FSD Africa and Nigeria’s National Insurance Commission (NAICOM) have partnered to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector
BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing and promoting innovators and Insurtech start-ups. The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience to provide Nigeria with the most competitive and attractive start-up accelerator programme.
Ten companies will be selected to participate in the 10-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
Across the continent, little knowledge of the insurance industry coupled with low income has affected the rate of insurance penetration in the mass market. Yet, a recent report by Deloitte indicates that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.
To widen insurance coverage, FSD Africa has recently rolled out a similar accelerator programme in Ghana (InnoLab). The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.
Kelvin Massingham, director – risk and resilience, FSD Africa, said, “We believe that this programme will enhance the development of a vibrant ecosystem of start-ups; through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya and are commencing the same in Ghana.”
Thomas Olorundare Sunday, commissioner for insurance and CEO of National Insurance Commission (NAICOM), added, “As a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains. Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I do not doubt that with such collaborations, Nigeria is set to be a successful case study on insurance innovation across the continent.”