Nairobi — FSD Africa, the Insurance coverage Regulatory Authority, and Tellistic Know-how Providers have launched BimaLab, a Sh5.3 million accelerator program designed to help Kenyan innovators to develop progressive options for the insurance coverage sector.
In accordance with the companions, the BimaLab accelerator program will emulate international finest practices to construct Kenya’s best and engaging start-up accelerator program.
By this system, 12 innovators will profit from a ten-week program that gives them with experience, assets, and help to develop and scale market-ready options.
The funding follows a profitable pilot ran in collaboration by IRA Kenya, the UK-Kenya Tech Hub, the UK Division of Commerce, Prudential Life Assurance, and applied by Tellistic Know-how Providers in January 2021.
The pilot recognized eight early and mid-stage start-ups with options for a cross-section of business sectors together with normal insurance coverage, well being, and agriculture.
The pilot program culminated in 3 of the start-ups receiving a grant award of Sh1.25 million every, for a complete of Sh3.75 million sponsored by Prudential Life Assurance Kenya.
Whereas expertise has solved inherent challenges round monetary inclusion, entry to healthcare, and the supply of presidency providers, its potential inside the insurance coverage sector stays untapped. Know-how can assist develop insurance coverage protection by delivering merchandise which are tailor-made for low-income shoppers, notably ladies, smallholder farmers and gig financial system staff.
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Improvements developed by BimaLab may additionally profit shoppers outdoors of Kenya. As a part of the programme, IRA will collaborate with regulators from Ghana, Malawi, Nigeria, Rwanda, and Tanzania to construct an enabling setting that helps the uptake of insurance coverage improvements throughout Africa.
FSD Africa Director, Danger and Resilience Kevin Massingham mentioned, “At FSD Africa, we’re dedicated to the expansion of the insurance coverage sector and are excited to be concerned in grooming the subsequent era of insurance coverage innovators. By supporting start-up innovators by the BimaLab II accelerator program, we won’t solely improve insurance coverage protection but additionally ship insurance coverage options which are each handy and environment friendly.”
IRA Chief Government Officer Godfrey Kiptum added, “The Authority was eager on enhancing insurtech initiatives because it seeks to advertise the event of the insurance coverage market and thereby enhance monetary entry and inclusion. We now have recognized market improvement as a key pillar in the direction of monetary entry and inclusion and to appreciate this, now we have put in place deliberate measures to reinforce insurtech and the Bimalab is one such initiative.”
