User:Curacel/sandbox

About Curacel
Nigeria-based Curacel is an AI-driven platform that fast tracks claim processing and detects fraudulent claims for health insurance companies. To drive insurance adoption and inclusion, the company launched an embedded insurance product - Curacel Grow; that allows digital and technology companies to offer insurance to their customers at the point of check-out. Top insurance companies like AXA Mansard, Old Mutual, Float and Topship are some its customers.

Curacel makes it easy to get & use risk protection in emerging markets. More than 3 billion people all over the world are not protected from the risks they face in their daily lives. To solve this, we are building the rails to make insurance work for the next billion people in emerging markets.

Curacel has processed more than 750,000 claims and helped their clients—including some of the biggest insurers on the continent, such as AXA Mansard, Liberty Health and Old Mutual—reduce fraud, waste and abuse claims payouts by 25%.

Curacel, the YC-backed startup that is developing insurance infrastructure for the African market, has launched a new interface that allows digital businesses like those in retail, fintech, e-commerce and logistics to add insurance to their core products.

History
Henry originally launched the Curacel platform in 2017, as an electronic health information management system for healthcare providers, envisioning the platform as an easy-to-use web application that helped clinics digitize and manage paper records, appointments, patient communications, billing, and reporting. However, Henry and the team quickly found out that cash flow was the biggest issue facing African healthcare providers. In 2019, the company quickly pivoted to build the infrastructure that enables health insurance companies to effectively process claims faster and the capability for early fraud detection to prevent waste and abuse.

Hospital insurance executives estimated that up to a quarter of all insurance claims in Africa were fraudulent, wasteful, or abusive. So Henry pivoted Curacel from an information management platform to an insurtech platform designed to address the cash flow issues affecting healthcare providers. Curacel’s cloud-based tools and APIs help insurers automate claims seamlessly and track fraud, waste, and abuse (FWA).

By helping insurance companies operate efficiently, Curacel ensures that only claims for the correct treatment, appropriate medications, and recommended patient therapies are paid—and that legitimate claims are processed quickly.

Curacel has since added more products like Grow - its embedded insurance product and Auto Claims - its AI-powered system to seamlessly automate auto-insurance claims.

Health Claims - Management and Fraudulent Health Claims
By digitizing the claims process and using AI to detect patterns and anomalies, Curacel enables insurers to confidently automate and settle a greater number of legitimate claims, only requiring human involvement for quality assessment.

Embedded Insurance - Curacel Grow Product
The distribution business is essentially its embedded insurance product Grow. It is used by over 100 companies, including banks, fintechs, logistics and e-commerce platforms across eight African markets: Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco and Egypt. Some of these clients, which according to Curacel, increase their recurring revenues with its digital insurance products, include ALAT, Providus, PalmPay and Float.

The API-based tool, dubbed Grow, has so far been integrated with 22 tech entities across Africa including Topship, Barter by Flutterwave, Float, Fingo and Payhippo, enabling them to either bundle their main products with insurance packages or offer insurance as a standalone service. The tool is also providing new growth avenues for insurance providers in the travel, health and automotive sectors by helping them distribute their products digitally.

By making insurance products readily available to users of popular digital technologies, Curacel Grow is envisioned to bolster the access and uptake of insurance in Africa, where penetration stands at less than 3% — and 1.2% without the outsized market of South Africa.

Curacel Capital (Curacel Advance)
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.

This product was dropped after running an initial pilot with selected healthcare providers. With new information derived from the pilot, the product was returned back to the product roadmap which may be released in the future if there with relevant available data.

Funding - US$3 Million Seed Raise
Curacel, a Nigeria-based platform that aims to drive insurance penetration in emerging markets via APIs enabling insurers to connect with digital distribution channels and administer their claims, has raised $3 million in seed funding. Founded by Henry Mascot and John Dada in 2019, Curacel is building the “rails to make insurance work for the next billion Africans and empowering businesses everywhere with the technology to embed insurance for their users.”

Curacel has raised a total of $4.1M in funding over 7 rounds. Their latest funding was raised on Feb 14, 2023 from a Seed round. Curacel is funded by 14 investors. Olive Tree Capital and Pioneer Fund are the most recent investors.

Expansion to North Africa
To date, Curacel has processed more than US$100mn’s worth of claims, working with over 20 different insurers and 5,000 service providers in eight countries across the continent. On the back of impressive growth, it now wants to expand to new geographies including Egypt and Morocco.

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