Goodwell backs InsurTech Inclusivity Solutions with $1.5m extension round


Inclusivity Solutions, an award-winning InsurTech, has successfully concluded an extension round of investment.

According to Techonomy, the extension round, led by impact investor Goodwell Investments, saw a funding infusion of $1.5m. Goodwell’s reputation for supporting growing African businesses that cater to the essentials for low-income demographics is well-known.

This isn’t the first time the investment firm has shown its faith in Inclusivity Solutions. In 2019, Goodwell spearheaded Inclusivity Solutions’ Series A funding round.

A trailblazer in its niche, Inclusivity Solutions harnesses the power of technology in tandem with strategic partnerships. Their primary objective? Making appropriate and affordable insurance accessible to consumers in emerging markets. The way they achieve this is innovative. They integrate simple insurance products into platforms and services consumers are already accustomed to, ensuring protection for life, health, and businesses. Such a move also benefits distribution partners like banks, mobile operators, and digital platforms by paving the way for new customer acquisition, retaining existing clientele, and cultivating fresh revenue avenues.

The funds procured from the extension round are earmarked for specific growth areas. Inclusivity Solutions aims to solidify its presence in at least 12 African markets by 2024’s close. Furthermore, they are keen on investing further in their renowned no-code, open-API platform. This revolutionary platform empowers insurers and distribution partners to roll out a comprehensive suite of insurance products swiftly.

Goodwell Investments’ Managing Partner Els Boerhof shed light on their decision to invest, stating, “Around the world, including in several regions in Africa, access to safe and reliable savings, payments, and loans for un(der)served groups is finally growing. Yet insurance remains the problem. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organisation with a woman at the helm. We don’t see enough funding going there yet.”

The company’s outreach strategy primarily involves collaboration with leading African brands, naming a few like Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa. Beyond their core tech platform ASPin, they offer partners an array of complementary services encompassing areas like research, design, pricing, analytics, and support in implementation.

Airtel Money’s Head of Insurance and Investments, Dennis Victor Wafula, praised the partnership with Inclusivity Solutions, remarking, “I had heard about Inclusivity Solutions but had never worked together till I joined my current organisation. They are omnipresent in all the touch points of my business, a fact that I attribute to their high-calibre workforce. They are agile, sensitive, and responsive and have been extremely helpful not only in technology but in other aspects of the business. Inclusivity’s 360-degree view of the business is fantastic. Choosing them as a partner is a decision I will take pride in for a very long time.”

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