Latest news with #Insurtech
Zawya
6 hours ago
- Business
- Zawya
NAICOM releases new guidelines for insurtech operations in Nigeria
The National Insurance Commission (NAICOM) has released a new set of operational guidelines for Insurtech companies in Nigeria, effective August 1, 2025, in a bid to regulate the fast-growing segment of the insurance industry. The NAICOM stated that the guidelines were unveiled following a series of consultations with industry stakeholders and are designed to provide a clear regulatory framework for the licensing, operation, and supervision of Insurtech firms nationwide. It highlighted that the new rules will help drive innovation, protect consumers, and promote transparency in digital insurance services, while supporting Nigeria's broader transition toward a digitally driven financial ecosystem. The guidelines apply to two categories of Insurtech operators: Partnering Insurtechs, which work in collaboration with licensed insurers, and Standalone Insurtechs, which operate independently under licences issued by the Commission. According to NAICOM, Standalone Insurtechs are restricted from underwriting high-risk products such as oil and gas insurance, marine and aviation insurance, retirement life annuities, and insurance for government assets and liabilities. The Commission said prospective operators must apply in line with the procedures outlined in Schedule I of the document. Licensed Insurtechs are expected to comply with prudential requirements, including risk management, investment practices, actuarial standards, and outsourcing rules, as part of ongoing supervision. In the document, NAICOM also introduced a dispute resolution mechanism under which disagreements between Insurtechs and their partner insurers must first be handled through arbitration, as specified in their contractual agreements, while consumers may escalate unresolved complaints to the Commission for redress. The NAICOM stated that all existing Insurtech firms and insurance institutions operating within this framework must fully comply with the new guidelines within 30 days from the effective date. It reiterated that the new framework is intended to boost confidence in digital insurance products and ensure that innovation does not compromise consumer protection. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
3 days ago
- Business
- Yahoo
Health In Tech (HIT) Announced Results for its Fiscal Second Quarter of 2025
Health In Tech, Inc. (NASDAQ:HIT) is one of the 5. On July 21, Health In Tech, Inc. (NASDAQ:HIT) announced results for its fiscal second quarter of 2025. The company reported its revenue surged to $9.3 million for the quarter, reflecting an 86% increase year-over-year. Notably, the first half revenue reached $17.3 million, which is already 89% of the company's full 2024 revenue. Management noted that the billed enrolled employees climbed to 24,839, up by 5,738 compared to last year. In addition, the company's distribution network grew significantly, as brokers, third-party administrators, and agencies reached 778 partners, an 87% increase. A patient viewing their medical diagnosis on a digital healthcare ecosystem. Health In Tech, Inc. (NASDAQ:HIT) also grew its profitability as pre-tax income more than doubled to reach $0.8 million for the quarter and $1.5 million for the first half of the year. Health In Tech, Inc. (NASDAQ:HIT) is an Insurtech platform company that uses third-party AI technology to streamline and simplify healthcare insurance processes. While we acknowledge the potential of HIT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Business Insider
20-07-2025
- Business
- Business Insider
10 African Fintech companies named among World's top 300
Ten African fintech companies have been named among the world's top 300 Fintechs in 2025 by CNBC and Statista highlighting the continent's growing influence in global financial innovation, despite a decline in global investment. Ten African fintech companies are recognized among the world's top 300 fintechs in 2025 Highlighted categories include digital payments, assets, banking, financing, and wealth technology. Companies like OPay, PalmPay, and Interswitch exemplify progress in payments, while Tala and M-KOPA innovate financing solutions. The list, spanning seven categories, including digital payments, digital assets, enterprise fintech, Insurtech, wealth technology, neobanking, and alternative financing, highlights significant shifts in the financial technology landscape. The selection process was based on key performance indicators such as revenue growth, user acquisition, product innovation, and market expansion. Notably, global fintech investment dropped by 20% in 2024 to $95.6 billion, a seven-year low, according to KPMG's Pulse of Fintech report. Nonetheless, African fintechs continue to thrive, driving financial inclusion, transforming payment systems, and expanding digital lending across the continent, particularly in markets where traditional banking services are limited. The 10 African fintechs: S/N Company Country Category 1 OPay Nigeria Payment 2 PalmPay Nigeria Payment 3 Moniepoint Nigeria/Uk Payment 4 Interswitch Nigeria Payment 5 MyFawry Egypt Payment 6 PayMob Egypt Payment 7 Yoco South Africa Payment 8 PiggyVest Nigeria Wealth technology 9 M-KOPA Kenya/UK Alternative Financing 10 Tala Kenya Alternative Financing Africa's Fintech Powerhouses Spanning four regions, West, East, North, and Southern Africa; the selected companies reflect the diversity and resilience of African fintech innovation: OPay (Payments): With over 60 million users, OPay operates a comprehensive super-app offering mobile payments, loans, and merchant services. Its valuation rose significantly in 2024, bringing it close to the $3 billion mark. Recently the fintech company was awarded Fintech Company of the Year in Nigeria, and was also shortlisted by the World Economic Forum as a "Global Disruptor in Emerging Markets". PalmPay: (Payment) a leading payment platform has witnessed remarkable growth, serving 35 million users and processing 15 million daily transactions in Q1 2025. It is set to enter new markets, including Côte d'Ivoire, South Africa, Uganda, and Tanzania, after being named on the Financial Times' Africa's Fastest-Growing Companies list in 2024. Interswitch: (Payment) With over two decades of experience in digital payments, Interswitch has established itself as a veteran in the industry. The company has issued over 85 million Verve cards and maintains a strong cross-border presence. Its reputation Interswitch's dominance in the market was further recognized when it was named among Africa's Top 10 Most Valuable Brands in 2024 by Brand Africa. Moniepoint: (payment) formerly TeamApt, has achieved unicorn status after securing $110 million in funding from prominent investors, including Google and Visa. Its remarkable growth earned it recognition as Africa's Fastest-Growing Fintech in the Financial Times' 2024 list of Africa's Fastest Growing Companies. PiggyVest (Wealth Technology): The only African fintech named in the wealth technology segment, PiggyVest has served over 7 million users and facilitated ₦2 trillion in savings and investments since its launch in 2016. PiggyVest won Best Digital Savings Platform at the 2024 African Fintech Awards Expanding Across Africa Beyond Nigeria, fintechs in Egypt, Kenya, and South Africa also earned spots: MyFawry: (Payments): A consumer-facing platform recorded over $121.6 million in revenue in 2024, with 47% of its growth driven by digital banking services. The platform operates over 372,000 POS terminals. was named Best Consumer Fintech App at the 2024 Egypt Fintech Innovation Awards. Paymob (Payments): Serving over 350,000 merchants, Paymob raised $22 million in 2024 to scale fintech infrastructure across North Africa and beyond. Recognised by Forbes Middle East as one of the Top 20 Fintech Startups to Watch in MENA, P M-KOPA (Alternative Financing): Known for its pay-as-you-go smartphones and asset financing, M-KOPA now operates in five countries with 7 million customers. was given the Financial Inclusion Award at the 2024 Africa Fintech Summit. Tala: (Alternative Financing): With $360 million in total funding, Tala has revolutionised microloans using smartphone data and now serves over 8 million users. named one of Fast Company's Most Innovative Companies in 2024 Yoco: (Payments): South Africa's leading POS fintech, Yoco, won Best SME Enabler at the 2024 African Fintech Forum. Known for its low-cost POS devices, Yoco serves over 200,000 SMEs. It has raised $107 million to date, including an $83 million Series C round in 2021. Africa's Fintech Future The inclusion of these African startups on a global stage affirms the continent's fintech momentum despite headwinds. While Western markets grapple with investor fatigue, African startups are solving real-world problems, financial access, inclusion, and trust, at scale.
Time of India
17-07-2025
- Business
- Time of India
Insurtech funding set to top $1 billion in 12 months
Private funding in the insurance technology or Insurtech sector is forecast to exceed $1 billion in the next 12 months after past few years of moderation, said a report released at India Insurtech Summit 2025 on Thursday. The funding for 2024 stood moderated to $239 million from $497 million a year ago. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Others Operations Management PGDM Leadership Healthcare Design Thinking healthcare MBA Product Management Public Policy Management Cybersecurity Degree Finance others Project Management Data Science MCA Data Analytics CXO Digital Marketing Technology Data Science Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details After peaking at $820 million in 2021 on the back of aggressive expansion and strong investor enthusiasm, the funding has moderated. This is because the sector transitioned to a quality-focused growth and as global economic factors encouraged more disciplined capital allocation, according to a report jointly prepared by Perfios, a global B2B software-as-a-service company working in the BFSI sector and fintech and advisory firm The Digital Fifth. 'There is currently a clear gap in funding for tech stack companies and claims solutions — areas that are essential for driving efficiency and enhancing customer experience, and which should see significant growth in the coming years,' said the report. The report also said that India's insurance penetration , which had got a boost from the COVID pandemic, declined below 4% mainly because of drop in uptake of life insurance, according to the report. Insurance penetration fell to 3.7% in FY24, after staying above 4% for preceding three fiscals. The number for the life insurance segment fell to 2.7% in FY24 from 3% a year ago, while it remained 1% for the non-life segment. This signals an enormous protection gap, especially in health, life, and micro-insurance categories, the report said. While penetration declined, insurance density improved slightly, with per capita premium rising from Rs7,847 in 2022 to Rs8,103 in 2023, led by the non-life segment, said the report. The report said that a slew of regulatory initiatives like National Health Claims Exchange (NHCX) and the upcoming Bima Sugam platform are laying robust digital rails for insurance innovation. In addition, the Digital Personal Data Protection Act (DPDPA) is expected to enhance customer data and consent-based experiences.
Yahoo
14-07-2025
- Business
- Yahoo
Health In Tech to Announce Second Quarter 2025 Financial Results on July 21, 2025
STUART, Fla., July 14, 2025 /PRNewswire/ -- Health In Tech (NASDAQ: HIT), an Insurtech platform company backed by third-party AI technology, today announced that it will release financial results for the quarter ended June 30, 2025, following the close of market on Monday, July 21, 2025. Health In Tech will host a conference call and live webcast to discuss the Company's financial results, recent development and business outlook. Event: Health In Tech's 2025 Second Quarter Earnings Conference CallWhen: Monday, July 21, 2025, at 5:00 p.m. ET Live Call: PARTICIPANT DIAL IN (TOLL FREE): 1-888-346-8982PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-4272Hong Kong-Local Toll: 852-301-84992 Webcast Link: Replay: A webcast replay will be available on Health In Tech's investor relations website at shortly after the completion of the call, and will remain available for approximately 90 day. About Health In Tech Health In Tech (Nasdaq: HIT) is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at Forward-Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. Investor Contact Investor Relations:ir@ View original content to download multimedia: SOURCE Health In Tech
