Overview
Octamile is an embedded insurance infrastructure and claims automation platform for carriers, digital platforms, and non-insurance businesses operating across Africa. The company provides API-first software that allows both insurers and third-party businesses in fintech, ride-sharing, logistics, and e-commerce to integrate insurance distribution and claims processing into their existing products.
The platform combines an embedded insurance distribution API with an end-to-end claims management system, covering First Notification of Loss (FNOL), rule-based decision engines, remote inspection, fraud detection, and accelerated payout processing. Additional capabilities include insurance agent and client onboarding with KYC verification, vehicle history and valuation data, and an insurance reminder service for motor policyholders.
Founded in 2021 by Gbenro Dara in Lagos, Octamile raised USD 500K in pre-seed and seed funding from EchoVC Partners, Fiat Ventures, Kesho VC, Trade X, and Verraki Partners. The company reported USD 1.2M in revenue as of 2024 and has established partnerships with major African financial institutions and insurers including AXA Mansard, Leadway Assurance, Custodian Insurance, First Bank Nigeria, and Providus Bank.
Products & Services
Embedded Insurance APIs
Customizable REST APIs enabling non-insurance companies and developers to offer insurance as a native feature in their platforms. The APIs abstract insurance operations, allowing integration without deep insurance domain expertise.
Key Features
- Policy issuance and management via API
- Customizable for specific business verticals
- Designed for fintech, ride-sharing, logistics, and e-commerce platforms
Target Users: Digital platforms, fintechs, and non-insurance businesses seeking to embed insurance
Automated Claims Processing
End-to-end claims digitization and automation covering the full claim lifecycle from intake to payout.
Key Features
- First Notification of Loss (FNOL) automation
- Rule-based decision engines
- Remote inspection and fraud detection
- Accelerated payout processing
Target Users: Insurers and MGAs seeking to reduce claims processing time and overhead
Insurance Onboarding Hub
Streamlined onboarding system for insurance agents and clients with built-in identity and vehicle verification.
Key Features
- Instant KYC verification
- Vehicle verification
- Reduced friction in policy issuance
Target Users: Insurers and distribution partners onboarding agents and policyholders
Vehicle History and Valuation
Real-time vehicle market value assessment and history data services for insurance underwriting and pricing.
Key Features
- Market value assessment
- Vehicle history data
Target Users: Underwriters and pricing teams at motor insurers
Insurance Reminder Service
A free motor insurance renewal reminder service helping policyholders maintain continuous coverage.
Target Users: Motor insurance policyholders
At a Glance
- Founded
- 2021
- Headquarters
- Lagos, Nigeria
- Employees
- 11-50
- Funding
- Seed
Category & Focus
- Category
- Insurtech Infrastructure
- Subcategories
- Embedded Insurance Claims Technology API Platform
- Insurance Verticals
- P&C Personal P&C Commercial Specialty/E&S
- Target Customers
- Carriers, Brokers, MGAs/MGUs, Agents/Agencies
Customers
- AXA Mansard
- Leadway Assurance
- Custodian Insurance
- NSIA Insurance
- Old Mutual
- Universal Insurance
- Providus Bank
- First Bank Nigeria
- Kredi Bank
- Prospa
- Gokada
- Terminal Africa
- ShipAfrica
- Jamborow
- Drive Me
Links
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Last updated: 2026-06-15