Evolutics Secures $250,000 in Funding and Offers Digital Infrastructure to Insurers

EVOLUTICS, an InsurTech startup that offers software solutions, said it has secured $250,000 in funding to provide digital infrastructure for insurance companies in Africa.

The CEO of Evolutions, Mr. Miller Kingsley, made this known during a press conference to discuss the company's offers to insurance companies in Africa, held recently in Lagos.

He said the funding received would be used to provide digital infrastructure on life, general and health insurance to people in the sector.

Kingsley said the end-to-end solution will also cover insurance administration, finance, actuarial, records management and human resources.

He said the company has observed that the insurance industry urgently needs big data to identify customer demands, hence the idea of ​​creating an innovation to bridge the gap in the industry.

"To be able to evolve in the insurance sector in Africa, they must identify the demands of their customers and to do this, technology is necessary.

"Our data-driven application leverages actuarial information for profitability as well as client KPIs to support growth, market insights, and segmentations.

"We have integrated modules compatible with International Financial Reporting Standards (IFRS) to help insurers meet critical new financial reporting requirements," Kingsley said.

The GM also said the solution features a built-in objective workflow monitoring system, to make staff evaluations more objective, especially in the era of remote working.

"At Evolutics, we believe that for industry to be fully digitized, transformation must be fueled by a robust and flexible data-driven administration solution," he said.

Kingsley said a solid foundation, proper application programming interface (API) documentation, and fast support management were key to running a fully digital insurance operation.

"As part of our actuarial program, we are committed to training the next generation of industry actuaries who can translate data into actionable insights, using technology.

"The insurance industry in Africa is still very untapped, with great potential for growth, insurers need to start making data-driven decisions and we believe we have the software to support them on this. ", said Kingsley.

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