Mozambique’s first online insurance distribution solution, Askari Fintech, which launched in Mozambique this month, is set to transform the Mozambican and African insurance landscape.
The technology will facilitate the distribution and management of insurance products, as well as reduce administration costs, fraud, credit risk, bad debt and costs to consumers.
Askari’s executive chairman, Robert Lewis, says Askari Fintech raised access to $10m in funding from a consortium of investors led by the ICE Insurance Group and Kindle Insurance Technologies. “The capital will be used to fund expansion into Mozambique and other countries’ distribution platforms, marketing and further software development.”
The technology, which has taken seven years to develop, is expected to promote trust and confidence between insurers and their clients and will be rolled out to Angola, Botswana, Democratic Republic of Congo, Zambia and Zimbabwe later this year, with rapid expansion plans forging forward.
Lewis notes that, despite the tremendous benefit to African financial service businesses, distribution and blockchain technology has been slow to take off. “This is possibly due to the high costs associated with writing code and gathering data, which is time-consuming and expensive.”