Curacel is an insurance infrastructure company that helps insurers and partners in Africa and other emerging markets expand the reach and functionality of insurance through cloud-based tools and APIs. By providing innovative technology solutions, Curacel simplifies the process for insurers to distribute their products, automate claims, and drive revenue growth. Currently, Curacel collaborates with 20 insurance companies and over 5,000 service providers across 8 African markets.
Innovation at its Finest
Curacel's flagship product, Grow, is an embedded insurance solution that allows companies like ALAT, Providus, PalmPay, and Float to seamlessly integrate insurance offerings into their existing services. This innovative approach is not only boosting revenue for these businesses but also making insurance more accessible than ever before.
But Curacel's reach extends far beyond embedded solutions. Leading insurers like AXA Mansard, Liberty Health, Old Mutual, and Jubilee Heath leverage their AI-powered infrastructure to streamline claims processing. This means claims can be submitted and processed in real time helping them to reduce their claims cycle by more than 70 percent and process up to 10x more claims.
Curacel’s Core Values
Curacel is driven by five core values encapsulated in the acronym PRESS:
Passionate Work
Relentless Growth
Empowered Action
Sense of Urgency
Seeing Possibilities
Raenest X Curacel
The Challenge
Despite Curacel's impressive growth, they faced a hurdle – efficiently managing their international workforce. “We needed to pay the salary of our international employees and contractors in countries like Kenya and Benin Republic. We had to rely on other tools that were very expensive and not exactly catered to the African market”, said Oluwapelumi Olawale, People Manager at Curacel. The whole process was cumbersome and expensive.
Discovering Raenest
As Olawale puts it, ”Raenest reached out to us out of the blue with a great solution to our payment headache.” The platform provided a seamless way to handle international salaries, significantly simplifying Curacel’s payment processes.
Key Objectives
Curacel’s primary goals when signing up with Raenest were to:
- Simplify the process of paying international salaries.
- Reduce transaction costs associated with cross-border payments.
- Better management of foreign exchange fluctuations.
The Solution
Raenest offered Curacel a powerful solution with several key benefits:
- Ease of Use: Raenest made it easy to manage international payments with just a few clicks.
- Cost Efficiency: The platform offered very low transaction charges, reducing the financial burden on Curacel.
- Convenience: The currency conversion calculator provided accurate and quick conversions, adding an extra layer of convenience.
Impact on Curacel
The impact of Raenest on Curacel has been transformative. According to Olawale, “Raenest’s international transfers and the conversion calculator for international currencies are superb. You put your local currency and get the international currency equivalent.”
Raenest’s platform enabled Curacel to streamline cross-border payments, saving time and reducing costs. The ease of managing international salaries and the convenience of accurate currency conversions allowed Curacel to focus on their core mission of driving insurance inclusion in emerging markets.
Conclusion
Curacel’s success story with Raenest highlights the immense value that Raenest brings to African businesses. By providing an efficient, cost-effective solution for managing global payments, Raenest empowers businesses to overcome financial challenges and achieve their global expansion objectives with ease. As Curacel continues to grow, Raenest will be there every step of the way, ensuring their international financial operations run as smoothly as their innovative insurance solutions.
Learn more about Curacel’s mission here. Looking for a similar solution? Book a demo with us.
