EVOLUTICS, an InsurTech start-up that offers software solutions, said it has secured $250,000 in funding to offer digital infrastructure to insurance companies in Africa.
The Chief Executive Officer of Evolutics, Mr Miller Kingsley, made this known during a news conference to discuss the firm’s offerings to insurance companies in Africa, held in Lagos, recently.
He said that the funding received would be used to provide digital infrastructure on life, general and health Insurance to those in the sector.
Kingsley said that the end-to-end solution would also be cutting across core insurance administration, finance, actuarial, document management and human resources.
He said the company observed that the insurance industry was in dire need of big data to identify the demands of its customers, hence the idea to create an innovation to bridge the gap in the sector.
“To be able to scale through in the insurance industry in Africa, they need to identify their customers’ demands and to do that technology is needed.
“Our data-driven application is backed with actuarial insights for profitability as well as customer key performance indicators to support growth, market insights and segmentations.
“We have incorporated an International Financial Reporting Standard (IFRS) enabled modules to assist insurers with the new critical financial reporting requirement,” Kingsley said.
The chief executive officer also said the solution had an inbuilt objective workflow monitoring system, to make staff appraisals more objective, especially in an era of remote work.
“At Evolutics, 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,” he said.
Kingsley said that a robust foundation and proper Application Programming Interface (API) documentation and prompt support management was 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.
“The Insurance Industry in Africa is still very untapped, with lots of potential for growth, insurers need to start making data-driven decisions and we believe that we have the software to support them on this,” Kingsley said.
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