Evolutics, an Insur-Tech startup, secures $250,000 to provide digital infrastructure to African insurance companies. Evolutics noticed that the insurance industry needed big data to identify customer demands, so it created an innovation to bridge the gap in the sector. The data-driven application is supported by actuarial insights for profitability and customer key performance indicators for growth, market insights, and segmentation.
The end-to-end solution helps the insurance industry’s complete digitization in life, general, and health. In addition, the funds will benefit administration, finance, document management, & human resources. Evoluctics included International Financial Reporting Standard (IFRS) enabled modules to assist insurers with the new critical financial reporting requirement. The solution had an objective workflow monitoring system to make employee evaluations more accurate, especially for remote work. The African insurance industry is untapped, with room for growth. Evolutics wants to use its software and close the gap by helping insurers make data-driven decisions.