Vimosure set to improve insurance industry in Africa thanks to funding

GABORONE, Botswana, October 2019 — Botswana’s first Insurtech company, Vimosure has announced that it has officially launched its new product in West Africa. The company is aiming to drive insurance inclusion in emerging economies of the continent by risk scoring more drivers, especially those who are new to insurance.

Launched in 2018, Vimosure enables insurers to accurately price insurance policies and promote safer auto-mobility amongst young drivers using Artificial Intelligence (A.I). Vimo recently announced the launch of its new platform in addition to VimoSure, a digital platform which allows consumers to purchase car insurance. 

Vimo has added VimoFleet platform, which leverages connected devices, facial recognition, artificial intelligence and social sciences to provide an accurate risk score for an individual’s driving behavior thus increasing vehicle safety. “Vimo works with insurers and fleet operators to help them identify and assess real-time insurance risk in motor vehicles. It also offers an extensive 1-week free-trial to help drivers improve their driving behavior, and ultimately pay less premiums and reduce claims.”

With Vimo, companies as well as individual drivers can leverage technology to access solutions that allow insurers to price policies more accurately based on driver behavior and help drivers improve their safety performance as they work towards improving their risk profiles.

“At the heart of what we do, our mission is to make auto-mobility safer and smarter for all drivers on the road. We aim to achieve financial inclusion for all young drivers and fleet operators by helping them mitigate the risk they carry as drivers thus reducing insurance costs as they become responsible drivers, ” said Refiloe Matlapeng, Founder and CEO.

The platform is accessible on the web.

In recent years, the insurance industry has remained much the same for decades and, due to a risk-averse culture, particularly resistant to change. Before the advent of new technologies, it wasn’t a competitive market where new players could easily enter. That’s all changing.

Insurance has now become ripe for disruption by insurtech in much the same way as banking has by fintech. And startups are beginning to move in on the territory of insurance giants, who are themselves beginning to change their service models. Vimo is in a perfect position to facilitate this rise of auto-insurance by harnessing the power of connected devices, and help companies, insurers and young drivers save money after mitigating their risks.

“Many people in Africa remain neglected by the mainstream insurance sector and are invisible to insurers because of a lack of data for risk assessment. Existing options for the underinsured are limited, traditional risk pooling is inadequate, and as a result, many turn to debt and informal ways of cover with excessive interest.”

“Our ultimate goal is to drive down the industry cost base, and this will not only lower costs for insurers but also render insurance more affordable and accessible to many consumers. We hope that Vimo will become a market leader in a world where technology is becoming an impact and is more popular and in demand than ever before.” said Refiloe Matlapeng.

In addition, Vimo is continuing to expand its portfolio of products, capabilities and services for both individual drivers as well as a variety of commercial applications across the continent as they break into Southern Africa, followed by West African market after securing funding at a valuation of $2.7 million with an investor in exchange for a minority stake in Lagos, Nigeria.

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Moagi Madisa

"Although journalism is the activity of gathering, assessing, creating, and presenting news and information and also the product of these activities; for me its science - our sorroundings"

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