About InsurTech sector in Africa
The InsurTech sector in Africa comprises 310 companies, including 88 funded companies having collectively raised $240M in venture capital money and private equity. Out of these, 23 are Series A+ funded.
InsurTech sector in Africa has seen 9 acquisitions and 5 IPOs.
This sector includes companies offering tech-enabled insurance services and IT infrastructure and software solutions for offering and managing insurance services.
InsurTech sector is also known as Insurance Tech, InsureTech or Insurance IT.
Companies offering tech solutions for customers to purchase and manage their insurance and also software products and data solutions primarily for the insurance industry are included in this sector. Companies offering traditional insurance services like Traditional Insurers, Insurance BPOs, Insurance Distributors, etc are excluded.
Top InsurTech Companies in Africa
There are 310 InsurTech startups in Africa which include Naked, RelianceHMO, Turaco, OUTsurance, Sanlam. Out of these, 88 startups are funded, with 23 having secured Series A+ funding.
Over the past 10 years, an average of 16 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Oxford, Harvard Business School and Harvard University.
Here is the list of top InsurTech startups in Africa
1. Naked
AI-driven app that provides usage-based car insurance. It offers a chatbot for usage-based quotes and prices. It also offers roadside assistance services, claims approval, and more. Its app is available for iOS and Android platforms.
Key facts about Naked
- Founded Year: 2016
- Location: Johannesburg (South Africa)
- Stage: Series B
- Total Funding till date: $69.8M
- Investors: Hollard, Yellowwood and 5 Others
- Latest Funding Round: Series B, Jan 21, 2025, $*****
- Tracxn Score: 65/100 What is this?
- Competitors Rank: 1 of 16 Competitors
2. RelianceHMO
Cloud-based health insurance platform for individuals and businesses. It offers solutions for telemedicine, doctor consultation, health benefits, pregnant women protection, and more. It uses artificial intelligence and data science for personalized health care.
Key facts about RelianceHMO
- Location: Lagos (Nigeria)
- Stage: Series B
- Total Funding till date: $48M
- Investors: General Atlantic, Partech Partners and 15 Others
- Latest Funding Round: Series B, Feb 07, 2022, $*****
- Tracxn Score: 61/100 What is this?
- Competitors Rank: 1 of 9 Competitors
3. Turaco
Provider of online micro-health insurance platform for individuals It offers microinsurance with low premiums. It also offers claims processing services. It provides microinsurance to low-income earners. It distributes microinsurance through partnerships with businesses.
Key facts about Turaco
- Founded Year: 2018
- Location: Nairobi (Kenya)
- Stage: Series A
- Total Funding till date: $16.7M
- Investors: Novastar Ventures, Africinvest and 17 Others
- Latest Funding Round: Series A, Sep 01, 2022, $*****
- Tracxn Score: 59/100 What is this?
- Competitors Rank: 1 of 2 Competitors
4. OUTsurance
Outsurance provides quotes for car insurance, Home & content insurance, life insurance, business insurance, bicycle insurance, watercraft insurance, and other essential insurance. It has outvest portal that enables users to create personal investment plan.
Key facts about OUTsurance
- Founded Year: 1998
- Location: Centurion (South Africa)
- Stage: Public
- Investors: Royal Bafokeng Holdings
- Tracxn Score: 57/100 What is this?
- Competitors Rank: 1 of 28 Competitors
5. Sanlam
Sanlam is a life insurance company. Its products and services include individual, group and short-term insurance, personal financial services such as estate planning, trusts, wills, personal loans, health management, savings and linked products. The company operates through business segments such as personal finance, emerging markets, investments, corporate & other. Their clientele includes individuals and business. In 2022, the company recorded annual revenues of $5.54B and a net profit of $0.77B.
Key facts about Sanlam
- Founded Year: 1918
- Location: Bellville (South Africa)
- Stage: Public
- Tracxn Score: 56/100 What is this?
- Competitors Rank: 1 of 21 Competitors
Companies founded year-on-year in the InsurTech sector in Africa
31 InsurTech startups in Africa were founded in 2017 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | - |
2024 | 3 |
2023 | 11 |
2022 | 8 |
2021 | 12 |
2020 | 25 |
2019 | 29 |
2018 | 19 |
2017 | 31 |
2016 | 30 |
Stage-wise distribution of InsurTech sector companies in Africa
Out of the total 310 InsurTech companies in Africa, 88 have secured funding. Among them, 23 have reached Series A or higher, and 18 to Series B or beyond.
Founded - 310
Funded - 88
Series A+ - 23
Series B+ - 18
Series C+ - 14
Company Stage | No. of companies |
|---|---|
Founded | 310 |
Funded | 88 |
Series A+ | 23 |
Series B+ | 18 |
Series C+ | 14 |
Let us walk you through our Sectors and other offerings
Designed with precision for VCs, PE, IBs, Incubators, M&A, Innovation more
Designed with precision for VCs, PE, IBs, Incubators, M&A, Innovation more
Funding Trends in the InsurTech sector in Africa
Total funding year-on-year in the InsurTech sector in Africa
The InsurTech sector in Africa saw a total funding of more than $239M in the last 10 years. The most amount of funding was in 2023 at more than $67.2M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $38M |
2024 | $3.55M |
2023 | $67.2M |
2022 | $65M |
2021 | $27.7M |
2020 | $12.7M |
2019 | $14.8M |
2018 | $5.06M |
2017 | $2.75M |
Recent Funding Rounds in InsurTech in Africa
In the year 2025, till January 2025, InsurTech companies in Africa have raised $38M in equity funding across 1 round.
Here are some recent, important funding rounds in InsurTech companies in Africa:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series B | 9476 | Jan 21, 2025 | and 4 more | |
Series A | 3006 | Nov 18, 2024 | and 1 more | |
Seed | 5091 | Sep 25, 2024 | ||
Seed | 6378 | Mar 18, 2024 | ||
Series B | 9197 | Nov 14, 2023 | and 6 more |
Top Investors in InsurTech in Africa
Plug and Play Tech Center is the top investor in InsurTech companies in Africa based on number of companies invested.
Here are some top investors in InsurTech companies in Africa:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Paris (France) | ||
New York City (United States) | - | |
New York City (United States) | ||
Johannesburg (South Africa) | - |
M&A activity in InsurTech sector in Africa
In the year 2022, till November 2022, 2 acquisitions happened in InsurTech sector in Africa. Last year, in 2021, a total of 1 acquisition happened in InsurTech sector in Africa.
Here are some recent, important acquisitions in InsurTech sector in Africa:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 18, 2022 | ||
Business Acquisition | Oct 07, 2022 | ||
Business Acquisition | Feb 21, 2021 | ||
Business Acquisition | 2020 | ||
Business Acquisition | Jun 19, 2019 |
_1566798932615.png?devicePixelRatio=2&height=20&width=20){kind=logo}
Acquisition trends in InsurTech sector in Africa
Here are the acquisition trends in InsurTech sector in Africa:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2025 | - |
2024 | - |
2023 | - |
2022 | 2 |
2021 | 1 |
2020 | 1 |
2019 | 1 |
2018 | - |
2017 | 1 |
2016 | - |
IPOs in InsurTech in Africa
In the year 2021, till March 2021, 1 IPO happened in InsurTech sector in Africa.
Here are some recent, important IPOs in InsurTech sector in Africa:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Mar 16, 2021 | Johannesburg Stock Exchange (JSE) | |
Mar 11, 2011 | Johannesburg Stock Exchange (JSE) |
Colleges which produce the most InsurTech companies in Africa
Companies founded by alumni from top colleges in the InsurTech in Africa
Most number of InsurTech startups in Africa have been founded by alumni from University of Oxford, Harvard Business School and Harvard University.
College | No. of companies |
|---|---|
University of Oxford | 3 |
Harvard Business School | 1 |
Harvard University | 1 |
King’s College London | 1 |
London Business School (LBS) | 1 |
University of Cambridge | 1 |
Total funding in InsurTech companies founded by alumni from top colleges in Africa
In the last 10 years, University of Oxford graduates' InsurTech companies in Africa have raised the most funding among top colleges. University of Cambridge alumni are second.
College | Total Funding |
|---|---|
University of Oxford | $22.2M |
University of Cambridge | $3M |
Harvard Business School | - |
Harvard University | - |
King’s College London | - |
London Business School (LBS) | - |
Top News in InsurTech in Africa
•
Ctrack and Artura Partner for Telematics-Enabled Accident Repair SolutionFleetworld•Apr 29, 2025•Ctrack, Artura Consultancy Ltd
•
Hyundai Capital America and Root Inc. Announce PartnershipGlobeNewswire•Apr 02, 2025•Hyundaicapitalamerica, Root, Root
•
•
Creditville and Turaco Forge Pioneering Partnership to Elevate Financial and Health Well-beingNairametrics•Jan 23, 2024•Creditville, Turaco
•
Brolly Partners with Bolt to Offer Driver-Friendly Auto Insurance CoverageTech Labari•Nov 20, 2023•Brolly, Bolt
•
SanlamAllianz to provide insurance & financial services in 27 African marketsReinsurance News•Oct 06, 2023•Sanlam, Allianz
•
•
Airtel, Prudential's Low-Cost Insurance Scheme Reaches 370,000 Customers in Four MonthsInsuranceNewsNet•Jul 18, 2023•Airtel Uganda, Digital Taswiq, Turaco
•
Insurtech provider Estafsar, Al Wataniya partner to drive Egypt’s insurance innovationWAYA Media•Jul 04, 2023•Estafsar, Wataniya
•
SilverBridge Digitalises Mauritian Insurer’s Customer Onboarding ProcessFintech Finance•May 12, 2023•MUA, Silverbridge
