Octamile, an InsurTech company enabling insurance and non-insurance businesses to protect African consumers from financial loss, has come out of stealth mode with $500,000 in pre-seed funding led by EchoVC with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley, and other local and international Angels. Insurance is one sector that has the power to elevate the economy, but only about 5 out of 100 Africans have any form of insurance protection. The industry has lagged in the use of technology to deliver better products and services. The company has identified key areas where we add value and support the growth of the Insurance ecosystem with data and technology by partnering with traditional insurance businesses and non-insurance businesses.
At Octamile, believing in simplifying access to and reducing friction in the insurance experience to protect Africans from financial loss. Our digital insurance solution enables non-insurance businesses to offer Insurance as a feature in their already existing products. For Insurance providers, we are powering them with the data and technology to improve customer experience, reduce administrative costs and optimize the profitability of their insurance portfolio.