Insurtech startup, Inclusivity Solutions, has secured a $1.5 million extension round, an investment intended to boost its ambition to operate in at least 12 African markets by the end of 2024. This round was led by Goodwell Investments which also initially led the Series A round in 2019.
The startup delivers embedded insurance solutions into platforms and services that consumers already use by their various partners. According to Inclusivity Solutions, it currently serves over two million customers in eight African markets. In Kenya, the startup has partnered with Britam and Airtel Kenya to offer a suite of affordable insurance covers from as low as KES. 35 per month.
With a growing demand for financial and insurance solutions, users seek reliable and affordable solutions, especially in underserved markets. The Insurtech ecosystem seeks to revolutionize the traditional insurance system by leveraging technology innovations. This helps reduce costs by streamlining insurers’ back-end processes. Some key Insurtech applications include preventing risk, detecting fraud, smart contract formulation, and claims management. While the area is relatively new, its applications are still advancing.
In a statement shared today, Inclusivity Solutions says, “With the latest influx of capital, Inclusivity Solutions looks forward to welcoming a wider range of partners to meet the needs of more individuals and small businesses across the African continent.”
Indira Gopalakrishna, CEO of Inclusivity Solutions, concludes: “We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge.” She adds, “The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets.”