The startup offers a digital insurance platform that integrates insurance services into existing products through Open APIs and specialized insurance knowledge. This approach enables emerging consumers to access suitable and affordable insurance options without the complexities typically associated with traditional insurance processes.
Funding
$6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
GIFounders
Product
Problem
Emerging consumers in Africa often lack access to suitable and affordable insurance options due to the complexities and inaccessibility of traditional insurance processes. This gap leaves a significant portion of the population vulnerable to financial shocks from unexpected events.
Solution
Inclusivity Solutions is a B2B2C insurtech company that provides embedded insurance solutions tailored for emerging African consumers. The company's core offering is its digital insurance platform, ASPin, which utilizes Open APIs to enable insurers and distribution partners to rapidly deploy and scale insurance products. Inclusivity Solutions combines its platform with specialist services, including consumer insights, data analytics, and actuarial expertise, to design and deliver customized insurance products that address the specific needs and risks faced by its partners' customers. By seamlessly embedding insurance into existing products and services, Inclusivity Solutions helps distribution partners attract new customers, retain existing ones, drive new revenue streams, and enhance customer satisfaction.
Target Audience
The primary target audience includes distribution partners such as banks, microfinance institutions (MFIs), telcos, and fintechs seeking to embed insurance into their core offerings, as well as insurers, brokers, and bancassurance providers looking to expand their reach and accelerate the launch of digital insurance products.
Features
- Open API-based digital insurance platform (ASPin) for rapid integration and deployment
- Customizable insurance product design tailored to specific customer segments
- Support for both partner-funded (loyalty) and customer-funded (paid/upsell) premium models
- Policy administration system for insurers, brokers, and bancassurance
- Range of cover types, including health, MSME cover, loss of income cover, personal accident, life, property assistance, and device cover
- Data analytics and actuarial services for product optimization and risk management
- Claims processing and premium collection capabilities
- Integration with distribution partners' existing systems via Open APIs