Etap, an insurtech startup based in Lagos, Nigeria, has raised $1.5 million in pre-seed funding.
Mobility 54 led the round, which also included Tangerine Insurance, Graph Ventures, Newmont, and other angel investors.
The funds will be used to expand the company’s team, launch its app, which allows drivers to buy insurance, complete claims in 3 minutes or less, and be rewarded for safe driving and avoiding accidents, and drive the adoption of car insurance across Africa.
Etap, led by CEO Ibraheem Babalola, enables people to buy and claim on car insurance, leveraging technology to improve customer experiences and lower costs for African drivers. Drivers can select from a variety of daily, weekly, monthly, and quarterly plans, and the entire purchasing and claiming process is automated.
READ ALSO: Etap receives $1.5M pre-seed investment to purchase car insurance
Etap employs machine learning to create intelligent risk profiles for each driver, allowing them to achieve lower premiums by driving safely. The driving experience is gamified using advanced telematics to improve driving behavior, and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most popular retail outlets, fuel, cinema and concert tickets, and other experiences.
Drivers can also choose from daily, weekly, monthly, quarterly, and annual coverage plans based on their needs. In the event of an accident, they must use the app to take a picture of the damaged part of the car, and the artificial intelligence will process the claim based on previously uploaded images.
The app includes geolocation tags, timestamps, and other features to help prevent fraudulent claims, as well as crash notification, emergency support, and other useful features.
Since its beta launch in November 2021, the company has insured over 130,000 individual trips and driven over 500,000 kilometers.
