Insurpass an insurance technology company that provides API-driven insurance infrastructure-as-a-service platform has raised an undisclosed amount of investment from Tekedia Capital, a US-based investment syndicate funding the next category kings in Africa.
The insurtech platform enables companies across various sectors to embed insurance products and backend components into any web, mobile app or USSD channel through its Open Insurance API,
Insurpass, in its drive to deepen insurance penetration, increase financial inclusion and break the barrier to accessing insurance coverage in Nigeria through its plug-and-play API infrastructure and embedded insurance model enables other service providers ranging from Banks, health-techs, Edutechs and various point-of-sale agent platforms to offer various insurance products within their own applications/platforms to their customers many of whom are uninsured.
Insurpass’ proposition enables partner companies to offer digital insurance services either as a core value proposition to customers or as a value added service to supercharge their existing offering to their customers while growing their revenue through commissions earned in partnership with Insurpass.
The company also promises access to insurance coverage for the base-of-the-pyramid consumers who live in rural areas and do not have access to smartphones or internet service, as it will enable them access various innovative insurance products designed to mitigate risks they are daily exposed to via thousands of point-of-sales agents who already carry out mini-financial activities around those neighborhoods.
Insurpass has positioned itself as a disruptive insurance intermediary for various insurance companies it works with, creating innovative opportunities for these Insurers to access trusted digital distribution channels to provide coverage for the uninsured and underserved.
“Tekedia’s investment in Insurpass represents an essential vote of confidence in our company and its business model, as it will enable us accelerate our agenda to democratize access to insurance coverage especially for the base-of-the-pyramid consumers in Nigeria who are mostly left out of insurance coverage” said Insurpass co-founder and CEO Seun Ayegbusi.
Furthermore, Insurpass co-founder and CTO Tobi Odejinmi believes the company’s insurance infrastructure-as-a-service platform will power and usher in a new breed of insurtech startups and innovative solutions which will consume Insurpass’ API infrastructure to deliver value across various touchpoints of the insurance value chain.
In the same vein, the Chairman of Tekedia Capital, Prof Ndubuisi Ekekwe, also stated that “Insurpass as an API-based company has a business model that can unlock massive opportunities in the insurance industry.
We see a business that can redesign not just the insurance sector but other domains like pension collections using proprietary APIs. Tekedia Capital funds companies building critical digital infrastructures in Africa, and we are excited to support Insurpass”.
Featured Image: Insurpass Co-founders – From Left (Seun Ayegbusi co-founder/CEO) Right (Tobi Odejinmi co-founder/CTO)
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