By Steve Agbota
Curacel, an AI-powered platform for claims processing and fraud management in Africa, has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The new investment would be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship claims platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.