Digital Insurance Agenda

Octamile: making insurance work for Africa with an all-in-one digital insurance infrastructure 

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 1, 2022

Over the last decade, digitisation has leapfrogged in several African sectors, but the insurance value-chain has remained partly traditional, with penetration below the 3% mark. Which means there is still a major community that is underinsured from financial loss.  

Octamile is an insurtech startup that is simplifying access to insurance to protect Africa’s underinsured from financial loss. Thereby giving people the opportunity to reach their full potential and being protected against financial loss. Its All-in-One Insurance Management Solution enables the insurance infrastructure and ecosystem to digitise the insurance value-chain for consumers through embedded insurance distribution, end-to-end claims automation and risk assessment for insurance underwriting, claims and financing. 

Octamile partners with the Insurance providers, including AXA Mansard, Leadway, AIICO, and Custodian Insurance, to deepen insurance penetration and make insurance work for insurers, B2C businesses and their consumers. Helping to increase business revenue, retention and trust.  

How does it work?  

The company features an ecosystem of technology products that helps Insurers innovate faster and protect consumers from financial loss. It offers four products: embedded insurance, automated claims, partner App and vehicle history and valuation.  

Octamile’s Embedded Insurance technology enables the distribution of insurance products to consumers across several verticals like Fintech, Logistics, Mobility and Marketplaces. In short, its B2C partners offer insurance products that meet the needs of their underinsured customers as stand-alone products or add-ons to their existing services or products. Octamil’s API enabling these brands to offer multiple insurance products. 

Some of these partners include Gokada, Jamborow, Wecover, Breeze, DriveMe, VeendHQ and Daboo Insurtech, offering lifestyle, health, auto, life and other customisable insurance products powered by Octamile’s Embedded Insurance solution.  

Secondly Automated Digital Claims: Octamile’s end-to-end claims management solution detects fraud, provides a seamless experience and reduces administrative costs for insurers. This technology covers First Notification of Loss (FNOL), detects fraud, virtual inspections, rule-based decision-making, and payments and works with existing legacy tech, workflow and processes. It powers automated claims processing for consumers of insurers like AXAMansard Nigeria, delivering the first of its kind to claims payout in 60 minutes or less. 

Risk Assessment and Analysis: Our risk solution helps insurers fight claims fraud and increases underwriting speed and portfolio profitability. Improving underwriting capabilities with real-time data. Other partners within the insurance value-chain like Brokers, Banks, Fleet owners, and Online Marketplaces leverage its data for car financing, vehicle history and valuation. Allowing them to make data-backed underwriting and financing decision, reducing business risks and fraud, increasing portfolio profitability and enjoying peace of mind.  

Who is Octamile? 

Octamile is an insurtech startup building Africa’s digital insurance technology infrastructure. It launched out of stealth mode on December 1st 2021, with a $500k pre-seed round, with participation from  EchoVC, Fiat Ventures, FirstCircle Capital, Trade X, Verraki Partners, Plug & Play Investments, along with local and international Angels. 

The founders and current team are a group of insurance and technology professionals with several years of experience in various industries. They have a strong focus on building solutions to make it easier for the underinsured in Africa to access insurance through partnerships with insurers, brokers and B2C companies.  

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