Evolutics secures $250,000 funding, offers digital infrastructure to insurance providers


Read audio

Left to right: Mr Miller Kingsley, Chief Executive Officer at Evolutics, Eniola Oyegbami, Executive Director at Evolutics and Mr Jolaolu Fakoya, Non- Executive Director

EVOLUTICS, an InsurTech start-up that offers software solutions, says it has secured 250,000 dollars funding to offer digital infrastructure to insurance companies in Africa.

The Chief Executive Officer of Evolutics, Mr Miller Kingsley, made this known during a news conference to discuss the firm’s offerings to insurance companies in Africa, held in Lagos on Friday.

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

Kingsley said that the end-to-end solution would also be cutting across core insurance administration, finance, actuarial, document management and human resources.

He said the company observed that the insurance industry was in dire need of big data to identify the demands of its customers, hence the idea to create an innovation to bridge the gap in the sector.

“To be able to scale through in the insurance industry in Africa, they need to identify their customers’ demands and to do that technology is needed.

“Our data-driven application is backed with actuarial insights for profitability as well as customer key performance indicators to support growth, market insights and segmentations.

“We have incorporated an International Financial Reporting Standard (IFRS) enabled modules to assist insurers with the new critical financial reporting requirement,” Kingsley said.

The chief executive officer also said the solution had an inbuilt objective workflow monitoring system, to make staff appraisals more objective, especially in an era of remote work.

“At Evolutics , we believe that for the industry to be fully digitalised, the transformation needs to be powered by a robust and flexible administration solution based on data,” he said.

Kingsley said that robust foundation and proper Application Programming Interface (API) documentation and prompt support management was critical to operating a fully digital insurance operation.

“As part of our actuarial programme, we are committed to grooming the next generation of actuaries for the industry that can translate data to actionable insights, using technology.

“The Insurance Industry in Africa is still very untapped, with lots of potential for growth, insurers need to start making data-driven decisions and we believe that we have the software to support them on this,” Kingsley said.

Bisola Akinlabi
Bisola Akinlabihttps://naija247news.com/
Akinlabi Bisola is a health and meds journalist with a deep background in Public Health Education and with a B.Sc in Health Education and Masters in Public Health Educator. You can catch up on her articles on her website thelbybisola.com

Share post:




More like this

Referee Suspended For Watching Replay On Phone

    An Egyptian referee has been suspended indefinitely after using...

Ozil Announces Retirement From Football

  Former Arsenal midfielder Mesut Ozil announced his retirement from...

Hoodlums set ablaze High Court in Ebonyi.

March 22, 2023. Azonuchechi Chukwu. Hoodlums set ablaze High Court, hours...

CBN Governor Emefiele Apologizes for Online Transaction Failures.

March 22, 2023. Azonuchechi Chukwu. The Governor of the Central Bank...