Casava Insurance received its license from NAICOM in March 2019 and completed its pre-seed round in December 2021. The Company describes itself as ‘Nigeria’s 1st 100% Digital Insurance Company and Nigeria’s 1st general and life micro-insurance company licensed by the National Insurance Commission (NAICOM), registered in Nigeria and built for the future of insurance in Africa’.
On Wednesday, February 2, 2022, the Company announced that it had raised a $4 million pre-seed round. Target Global, based in Berlin, led the pre-seed round, which included participation from overseas VCs and angel investors such as Entrée Capital, Oliver Jung, Tom Blomfield, Ed Robinson, and Brandon Krieg. The local investors included Uche Pedro, Babs Ogundeyi, Musty Mustapha, Shola Akinlade, Olugbenga “GB” Agboola, Honey Ogundeyi, Tosin Eniolorunda, and Opeyemi Awoyemi.
The Company noted that “Insurance as you know it is broken and unprepared for the changes we are experiencing in the 21st century. With the impact of COVID-19 and the evolving world of work, we believe it is critical to building a modern insurance structure as we begin to navigate the new world we live in”.
Must Read: Top 10 Best Insurance Companies in Nigeria
Casava aims to become the most admired insurance company in Africa and the Emerging World by providing a great customer experience, fantastic value, and instant benefits powered by technology, behavioral science, and empathy. It stated that:
“Casava is a play on Cassava – a plant grown in tropical regions and emerging markets worldwide. Nigeria happens to be the world’s largest producer of Cassava, and it’s the third most important food crop in the tropics, comprising 30-50 percent of all calories consumed in sub-Saharan Africa. We have the opportunity to capture the essence of Cassava – bringing nourishment and prosperity to the people of Africa and emerging communities.”
The Company was founded by Bode Pedro, who Olusegun Makinde joined to build Casava in 2019. The Platform launched and became available to Nigerians in 2021. The Platform offers customers who sign up for Casava’s insurance products directly through the website, mobile app, or WhatsApp a month-long free trial with the opportunity to cancel if they don’t like the service. Currently, the digital insurance platform covers health and job loss.
More product launches, ranging from life and travel insurance to home and smartphone insurance, will be supported by the funding. “We have delivery, insurance, logistics insurance; it’s exciting what we’re doing,” the CEO explained. “The concept is that it’s one membership with flexible payment choices.”