An Accelerator Programme worth KSh 5.3 Million has been launched that aims to harness technology innovations to increase insurance coverage among low-income consumers. Applications are to be submitted before 31st July 2021.
The accelerator programme aims to take 12 innovators through a 10-week programme to give them expertise, resources and support to develop and upscale solutions that are market-ready.
Accelerator programme to benefit start-ups
The investment follows a successful pilot in January 2021 that involved IRA, Tech Hub from the UK, Tellistic Technology Services and Prudential Life Assurance. The pilot programme picked on 8 start-ups with solutions for a cross-section of industry sectors, including general insurance, health and agriculture.
InsurTech start-ups rely extensively on a supportive ecosystem to survive and thrive.
Unlike consumer-driven industries eCommerce, InsurTech start-ups must fulfil stringent requirements.
The BimaLab accelerator is designed to give visibility to talented founders of start-ups to enable them to have recognition and access to resources.
The pilot programme saw three start-ups receiving a grant award of KSh 1.25 Million each, a total of KSh 3.75 Million, through Prudential Life Assurance Kenya sponsorship.
According to Kevin Massingham, Director, Risk & Resilience, FSD Africa, the firm is keen to grow Kenya’s underwriting sector and nurturing the next generation of innovators in the insurance sector.
According to Godfrey Kiptum, Commissioner of Insurance and IRA CEO, the Authority will encourage insurtech initiatives to increase access and coverage of insurance products and services.
He said Bimalab is one such measure to enhance insurtech, financial access and inclusion.
“By launching BimaLab II start-up innovators will boost insurance coverage and growth of the entire insurance sector,” said Kiptum.