Etap, a Lagos, Nigeria-based insurtech startup, raised $1.5M in Pre-Seed funding.
The round was led by Mobility 54, with participation from Tangerine Insurance, Graph Ventures, Newmont and other angels.
The company intend sto use the funds to grow its team, to roll-out its app which allows drivers to buy insurance, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents, drive the adoption of car insurance across Africa.
Led by CEO Ibraheem Babalola, Etap enables people to buy and claim on car insurance, using technology to improve the customer experiences and reduce costs for drivers across Africa. Drivers have a range of daily, weekly, monthly and quarterly plans to choose from and the entire process of buying and claiming insurance can be completed on a smartphone.
Etap uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely. Using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other experiences. Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. In the event of an accident, they need to take a picture of the affected part of the car via the app and the artificial intelligence processes the claim based on previously uploaded images. The app comes with geolocation tags, timestamps and other features to prevent fraudulent claims, as well as crash notification, emergency support and more.
Since launching in beta in November 2021, the company has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys.
FinSMEs
19/04/2022