Octamile
Founded 2021 Β· 5 employees on LinkedIn Β· 8 known investors
Octamile provides digital insurance management infrastructure and embedded insurance APIs that let insurers, fintechs, logistics firms, and other B2C platforms distribute insurance, automate claims (including First Notification of Loss, remote inspections, and fraud detection), and onboard agents and clients with KYC. It serves insurers, insurtechs, and non-insurance companies across Africa, with a focus on Nigeria.
Also known as Octamile Inc.
Investors Β· 8
Also in the syndicate Β· 5
Company profile
researched Aug 2026Octamile is a Lagos, Nigeria-based insurtech that builds digital insurance management infrastructure for insurers and for non-insurance businesses that want to distribute cover. Its stack spans three main areas: embedded insurance APIs that let B2C digital platforms and app companies add insurance as a feature of their own products; end-to-end claims automation covering First Notification of Loss, rule-based decision-making, remote inspections, fraud detection and faster payouts; and an insurance onboarding hub for agents, brokers and providers with instant KYC, vehicle verification and risk assessment. The company markets an all-in-one digital insurance management software product called Boost.
Alongside software, Octamile supplies data sourced from its partner network that insurers can use for risk profiling and for pricing customers' assets, with the aim of improving underwriting portfolio profitability. Vehicle insurance claims digitisation and management, plus vehicle history and valuation, are a particular focus area for insurers and insurtechs in Nigeria and elsewhere on the continent. The company is classified across financial services, SaaS, insurance, API and insurtech categories.
Founding story
Octamile was founded by Gbenro Dara, who holds a degree in insurance from the University of Lagos and is a Member of the Chartered Insurance Institute of Nigeria, following about a decade in leading roles at technology startups. Dara has said personal experience of insurance's impact, together with the insurance industry's lag in adopting technology, motivated him to build the company to reduce friction in the insurance experience and protect Africans from financial loss.
Business model
Octamile sells insurance infrastructure business-to-business: software and APIs that insurers, insurtechs, and non-insurance platforms integrate into existing systems and processes for distribution, claims management and onboarding. Its claims solution is positioned as reducing administrative costs for insurance providers, while its embedded insurance APIs are positioned as a revenue line for the platforms that distribute cover.
Revenue derives from providing digital insurance management software, embedded insurance APIs and claims automation infrastructure to insurers and consumer-facing platforms; specific pricing terms are not disclosed publicly.
Traction
At its December 2021 launch Octamile reported a 12-person team, partnerships including AXA Mansard and FirstBank, and dozens of insurers and startups on its waitlist. It has since publicised insurer and platform partnerships (Gokada, ShipAfrica) and an InsurTech 100 recognition. Disclosed funding totals $500,000 across one round.
Latest developments
Recent company communications highlight the Boost digital insurance management software, a partnership with ShipAfrica for shipping insurance, a partnership with Gokada for digital insurance covers, and recognition in FinTech Global's InsurTech 100.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Octamile positions itself as embedded insurance and claims infrastructure for African technology platforms and insurers, differentiating from insurtechs that sell policies directly to consumers. StartupList Africa groups it with Nigerian peers PaddyCover and Haba. Its founder has argued the company stands out by enabling both insurers and non-insurance businesses to widen access to insurance, in a Nigerian market where insurance penetration has remained below 1% of a population of more than 200 million.
The company combines distribution (embedded insurance APIs), claims automation and onboarding/KYC in one infrastructure layer, and supplements software with partner-sourced data for risk profiling and asset pricing. Its founder cites a background in insurance combined with a decade in technology startups as the basis for addressing sector-specific friction.
Technology
The platform exposes customisable APIs for embedding insurance into third-party products and automates the claims workflow, including First Notification of Loss, rule-based decisioning, remote inspections, fraud detection and payments. The onboarding hub provides instant KYC, vehicle verification and risk assessment, and the company also offers vehicle history and valuation data.
Go-to-market
Direct enterprise sales, with the website centred on booking meetings and gated content such as a report on the embedded insurance market opportunity in Africa. Distribution is amplified through partnerships with insurers, banks and consumer platforms that embed Octamile-powered cover, and through industry recognition such as the InsurTech 100 listing.
Insurers, insurtech companies and insurance brokers and agents, plus non-insurance B2C businesses including fintech, logistics and marketplace companies and app-based platforms across Africa. Named partners and customers include AXA Mansard, FirstBank, Gokada and ShipAfrica.
Geography
Headquartered in Lagos, Nigeria, with Nigeria as the primary market and services marketed to insurers and digital platforms across Africa.
History
The company built in stealth for several months before launching fully alongside a $500,000 pre-seed round announced on 1 December 2021, led by EchoVC. At that point it had a team of 12 and named AXA Mansard and FirstBank among its partners, with dozens of insurers and startups on a waitlist. Since launch it has announced partnerships with Gokada for digital insurance covers and with ShipAfrica for shipping insurance, and has been recognised in FinTech Global's InsurTech 100.
Risks & controversies
Nigerian insurance penetration has stayed below 1% for years, which constrains the addressable market that Octamile's distribution and claims products depend on.
Compiled by commissioned research from 7 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 5
launches, deals, and filingsOctamile was recognised in FinTech Global's InsurTech 100 list of innovative insurtech companies.
Octamile's digital insurance management solution enables insurance covers for Gokada.
Octamile announced a collaboration with ShipAfrica to offer shipping insurance within ShipAfrica's logistics solutions.
Octamile announced a $500,000 pre-seed round led by EchoVC, with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (a founding team member of Chime) and other local and international angel investors. The round accompanied the company's full launch after several months building in stealth.
$500K source β
At launch the company said it was working with partners including AXA Mansard and FirstBank, with plans to onboard insurers and startups on its waitlist.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 7
primary sources listed
- Octamileoctamile.com Β· web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Octamile do?
- Nigerian insurtech providing embedded insurance APIs and claims-automation infrastructure for insurers and digital platforms in Africa.
- Who are Octamile's investors?
- Octamile's investors include First Circle, Velocity Digital, EchoVC Partners.