Octamile, Africa’s digital insurtech company from Nigeria that shields insurance and non-insurance businesses from financial loss by protecting African consumers, Octamile, has scaled stealth mode with about $500,000 in pre-seed funds raised.
Octamile digital solution founded by Gbenro Dara helps non-insurance businesses by offering insurance features for their pre-existing goods or products. It empowers insurance providers with the required technology and data to scale up customer experience and revenue at a much lesser administrative cost.
Octamile, Africa’s digital Insurtech startup, has been in stealth mode for a while now before successfully launching out of it during the recent pre-seed funding round. The round, which was led by EchoVC in partnership with Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley, and other local and international angels.
Speaking about the launch, Gbenro Dara an Insurance degree holder from the University of Lagos is a distinguished member of the Chartered Insurance Institute of Nigeria, the founder, and CEO of Octamile who has also in the last decade served in various tech startups such as Cheki, Jumia, Efritin.com, Olist by Opera software, My AutoGenius, and Hotels.ng stated that
“Insurance is a sector that possesses the power to elevate the economy, but only about five (5) of 100 Africans have any form of insurance protection. The industry has lagged in the use of technology to deliver better products and services.”
“Our team has identified key areas where we can further add value and support the growth of the Insurance ecosystem in Africa with data and technology by collaborating with traditional insurance businesses and non-insurance businesses.”
Describing the digital insurtech company as the “operating system infrastructure for digital insurance in Africa”, Octamile offers a wide range of benefits to the ecosystem such as digital claims, improved risk assessment, as well as embedded insurance APIs.
“Our goal over the next months will be to work closely with our partners, which include AXAMansard and FirstBank then onboard the dozens of insurers and startups on the waitlist ready to leverage on the power of our solutions,” said Dara.