An extension funding round of $1.5 million led by Goodwell will help Inclusivity Solutions in its expansion efforts, aiming to operate in at least 12 African markets by the end of 2024. The company will also continue to invest in its acclaimed no-code, open-API platform, which enables distribution partners and insurers to provide a wide range of insurance products rapidly.
Inclusivity Solutions leverages technology and partnerships to make affordable insurance accessible in emerging markets. By integrating simple insurance products into existing consumer platforms and services, they provide protection for lives, health, and businesses while also offering distribution partners like mobile operators, banks, and digital platforms opportunities to attract and retain customers and generate new revenue streams.
Goodwell Investments is attracted to Inclusivity Solutions because they provide a solution to the urgent problem of making insurance easily accessible and reliable, particularly for underserved populations. They appreciate the scalability of the technology and the organization’s commitment to addressing issues of poverty and inequality. They also highlight the significance of having a female leader at the helm.
Inclusivity Solutions partners with well-known African brands such as Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa to reach underserved audiences. Apart from their technology platform, they offer a range of complementary services, including research, product and process design, pricing, analytics, and implementation support.
The Head of Insurance and Investments at Airtel Money, Airtel Africa, Dennis Victor Wafula, praises Inclusivity Solutions for their extensive support, agility, and comprehensive understanding of the business, and considers them a valuable partner.
With this new capital injection, Inclusivity Solutions aims to expand its partnerships to meet the needs of more individuals and small businesses across Africa. The CEO of Inclusivity Solutions, Indira Gopalakrishna, expresses enthusiasm about the investment, seeing it as validation of their efforts to close the protection gap on the continent and expand their services to millions more customers in new and existing markets.
Source: TechEconomy