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InsurTech StartUps in Africa

Smart Money VCs in Africa have been actively funding startups in the InsurTech space in the last few years. With almost 16% population of the world and less than 2% insured for catastrophic losses, the insurance sector is a multi-billion USD opportunity. Innovators and Entrepreneurs from Africa and around the world are rushing to the continent to bridge the infrastructural gap and build for the next billion. Africa may not come to mind when thinking of innovation in the insurance space but a lot has been happening lately. We used data from THE BASE to identify 40+ InsurTech startups in Africa that have raised equity funding rounds and are making insurance accessible to the low-middle income populations as well as businesses.

In our analysis, we identified value chain enhancers as well as disruptors with a majority of the startups having being founded within the last three years (2017 – 2019), of which, the majority have received funding in 2018 and 2019. While more than 50% of Insurtech startups are in the Microinsurance & Digital Brokerage sector, we identified rising trends in B2B Data Analytics, Ancillary revenues & Insurance add ons to SMEs, and vertical SaaS solutions.  

RNA InsurTech StartUps in Africa

COUNTRY COMPANY SECTORS
Egypt Amanleek Micro Insurance & Brokerage
Egypt Bringy Digital Ventures Micro Insurance & Brokerage
Egypt ClickMare Micro Insurance & Brokerage
Egypt ElZatona Efficiency & Fraud Management
Egypt Hood Analytics & Cloud Computing
Egypt MerQ Analytics & Cloud Computing
Egypt YallaCompare Efficiency & Fraud Management
Ghana WorldCover Micro Insurance & Brokerage
Kenya Acre Africa (Kilimo Salama) End to end value chain
Kenya Bismart Efficiency & Fraud Management
Kenya BlueWave Micro Insurance & Brokerage
Kenya InsureAfrika Efficiency & Fraud Management
Kenya Julie by Jubilee Insurance Analytics & Cloud Computing
Kenya Kakbima Analytics & Cloud Computing
Kenya Turaco Micro Insurance & Brokerage
Kenya WazInsure Analytics & Cloud Computing
Nigeria Airtel Micro Insurance & Brokerage
Nigeria Auto Genius Micro Insurance & Brokerage
Nigeria Casava Micro Insurance & Brokerage
South Africa CompareGuru Micro Insurance & Brokerage
Nigeria CompareIN Efficiency & Fraud Management
Nigeria SoSo Care Micro Insurance & Brokerage
Nigeria Wella Health Micro Insurance & Brokerage
Nigeria Bima Micro Insurance & Brokerage
South Africa Click2Sure Efficiency & Fraud Management
South Africa Ctrl Efficiency & Fraud Management
South Africa Fo-Sho Micro Insurance & Brokerage
South Africa Hepstar End to end value chain
South Africa Inclusivity Solutions Efficiency & Fraud Management
South Africa InvestSure Efficiency & Fraud Management
South Africa JaSure Micro Insurance & Brokerage
South Africa Lumkani Micro Insurance & Brokerage
South Africa MiWay.co.za Micro Insurance & Brokerage
South Africa Naked Insurance Micro Insurance & Brokerage
South Africa Nobuntu Micro Insurance & Brokerage
South Africa Pineapple Micro Insurance & Brokerage
South Africa Riovic Micro Insurance & Brokerage
South Africa Simply Financial Services Micro Insurance & Brokerage
South Africa wiCover Efficiency & Fraud Management
South Africa Yalu SA Micro Insurance & Brokerage
South Africa Fixico Efficiency & Fraud Management

Post Author: Raymond Nduga

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