Kenya leads many parts of the world in its fintech offerings. As financial services expand rapidly in the country, Bimalab launches an accelerator program to equip talented startup entrepreneurs with essential skills and resources to provide Kenya's low income consumers with insurance services.
Kenyan insurers maintained profitability through the coronavirus pandemic according to Fitch Ratings. The healthy stance of the industry coupled with the Kenyan Insurance Regulatory Authority's implementation of a risk based supervision policy in June 2020 for the insurance sector is a win for InsurTech Startups in the country.
The 2021 cohort launched by Bimalab would focus on 12 innovators, training them within 10 weeks to garner expertise in order to scale up market ready solutions for the Insurtech industry.
Benefit of Bimalab Accelerator Program
Provision of Supportive Ecosystem for InsurTech Startups to Survive Regulations.
InsurTech startups are heavily regulated and require extensive support to make it to market. The Bimalab ecosystem helps founders steer the regulatory waters by providing them with access, partners, and resources to overcome initial regulatory barriers.
The program is modeled after a successful pilot in January 2021 that involved IRA, Tech Hub from the UK, Tellistic Technology Services and Prudential Life Assurance. The pilot program included 8 startups from diverse industries (agriculture, health, and insurance) and saw 3 startups sweep a whopping KSh 1.25 Million each in grants from Kenya's Prudential Life Assurance.
The Accelerator program would also provide entrepreneurs with visibility, mentorship, capital, and strategic partnerships in order to scale fast within Kenya's low consumer markets. In support, Godfrey Kiptum, Commissioner of Insurance and IRA CEO asserted that the establishment would encourage InsurTech startups to increase access to insurance products and services, improve the country's Financial Inclusion initiative, and democratize access to insurance.
Entrepreneurs can directly apply to join the cohort by July 31st 2021 here.