Octamile
Octamile is a Nigerian insurtech that provides embedded insurance APIs, automated claims processing, and vehicle data services, enabling African B2C platforms, fintechs, mobility operators, and lenders to distribute insurance while helping insurers digitize claims and underwriting.
- Company typePrivate
- Founded2021
- HeadquartersMiddletown, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Octamile does
Octamile is a Nigerian-headquartered insurtech (founded December 2021, with a US entity registered in Middletown, Delaware) that builds embedded insurance infrastructure for African markets. Its all-in-one platform, branded Boost, comprises four interconnected products: Embedded Insurance APIs that allow B2C platforms and apps to distribute 12+ insurance products (motor, health, travel, marine, goods-in-transit, property, personal accident, liability, professional indemnity, phone/device, and lending protection); an Automated Claims Solution featuring Claims Fast Track with 60-minute payouts up to ₦50,000 and touchless virtual inspection; Vehicle History and Valuation powered by integration with the Nigeria Insurance Industry Database (NIID); and an Insurance Onboarding Hub for agent and broker KYC. The technology foundation is a command-routed REST API on Microsoft Azure (single POST endpoint with partner-ID authentication), supporting both sandbox and production environments with reusable consumer profiles. Computer vision powers mobile damage capture for claims, and rule-based fraud detection sits inside the auto-claims pipeline.
Octamile generates revenue through three streams: transaction-based fees on policies issued and claims processed via its APIs to B2C platforms, subscription or usage-based SaaS fees for the Boost platform sold to insurers and partners, and managed services for end-to-end claims digitization delivered to insurance carriers. Pricing is not publicly disclosed; APIs are accessible through a freemium developer sandbox, with production access on a pay-as-you-go basis tied to actual policy issuances and claims processed. The company goes to market via an API-first motion targeting app-based businesses in Africa (especially fintechs, logistics, mobility, e-commerce, and microlending), supplemented by direct enterprise sales to insurers and channel partnerships with banks and brokers. Coverage is heavily weighted to Nigeria, with a stated expansion intent across Africa where insurance penetration remains below 3%.
The platform serves two principal customer segments. The first is B2C digital platforms and app-based businesses that want to embed insurance in their products without becoming insurers themselves. The second is incumbent insurance companies seeking to digitize claims and distribution. Octamile underwrites through partnerships with NAICOM-licensed Nigerian insurers (AXA Mansard, NSIA, SanlamAllianz, UIC, plus Leadway, Mutual Benefits, Custodian, Old Mutual, and Universal Insurance for claims automation), giving its API partners regulatory-compliant product access. The company emerged from stealth in December 2021 with a $500,000 pre-seed round led by EchoVC Partners, officially launched its platform on December 1, 2022, and was included in Fintech Global's Insurtech 100 list the same year.
Octamile firmographics
Firmographics- Name
- Octamile
- Legal name
- Octamile Inc.
- Website
- https://octamile.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Octamile is a Nigerian insurtech that provides embedded insurance APIs, automated claims processing, and vehicle data services, enabling African B2C platforms, fintechs, mobility operators, and lenders to distribute insurance while helping insurers digitize claims and underwriting.
- Ownership category
- akta.pro rank
Octamile industry classification
Industry- Product category
- Embedded Insurance Infrastructure
- NAICS
- Other Insurance Related Activities (52429)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)
- akta.pro secondary industry
- Embedded Travel Insurance Distribution & APIs (THALALAA)
Keywords
Where Octamile is headquartered
LocationHeadquarters
- HQ city
- Middletown
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Octamile business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations
Revenue model
- API Licensing / Transaction Fees: Revenue generated from licensing embedded insurance APIs to B2C platforms. Non-insurance businesses pay to integrate and distribute insurance products through Octamile's infrastructure. Transaction-based model where partners pay per policy issued or per claim processed.
- SaaS Platform Fees: All-in-one digital insurance management software (Boost) provided to insurers and partners. Subscription or usage-based pricing for access to claims automation, distribution APIs, and insurance management tools.
- Claims Automation Services: End-to-end claims digitisation and management infrastructure sold to insurers. Revenue from automating claims processing, enabling faster payouts and reducing administrative costs for insurance carriers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | API Access - Sandboxed testing environment |
| Usage-based | Pay-as-you-go | API Access - Production/Live Environment |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Octamile product offering
Product offeringCore offering
Octamile provides an all-in-one embedded insurance infrastructure platform ("Boost") that allows non-insurance businesses (B2C platforms, fintechs, e-commerce, mobility, logistics) to distribute insurance products via APIs, and enables traditional insurers to automate claims processing, underwriting, and risk assessment. Products underwritten by NAICOM-licensed insurers (NSIA, AXA Mansard, SanlamAllianz, UIC) cover 12+ insurance lines including motor, health, travel, marine, goods-in-transit, property, and lending protection.
Product overview
Octamile offers an All-in-One Insurance Management Infrastructure (Boost) that enables the insurance ecosystem to digitize the insurance value-chain. The platform consists of four core interconnected products: (1) Embedded Insurance API — enables B2C platforms and app companies to distribute insurance as embedded offerings through customizable APIs; (2) Automated Claims Solution — provides end-to-end claims digitization with fraud detection and virtual inspection capabilities; (3) Vehicle History and Valuation — powers underwriting and risk assessment with real-time NIID vehicle data; and (4) Insurance Reminder — free motor insurance renewal reminder service. Additional offerings include Business Insurance and an Insurance Onboarding Hub. All products share a unified command-routed API architecture with reusable consumer profiles.
Differentiator
Problem solved
Functional benefit
Products and services
- Embedded Insurance API Insurance automation, management and distribution API enabling non-insurance companies (B2C platforms, fintechs, e-commerce, mobility, logistics) to bundle multiple insurance solutions (motor, credit life, health, gadget, life, agricultural) into existing products and services.
- Automated Claims Solution End-to-end vehicle insurance claims digitisation and management infrastructure that automates First Notification of Loss, applies rule-based decision-making, performs remote virtual inspections, detects fraud, and delivers payouts in minutes. Includes Claims Fast Track with straight-through processing up to ₦50,000 and 60-minute payout for qualifying motor claims.
- Vehicle History and Valuation Vehicle history and real-time market valuation data service that powers insurance underwriting, claims and financing decisions by returning registration, make, model, and ownership details from the NIID (Nigeria Insurance Industry Database).
- Motor Insurance Reminder Nigeria's first automated motor insurance reminder tool that helps car owners avoid missing policy renewals by sending automatic reminder emails and enabling instant policy renewal via the paycover.africa quote engine.
- Insurance Onboarding Hub Comprehensive solution for streamlining agent and client onboarding with instant KYC, vehicle verification and risk assessment, providing a customisable, secure onboarding process for insurance agents, brokers and providers.
- Business Insurance Business insurance product within Octamile's portfolio designed to protect businesses from financial losses.
Quantifiable outcome
- 60-minute claims payout turnaround time for qualifying motor claims (up to N50,000 threshold)
- +2 more outcomes
Companies that use Octamile
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles4 records
Octamile technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability4 records
Feature7 records
Octamile partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered core, major and minor.
- DriveMe.NGcoreAfrica's leading mobility technology company integrating Octamile's Embedded Insurance API. DriveMe.NG offers motor insurance, micro health insurance, and bespoke micro-insurance products to drivers, fleet operators, and vehicle owners on its platform.
- AXA MansardcoreMajor insurance partner providing underwritten insurance products through Octamile's platform. AXA Mansard is the most profitable listed insurer in Africa's largest economy, offering life, non-life, and investment management services. Partnered for both claims automation and embedded insurance distribution.
- NSIA InsurancecoreNAICOM-licensed insurer partner providing underwritten products including vehicle insurance, marine cargo, goods in transit, property, personal accident, public liability, and professional indemnity. Products available via Octamile's API platform.
- SanlamAllianzcoreNAICOM-licensed insurer partner providing travel insurance products (individual and family plans, multi-destination) available through Octamile's embedded insurance API.
- UIC (Underwriting Insurance Company)coreNAICOM-licensed insurer partner providing marine cargo certificates, goods in transit (GIT) cover, and additional insurance products through Octamile's platform.
- LeadwaymajorClaims automation integration partner. Leadway uses Octamile's automated claims processing for faster claims handling and payout.
- Mutual BenefitsmajorClaims automation integration partner using Octamile's end-to-end claims digitisation infrastructure.
- Custodian InsurancemajorClaims automation integration partner. Custodian Insurance leverages Octamile's technology for improved claims processing.
- Providus BankminorBanking partner listed among Octamile's insurer and partner ecosystem for insurance distribution.
- First Bank NigeriaminorMajor Nigerian bank partner in Octamile's insurance distribution ecosystem.
- VeendHQcoreFintech company helping organisations fix loan default problems. Octamile's Embedded Insurance API provides custom insurance products protecting lenders and borrowers, reducing lending risk.
- ShipAfricamajorLogistics company partnered with Octamile to offer seamless shipping insurance solutions, enhancing logistics solutions with embedded insurance coverage.
- GokadaminorLast-mile delivery platform partnering with Octamile to launch digital insurance covers for drivers, offering motor and micro-insurance products.
- ProspaminorFintech partner integrated with Octamile's insurance platform for embedded insurance distribution.
- Kredi BankminorBanking partner in Octamile's ecosystem offering insurance products to customers.
- Plug and PlayminorInnovation platform partner supporting Octamile's technology and startup ecosystem connections.
- JamborowminorPartner in Octamile's ecosystem for insurance distribution and financial inclusion.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Octamile competitors and assessment
Company assessmentDirect peers
- Turaco: African insurtech that distributes micro-insurance products through partner platforms (telcos, fintechs, banks) via B2B2C integrations. Closest comparable to Octamile on geography, embedded distribution model, and target customer base across emerging African markets.
- Qover: European embedded insurance orchestration platform providing APIs for digital businesses to distribute life, mobility, and property cover across multiple European markets. Direct technology peer to Octamile on embedded insurance API-first infrastructure and developer portal design.
- Root: South African app-based short-term insurance provider using mobile-first UX, telematics-style data capture and automated claims for motor and gadget cover. Comparable to Octamile in digital-first African insurance distribution and claims automation, though Root is more direct-to-consumer.
- Inclusivity Solutions: Pan-African insurtech building embedded insurance infrastructure for emerging markets, partnering with mobile network operators, banks, and employers to distribute low-premium products. Directly comparable on African embedded insurance distribution via digital channels.
- Zego: UK-based insurtech providing embedded insurance APIs for mobility, gig-economy, and delivery platforms (motor, fleet, commercial). Closely comparable on embedded distribution model and mobility/logistics vertical overlap with Octamile's DriveMe and Gokada partnerships.
Broad incumbents
- Lemonade: Public, AI-native digital insurer operating mobile-first across the US, Europe, and recently expanding with localized entities. Comparable on AI-driven claims automation (incl. virtual inspection and fraud detection), mobile-first UX, and use of behavioral data for underwriting.
- wefox: European digital insurance platform combining a broker-facing app with embedded distribution partnerships and claims automation. Comparable on multi-carrier digital infrastructure and European/early-stage insurtech positioning, though wefox operates primarily in DACH rather than Africa.
Regional players
- Qoala: Indonesian insurtech providing embedded insurance APIs that enable digital platforms to distribute health, motor, and gadget cover. Comparable on embedded insurance distribution architecture and B2B2C partner monetization, though focused on Southeast Asia rather than Africa.
- Naked Insurance: South African AI-driven, app-first insurer offering automated underwriting and instant claims for short-term insurance. Comparable on digital insurance infrastructure in Africa, though Naked is a direct carrier while Octamile is a distribution/automation infrastructure layer.
Emerging players
- Pula: African insurtech focused on digital and agricultural insurance distribution to smallholder farmers via partners across Africa and Asia. Comparable on African embedded distribution model and partnerships with mobile/fintech platforms for low-penetration markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Octamile social profiles
Digital presenceOctamile financial estimates
Financial estimateRevenue estimate
Valuation estimate
Octamile leadership team
Management profileNumber of profiles
Profiles1 record
Octamile funding detail
Funding detailFunding overview
Funding rounds1 record
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Octamile M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Octamile
What does Octamile do?
Octamile provides an all-in-one embedded insurance infrastructure platform ("Boost") that allows non-insurance businesses (B2C platforms, fintechs, e-commerce, mobility, logistics) to distribute insurance products via APIs, and enables traditional insurers to automate claims processing, underwriting, and risk assessment. Products underwritten by NAICOM-licensed insurers (NSIA, AXA Mansard, SanlamAllianz, UIC) cover 12+ insurance lines including motor, health, travel, marine, goods-in-transit, property, and lending protection.
Is Octamile a public or private company?
Octamile is a private company. It is classified as venture growth investor backed and is currently operating.
When was Octamile founded?
Octamile was founded in 2021. It employs 1 to 10 people.
Where is Octamile based?
Octamile is headquartered in Middletown, United States, in the North America region.
How does Octamile make money?
Three revenue lines are on record. API Licensing / Transaction Fees are the primary driver. The others are saaS Platform Fees and claims Automation Services.
Who are Octamile's main competitors?
Direct peers on record are Turaco, Qover, Root, Inclusivity Solutions and Zego. Broad incumbents are Lemonade and wefox. Regional players are Qoala and Naked Insurance. Pula is listed as an emerging player.
Does Octamile have an API?
Yes. Octamile offers a command-routed REST API for embedded insurance distribution. All requests go to a single POST endpoint (https://octamile-api.azurewebsites.net). The `cmmnd.cmmnd` field routes to the right handler. Authentication uses partner ID and authorization keys. Full sandbox mode is available with `set env_test` / `set env_live` toggling. Reusable consumer profiles (SR05) allow registering a customer once and reusing across all products. Real-time status polling via SR20 returns certificate URL, policy number, or base64 document. Covers 12+ insurance products: Vehicle, Health, Travel, Marine, Goods in Transit, All Risk/Property, Personal Accident, Public Liability, Professional Indemnity, Phone, Device/Laptop, and Lending Protection. Integrates with NIID (Nigeria Insurance Industry Database) for vehicle data enrichment (SR_ENRCH). Products underwritten by NAICOM-licensed Nigerian insurers: NSIA, AXA Mansard, SanlamAllianz, UIC. Developer documentation is at developer.octamile.com.
What industry is Octamile in?
Octamile's product category is Embedded Insurance Infrastructure. Its primary akta.pro industry code is FSAGAGAL, Embedded Insurance & Affinity Distribution Platforms, with a secondary code of THALALAA, Embedded Travel Insurance Distribution & APIs. Its NAICS code is 52429 and its SIC code is 6411.