InsurTech Market Map – 40+ InsurTech Startups Disrupting the Insurance Scene in Africa

By  |  March 3, 2020

Smart Money VCs in Africa have been actively funding startups in the InsurTech space in the last few years.

With almost 16% population of the world and less than 2% insured for catastrophic losses, the insurance sector is a multi-billion USD opportunity.

Innovators and Entrepreneurs from Africa and around the world are rushing to the continent to bridge the infrastructural gap and build for the next billion.

Africa may not come to mind when thinking of innovation in the insurance space but a lot has been happening lately. We used data from THE BASE to identify 40+ InsurTech startups in Africa that have raised equity funding rounds and are making insurance accessible to the low-middle income populations as well as businesses.

In our analysis, we identified value chain enhancers as well as disruptors with a majority of the startups having being founded within the last three years (2017 – 2019), of which, the majority have received funding in 2018 and 2019. While more than 50% of Insurtech startups are in the Microinsurance & Digital Brokerage sector, we identified rising trends in B2B Data Analytics, Ancillary revenues & Insurance add ons to SMEs, and vertical SaaS solutions.  

InsurTech Market Map – 40+ InsurTech Startups in Africa Disrupting the Insurance Scene


InsurTech StartUps in Africa

Egypt AmanleekMicro Insurance & Brokerage
Egypt Bringy Digital VenturesMicro Insurance & Brokerage
Egypt ClickMareMicro Insurance & Brokerage
Egypt ElZatonaEfficiency & Fraud Management
Egypt HoodAnalytics & Cloud Computing
Egypt MerQAnalytics & Cloud Computing
Egypt YallaCompareEfficiency & Fraud Management
GhanaWorldCoverMicro Insurance & Brokerage
KenyaAcre Africa (Kilimo Salama)End to end value chain
Kenya BismartEfficiency & Fraud Management
KenyaBlueWaveMicro Insurance & Brokerage
KenyaInsureAfrikaEfficiency & Fraud Management
KenyaJulie by Jubilee InsuranceAnalytics & Cloud Computing
KenyaKakbimaAnalytics & Cloud Computing
KenyaTuracoMicro Insurance & Brokerage
KenyaWazInsureAnalytics & Cloud Computing
NigeriaAirtelMicro Insurance & Brokerage
NigeriaAuto GeniusMicro Insurance & Brokerage
NigeriaCasavaMicro Insurance & Brokerage
South AfricaCompareGuruMicro Insurance & Brokerage
NigeriaCompareINEfficiency & Fraud Management
NigeriaSoSo CareMicro Insurance & Brokerage
NigeriaWella HealthMicro Insurance & Brokerage
NigeriaBimaMicro Insurance & Brokerage
South AfricaClick2SureEfficiency & Fraud Management
South AfricaCtrlEfficiency & Fraud Management
South AfricaFo-ShoMicro Insurance & Brokerage
South AfricaHepstarEnd to end value chain
South AfricaInclusivity SolutionsEfficiency & Fraud Management
South AfricaInvestSureEfficiency & Fraud Management
South AfricaJaSureMicro Insurance & Brokerage
South AfricaLumkaniMicro Insurance & Brokerage
South Insurance & Brokerage
South AfricaNaked InsuranceMicro Insurance & Brokerage
South AfricaNobuntuMicro Insurance & Brokerage
South AfricaPineappleMicro Insurance & Brokerage
South AfricaRiovicMicro Insurance & Brokerage
South AfricaSimply Financial ServicesMicro Insurance & Brokerage
South AfricawiCoverEfficiency & Fraud Management
South AfricaYalu SAMicro Insurance & Brokerage
South AfricaFixicoEfficiency & Fraud Management

The data of this research piece comes from THEBASE, Africa’s leading market intelligence platform focussed on private companies, VC and PE space. Sign up for FREE today

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