As of 2019, Africa’s aggregate insurance penetration rate was only 2.78%, compared to the global average insurance penetration rate of 7.23%. This low penetration and adoption of insurance in Africa led Henry Mascot, 2017 TEF Alumnni, to establish Curacel to drive insurance inclusion in emerging markets across the continent.
Curacel Systems, an AI-powered claims management and fraud detection system for health insurers is helping insurers reduce fraud, fast-track claims processing while helping health providers get their payments faster through a series of end-to-end validation processes.
Henry has a vision to is to create a world with equal economic opportunities and prosperity by employing artificial intelligence to power claims processing and fraud management in Africa, through his insurtech platform, Curacel.
In the early years of the business, Curacel started as an electronic health information management system for healthcare providers, with a web application that helped hospitals transform their paper records into digital form. After a while, Henry noticed a more pressing issue around cash flow, that affects the healthcare industry. This led to the company making a pivot from being an information management platform to an intelligent software platform that will transform how the entire industry operates while addressing the cash flow issues affecting healthcare providers.
Curacel continues to deliver on its promise to customers which is to help insurers and other stakeholders in the insurance ecosystem digitise their claims process and reduce fraud, waste, and abuse (FWA). Since its establishment, the business has processed more than 700,000 claims and has helped insurers to reduce FWA by up to 25%.
The positive impact the Curacel has on Africa’s insurance ecosystem cannot be overemphasized. Its unique technology improves and encourages transparency into the claims process, consumers can have greater confidence that their claims will be adequately processed. By enabling insurers to take a more data-driven approach, it becomes easier for them to create new products that directly address the needs of their customers.
In 2021, Curacel is ranked on the list of top 100 insurtechs in the world!