The funding round was led by Radical Ventures, with participation from a16z Speedrun. New investors include Brendan O’Driscoll and Larry James Erwin.

To date, the company has raised $8.4 million with backers including Radical Ventures, a16z Speedrun and Comma Capital, alongside operators such as Aidan Gomez and executives from Braze.

General Magic builds automated agents for insurance firms. These agents answer routine questions, collect documents and follow up with customers. They operate across the insurance lifecycle, from pre-quote checks to post-quote engagement and claims coordination.

The company says its technology connects directly to broker management systems, quoting platforms and customer relationship systems already in use.

In early deployments with one of the world’s largest general insurers, General Magic reduced quote times from around 30 minutes to less than three. The reduction was achieved through an SMS-based agent that handles clarification and follow-ups automatically.

“Too much of insurance still relies on manual follow-through across calls, inboxes, and scattered systems,” said Jai Mansukhani, co-founder and president of General Magic.

“We focus on keeping customers engaged at every stage of the lifecycle, not just at quote or claim. Our agents handle the routine work that slows teams down, while giving insurance leaders real visibility into what customers are asking, where they are getting stuck, and how they are feeling.

“When that engagement and data flow directly into core systems, teams move faster and customers feel genuinely supported.”

At the centre of the company’s innovation is a product called Cell. It connects to broker systems, rating platforms and CRMs. Teams can deploy it through SMS, iMessage and RCS.

Customers can send questions by text, while the agent pulls data from internal systems, requests missing details and updates records as the process moves forward.

The company is currently working with insurers across motor and life lines, where follow-up after issuing a quote usually determines whether a sale is completed.

General Magic was founded by Anthony Azrak and Jai Mansukhani. Both previously built and sold technology products into established industries, then moved into insurance after dealing with repeated delays and high premiums following a water leak claim.

The founders say the industry works, but customer experience sometimes breaks down during important moments such as quoting and claims.

Retention is also a challenge across the insurance sector. Acquiring new customers costs more than keeping existing ones. With more policies being sold digitally and customers comparing prices at renewal, firms risk losing business after investing time and money to secure it.

Sanjana Basu, partner at Radical Ventures, said: “Most of the world’s financial and insurance data is locked inside rigid, legacy systems that were never designed for the AI era. General Magic isn’t trying to convince enterprises to throw away that infrastructure. Instead, they are giving them a way to finally talk to it. 

“By building a reasoning layer that sits on top of existing systems of record, the General Magic team are unlocking a massive amount of trapped value. 

“This is how the Fortune 500 becomes AI-native. Not by rebuilding from scratch, but by bridging the gap between old data and new intelligence.”

Troy Kirwin, investment partner at a16z Speedrun, added: “We’ve watched Anthony and Jai grow exponentially both during their speedrun cohort and in the months after. They are building a truly compelling product that we believe will revolutionise workflows across insurance carriers and brokerages globally. 

“I have a personal thesis that outsiders will disrupt legacy industries, and General Magic has helped buttress this thesis with the immense progress they’ve made. We are excited to deepen our partnership through supporting their seed round.”

Pete Tessier, BFA, CAIB, president at insurance MGA Taycon Risk, said: “What I have seen with General Magic and their approach to AI was a willingness to adapt to the insurance industry’s needs.

This is significant because of the varied nuances of the insurance industry and how its products are distributed and why internal and external customer journeys are different.

“The challenge will be making it scale across all channels of insurance product distribution. This might be the first true ‘game changer’ for the industry and deliver on customer experience and expectations”

General Magic plans to expand into more insurance lines and workflows with a focus on high-intent moments where communication gaps cost brokers and insurers time and revenue.

The post General Magic Raises $7.2m Seed Funding to Cut Insurance Quote Time to Three Minutes appeared first on Tech | Business | Economy.

Following a successful rollout to key industry stakeholders, the mobile application is now available for download on the Google Play Store and Apple App Store for both Android and iOS users.

InsurEase allows customers to purchase a variety of insurance policies, health, device, motor, and travel directly from their smartphones. Designed with user convenience in mind, the app offers a seamless, user-friendly experience, enabling users to explore, compare, and secure coverage in just a few taps.

Transparency Scape aims to empower customers with access to affordable, reliable, and convenient insurance policies while giving them the flexibility to choose from a wide range of offerings from top-tier insurance providers. 

These partners include AXA Mansard Insurance Plc., NEM Insurance Plc., Leadway Assurance Company Limited, Coronation Insurance Plc., Cornerstone Insurance Plc., Consolidated Hallmark Insurance Plc, Bastion HMO, and Tangerine Africa. The app is also integrated with trusted payment gateways Paystack and Budpay to ensure smooth and secure transactions.

“We are thrilled to officially go live,” said Oluseyi Ifaturoti, managing director and CEO of Transparency Scape. “Reaching this milestone has been a journey of perseverance, and we are excited to offer our customers peace of mind through a smart, easy-to-use app. Our goal is to be a trusted partner as they navigate the often complex world of insurance.”

Transparency Scape has also partnered with key regulatory bodies, including the National Insurance Commission, NAICOM, Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria, CIIN, The Nigerian Council of Registered Insurance Brokers, NCRIB, to ensure full compliance and uphold the highest industry standards.

“We extend our sincere gratitude to our regulators for fostering innovation within Nigeria’s insurance space,” Ifaturoti added. “We are also grateful to our insurance partners for their trust and for allowing us to integrate their APIs. This has been instrumental to our success.”

Speaking further on the impact of the launch, Olufela Olurin, chief operating officer of Transparency Scape Insurance Brokers Limited, said,

“InsurEase reflects our core values of transparency and trust. By breaking down the barriers to insurance accessibility, we have made it easier for Nigerians to secure the protection they need. Our app simplifies the entire insurance journey, giving users greater peace of mind and security for their future.”

InsurEase is now available for download on the Google Play Store and Apple App Store. For more information about the company, visit the website or follow us on Instagram, Twitter, Facebook, and LinkedIn.

The post Transparency Scape InsurEase, Nigeria’s First Innovative InsurTech Platform Now Live appeared first on Tech | Business | Economy.

Unlike conventional insurance, ETAP Takaful is designed to redistribute funds to users and support social good in their communities.

Policyholders contribute to a common fund to cover each other against damage and loss, and once a year, ETAP will collate all the remaining funds after claims and associated costs have been deducted and redistribute them to policyholders, or to their chosen nonprofit cause.

This may include nonprofit organizations working towards ending homelessness, educational programs, healthcare initiatives for the bottom of the pyramid, Human Rights Advocacy, and orphanages. Policyholders can also receive their surplus via cashback or a discount on renewals.

The global takaful insurance market is projected to reach $97.17 billion by 2030 and ETAP is the first African insurtech to enable the option on the continent. Starting in Nigeria, users can now access the option on the ETAP app alongside other insurance options and immediately begin to give back to their communities while having the peace of mind that comes with having their cars insured.

They simply need to download the app, provide basic information about their car and driving history, and choose the level of coverage they require (daily, weekly, monthly, quarterly or annual) and they can start enjoying the benefits of an ethical car insurance product.

Leveraging ETAP’s game-changing technology that allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less, and get rewarded for good driving and avoiding accidents, users can now enjoy an added layer of ethical insurance on top of what is already the fastest claims process on the market. 

ETAP Takaful is open to Muslim users that are looking for insurance products that align with their religious beliefs and non-Muslim users who want to benefit from the value that Takaful offers. 

According to Ibraheem Babalola, CEO and Founder of ETAP, “To drive insurance penetration in Africa, where less than 3 percent of the population own any kind of insurance, we need to design new products that meet the diverse needs of people across the continent.

In a country like Nigeria where Muslims make up almost half of the 220 million population, the vast majority of insurance products on the market are not an option to most Muslims because the way the policies are structured goes against their religious belief.

We have built one of the most exciting insurance apps in the world and ETAP Takaful will make it easier for more people to access the many benefits that come with our app and enable more enjoyable driving experiences”.

ETAP’s business model is based on the concept of Shared Value Insurance, which focuses on incentivizing people with rewards to reduce their insurance risk by adopting good behavior. With ETAP, drivers are able to earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences. The company also uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.

The post ETAP Launches Takaful, Africa’s First Digital Car Insurance appeared first on Tech | Business | Economy.