Most people in Africa want to take advantage of a variety of insurance products, but are often discouraged by the high premiums associated with them. Therefore, it is not surprising that McKinsey’s research reports that insurance penetration across the continent remains modest and per capita premiums are one eleventh of the global average. ..
However, with the support of UK-funded financial sector deepening (FSD) Africa and other institutions, the market will change quickly as innovative products emerge in micropayments or pay-as-you-go frameworks. There is a possibility.
FSD Africa will launch insurance technology accelerator programs in Ghana and Nigeria next year to promote innovations that drive insurance adoption in two markets and beyond.
The launch of the insurance technology accelerator program planned in West African countries is after it was introduced in Kenya earlier this year in collaboration with insurance regulators, national regulators, and cloud solution provider Tellistic Technology Services. is.
At FSD Africa, we are committed to growing the insurance sector and are excited to be involved in developing the next generation of insurance innovators. Africa is experiencing a major protection gap, although the insurance industry is lagging behind in innovation compared to other financial sectors, FSD Africa’s risk director Kelvin Machinegum told TechCrunch.
We are planning to start the BimaLab Insurtech Accelerator Program in Ghana and Nigeria. “
FSD Africa is also in the early stages through venture funds and grants, as well as setting up an online platform where founders can brainstorm, share experiences, build partnerships and receive technical support from experts in various industries. We plan to provide access to capital for start-ups of our insurers.
The organization is working with eight insurance regulators, including Ghana, Malawi, Nigeria, Rwanda and Tanzania to create an environment that enhances insurance innovation across the continent.
It is a peer-learning and engagement platform primarily for regulators, such as regulating innovation and creating insurtech and startup ecosystems, but also addresses a wide range of issues such as ESG (environmental, social and governance). .. According to Machinegum, we are pleased to be able to support the development of similar programs across such regions.
The new plan comes after the second cohort of the Kenya program graduated last Friday. Throughout the 10-week program, participants were provided with the knowledge and resources to develop and market solutions. Twelve startups joined the cohort, and Karopay and Motisure were recognized for their innovation.
Motisure is intended for motorcycle (boda-boda) taxi commuters and riders, with personal accident coverage of 10 Kenyan shillings (approximately 9 US cents) per day. Boda Boda is a popular mode of transportation in East Africa, with 22 million daily rides in Kenya alone.
The Karopays edtech insurance product Bimashule guarantees that rural Kenyan students have basic medical and personal accident insurance with premiums starting at less than $ 1 per month. It also comes with a tuition guarantee in case the guardian dies.
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