Assuraf Company Profile

Background

Overview

Assuraf is a pan-African InsurTech company headquartered in Dakar, Senegal, established in 2018. The company aims to simplify and democratize access to insurance products across Francophone Africa by leveraging technology. Assuraf operates as a digital insurance brokerage, offering a platform that aggregates and distributes a wide array of insurance products. Users can compare, purchase, and manage policies from over 20 partner insurance companies, including prominent names like AXA, Allianz, NSIA, and SONAM Assurances.

Mission and Vision

Assuraf's mission is to provide citizens with accessible insurance solutions for bodily injury or property damage. The company envisions reshaping the insurance experience in African societies by making it simple, transparent, and accessible to everyone.

Industry Significance

In a region where insurance penetration is below 2%, Assuraf plays a crucial role in enhancing financial inclusion by offering a user-friendly platform that caters to individuals and small businesses, including the diaspora seeking coverage for family members back home.

Key Strategic Focus

Core Objectives

Democratization of Insurance: Making insurance products accessible to underserved populations in Francophone Africa.

Technological Integration: Utilizing digital platforms to streamline the insurance process, from comparison to claims management.

Market Expansion: Extending services beyond Senegal to other West African countries, with plans to cover all eight member states of the West African Economic and Monetary Union (UEMOA) by 2025.

Areas of Specialization

Insurance Aggregation: Providing a comprehensive platform for various insurance products.

Digital Brokerage Services: Facilitating online quotes, digital payments, and claims management.

Financial Inclusion: Targeting low-income populations and those vulnerable to climate change.

Key Technologies Utilized

Mobile Application: An integrated app available on iOS and Android for policy management.

Web Platform: A user-friendly website for accessing insurance services.

API Integrations: Collaborations with other entities to provide in-house APIs for accessing insurance products.

Primary Markets Targeted

Individuals: Offering a range of insurance products tailored to personal needs.

Small Businesses: Providing affordable insurance solutions for SMEs.

Diaspora: Enabling the African diaspora to purchase coverage for family members in their home countries.

Financials and Funding

Funding History

Total Funds Raised: Approximately $200,000.

Recent Funding Rounds:

January 2023: Seed funding of $200,000 from Catalyst Fund.

Notable Investors

Catalyst Fund: An organization focused on accelerating inclusive tech solutions for underserved markets.

Utilization of Capital

The funds are intended to support Assuraf's growth and technological development, facilitating the expansion of its platform and services across West Africa.

Pipeline Development

Key Pipeline Candidates

Assuraf's platform offers a diverse range of insurance products, including health, automotive, life, housing, travel, agricultural, and natural disaster insurance. The company continues to expand its offerings to meet the evolving needs of its target markets.

Stages of Development

Product Aggregation: Integrating various insurance products from multiple partners.

Platform Enhancement: Ongoing development of the mobile app and web platform for improved user experience.

Market Expansion: Extending services to additional countries within the UEMOA region.

Target Conditions

Assuraf aims to address the low insurance penetration in West Africa, focusing on providing accessible and affordable insurance solutions to underserved populations.

Anticipated Milestones

2025: Expansion into all eight member states of the West African Economic and Monetary Union (UEMOA).

Technological Platform and Innovation

Proprietary Technologies

Integrated Digital Platform: A unified system for aggregating and distributing insurance products.

Mobile Application: A user-friendly app for policy management and claims processing.

Significant Scientific Methods

Data Analytics: Utilizing data to enhance product offerings and user experience.

API Integrations: Collaborating with partners to provide seamless access to insurance products.

Leadership Team

Key Executives

Souleymane Gning: CEO and Founder. A telecom engineer with a master's degree from the University of Poitiers and an MBA from HEC Paris. Gning has over 15 years of experience in telecommunications with companies like Orange and Cisco Systems.

Bamba Mbengue: COO. Previously held positions as account manager and technical manager at Ascoma, Allianz, and Banque Atlantique.

Leadership Changes

No significant leadership changes have been reported recently.

Competitor Profile

Market Insights and Dynamics

The insurance market in West Africa is characterized by low penetration rates, with Senegal's rate below 2%. There is a growing demand for accessible and affordable insurance solutions, presenting opportunities for digital platforms like Assuraf.

Competitor Analysis

Lami: An InsurTech company offering end-to-end insurance APIs.

Ensurama: A health insurance aggregator and payment platform.

Insuris: Provides real-time health insurance solutions.

Strategic Collaborations and Partnerships

Assuraf has partnered with over 20 insurance companies, including AXA, Allianz, NSIA, and SONAM Assurances, to offer a wide range of products.

Operational Insights

Assuraf differentiates itself by offering a comprehensive digital platform that aggregates various insurance products, providing a one-stop solution for users. The company's focus on financial inclusion and user-friendly interfaces positions it favorably in the market.

Strategic Opportunities and Future Directions

Strategic Roadmap

Market Expansion: Extend services to all UEMOA member states by 2025.

Product Diversification: Introduce new insurance products tailored to the needs of the target markets.

Technological Enhancement: Continuously improve the digital platform to enhance user experience and operational efficiency.

Future Business Directions

Assuraf aims to become a leading InsurTech company in Africa, driving financial inclusion and providing accessible insurance solutions across the continent.