominated in Africa by Dangote Cement.
The plant will increase BUA Cement’s capacity from 2.0 million metric tons to 8.0 million tons annually.
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Source: Legit.ng
