Browsing: InsurTech

Bimalab Africa
  • The Bimalab Africa program is an innovation that brings together insurance innovators, technology partners, insurance firms, investors, and regulators.
  • BimaLab Africa will expand its footprint to accelerate 55 insurtechs in 15 African countries.
  • The initiative is dedicated to tackling pressing issues such as climate change, health, and gender disparities in the sector.

The Bimalab Africa Insurtech accelerator program has received $600,000 (about KSh85.9 million) in funding to expand its operations across Africa. Following the fresh financing round by the Swiss Re Foundation, the program is now set to grow to cover 15 countries across the African continent from the initial 10 countries covered in the 2023 program.

The program offers hands-on venture-building support to high-impact Insurtech start-ups that improve the resilience of underserved and climate-vulnerable communities.

The initiative is dedicated to tackling pressing issues such as climate change, health, and gender disparities while also addressing the challenges micro, small, …

SCBF2
  • Swiss Capacity Building Facility (SCBF) and APA Insurance have partnered with a consortium of local insurance innovators to provide affordable and relevant primary healthcare insurance to under-served Kenyans.
  • The consortium made up of three BimaLab participants, Paa Insurance Agency, Emerging Markets and Democrance, supported by Illara Health, will build cutting-edge solutions for a market that continues to be neglected by mainstream insurance providers.
  • Paa Insurance Agency; an inclusive insurance distribution specialist, Emerging Markets; a research and design consultancy firm, Ilara Health; a network of primary healthcare facilities, Democrance; a SaaS plug-and-play insurance technology provider are part of BimaLab,  an insurtech accelerator  by FSD Africa for innovators working together to create the future of insurance in Africa.

Swiss Capacity Building Facility (SCBF) and APA Insurance have partnered with a consortium of Kenyan-based insurance innovators to provide affordable and relevant primary healthcare insurance services to under-served Kenyans, an innovative designed with a …

Kenyan insurtech firm Turaco secures US$10M Series A round fundraise www.theexchange.africa

The startup, which now has a presence in Nigeria, and Uganda, has entered its expansion phase and is looking for new partnerships to push mass consumer insurance adoption in Africa.

The tech insurance platform has developed to become a dominant player at the forefront of new insurance solutions since its inception. Turaco products cost US$2 per month, with simple terms and conditions and a fully digital claims system that enables claimants to file through phone calls or WhatsApp, with payments made in less than three days using mobile money.

“In the next 25 years, we want to cover a billion people, and that’s what we’re working toward.” It’s a lofty aim in every aspect, and I’m not sure how to get there, but I have a clear vision of covering 100 million people.

To reach the next level of development, you must collaborate with some of the world’s most recognisable …

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However, economic growth and the rapid expansion of digital and mobile services are set to change this. 

With the African middle class growing across many African nations, the target market for insurance products is growing.

The report highlighted that there has been a significant rise in demand for digital solutions, as smartphone and affordable internet penetration deepens across the continent, providing opportunities for InsureTechs to step in and offer innovative products.…

Kenya’s Insurance sector is set to face disruption following the launch of a new InsurTech ecosystem seeking to create new solutions to the ailing insurance sector. Over 60 InsurTech start-ups pitched to investors at the inaugural two day Africa 3.0 conference held in Nairobi, as they seek to partner in increasing insurance penetration in the region. According to a new report released by the BaoBab Network, Africa’s InsurTech space is worth US$60 billion but remains largely untapped. The East Africa Insurance Industry has been traditionally focused on the established markets such as life insurance and mining and oil where returns are greater.

Kenya’s Insurance sector is set to face disruption following the launch of a new InsurTech ecosystem seeking to create new solutions to the ailing insurance sector.

READ:Why Kenya’s insurance sector is “rotten”

Over 60 InsurTech start-ups pitched to investors at the inaugural two day Africa 3.0 conference held in Nairobi, as they seek to partner in increasing insurance penetration in the region.

The Conference which was organised Market Minds in partnership with Evolution East Africa and the UK Department for International Trade also saw over 150 start-ups from Africa participate.

Market Minds Founder, Sebastian De Zulueta, says a number of deals are expected to be signed with over 30 venture capitalists keen to tap into the opportunities in the insurance market in Kenya and Africa at large.

READ ALSO:Sanlam Kenya reveals secret weapon for 2019

“East Africa’s mobile penetration gives great opportunities for disruptions in the insurance sector. …