Monday, May 20

Tag: insurance

YC-backed Amenli raises $2.3M to provide insurance to Egyptian consumers
Africa, Start-ups

YC-backed Amenli raises $2.3M to provide insurance to Egyptian consumers

The average penetration rate for insurance in Africa is between 3% to 5%. South Africa makes up a large bulk of it; without it, the continent is on a 1% to 2% rate even with other developed technology and financial markets like Kenya, Nigeria and Egypt. The insurance market is still one of the industries least disrupted by technology on the continent. The reasons vary, from bad experiences and poor satisfaction on the part of consumers to high distribution costs for providers. Recently, some startups such as Lami, Ctrl and Naked have sought to take on each regional market by storm, armed with the necessary capital to scale. Y Combinator Summer 2021 graduate Amenli is taking its operations up north and is announcing a $2.3 million seed round to provide insurance services for Egyptian...