Curacel will integrate UTU’s trust infrastructure into their platform for socially-powered insurance provision.
Hello UTU Trust Guardians! We are excited to announce that we’ve partnered with Curacel to launch our trust infrastructure into their AI-powered claims automation and fraud detection solutions!
What is Curacel?
Curacel is an AI-driven platform that fast tracks claims processing and detects fraudulent claims for insurance companies. Established in 2017, the team is on the frontline of leveraging technology to grow the insurance industry. Curacel is a Google for Startups company and has been featured in Fast Company, Biz Community, and more.
For years, claims management has been a painstaking manual process that has seen insurers run into millions of losses. While adoption has been slow in Africa, many Health Maintenance Organizations (HMOs) and providers are getting onboard to automate claims processing.
With Curacel’s solutions, insurers can now:
- Quickly and efficiently settle and pay out claims in 50% less time than it takes human adjudicators.
- Detect and curb fraudulent claims, out-performing in-house detection up to 12-fold.
All this will save insurers time and money since human resources can now focus on quality assurance.
How will Curacel integrate UTU?
With insurance companies serving only around 3% of the African population, the vast majority of Africans still rely on social insurance, as in the “harambee” (self-help) model of Kenya where people turn to their friends and family in times of trouble.
UTU will work with Curacel toward releasing socially-powered insurance concepts that marry traditional models of social insurance with formal modern insurance offerings.
As part of this initiative, the UTU Trust API will be integrated into Curacel’s platform to identify trusted insurers and insurees and provide recommendations on the insurance plans that best fit customers needs.
This will radically expand the insurance market across the continent while delivering a product that feels culturally familiar and connected.
In the near future, there is potential to further improve the adjudication and fraud detection systems using blockchain technology to verify insurance coverage and even pay out claims. We will explore these areas with Curacel as the partnership progresses.
You can read more about our concept for transforming the insurance industry.
“We are incredibly honoured to work with Curacel to enhance its AI-driven platform to help insurers build their reputations through automated claims processing and fraud detection. At UTU we firmly believe that trust is at the core of service provision and customer satisfaction in any sector. It’s exciting to know that UTU’s infrastructure will complement Curacel’s existing capabilities to help drive insurance inclusion in Africa. Together we can help insurers save costs while serving happy customers.”
-Jason Eisen, Founder and CEO of UTU
“This is a partnership that will help Curacel get closer to achieving the mission of driving up insurance inclusion on the continent. We find it helpful that UTU’s Trust infrastructure helps us to seamlessly work towards providing a much needed model of insurance that departs from the traditional model and helps serve the interests of insurers and customers alike. We are delighted to go on this journey with UTU.”
-Henry Mascot, Co-founder and CEO of Curacel
We are excited to work with Curacel on increasing and improving insurance coverage across all of Africa!
Curacel was founded with the vision of creating the much needed infrastructure that will drive insurance inclusion in Africa. Their mission is to drive up insurance inclusion in emerging markets using technology. Providing an AI-powered platform that can be integrated by companies in the insurance and security industries, Curacel is helping providers automate claims and detect fraud seamlessly. Learn more about Curacel on curacel.co or follow them on Twitter or LinkedIn.
UTU’s mission is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our vision — to bridge the gap between how we trust in real life and how we are asked to trust online to make the internet a safer, more trusted place to gather, share, work, and trade. We are proudly based in Nairobi, Kenya.