About The Program

FSD Africa, in partnership with Swiss Re and various insurance regulators in Africa is in search of scalable innovative solutions that will reduce the large risk protection gap from many external threats such as climate change, natural disasters, health risks, and economic disruptions. The goal of the BimaLab Africa Insurtech Accelerator Program is to create an insurtech innovation ecosystem that:

 

  • Supports the growth of insurtechs 

  • Reaches underserved markets (particularly households and communities that are currently unprotected) 

  • Improves customer value; and 

  • Creates an enabling regulatory environment. 


 
Background

Less than 3% of Africa’s GDP is driven by insurance, which is below the world average of 7%. Innovative solutions have much potential to change this picture and enhance financial inclusion by providing access to unserved and underserved customers. However, adoption of digital solutions within the incumbent insurance sector in Africa has been slow and the growth of insurtech sector is held back by a lack of knowledge on product development, consumer behaviour, and entrepreneurship skills, funding, Legal and regulatory barriers and lack structures for promoting partnerships.

BimaLab Africa’s main objective is to foster innovation that can extend access to insurance products and services to communities and businesses that are historically underserved or excluded. BimaLab also enables regulatory sandboxing helping mutual understanding and exploration between regulators and insurtechs. This will address the weak demand for and low-quality supply of risk solutions, and restrictive enabling environments that impact across risk markets in Africa.

 

What We Offer

The BimaLab 2023 program is working with twenty (20) businesses at MVP and post-revenue stage, from Nigeria, Ghana, Kenya, Ethiopia, Uganda, Rwanda, Zimbabwe, Malawi, Egypt, and Morocco, in the acceleration track. The selected cohort is going through through a 5-month acceleration programme that provides access to:

 

  • Support from the Accelerator experts and relevant partners throughout the duration of the program

  • Access to regulatory expertise and resources in partnership with the regulators in the 10 countries

  • Mentorship and access to a global network of relevant stakeholders

  • Connections that can support local investments, networking, navigation, showcasing and critical challenges support

  • Peer to peer support from the cohort group established through workshops, webinars and events

  • Pitch your innovative business solution during the Demo Day

  • Top three ventures will access to US$30,000 in equity-free funding for scaling their solution

 

 

 



Program Phases
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Updates
Team Mansour' Profile
The Status of Team - Mansour's Startup "Amanleek" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Tshifhiwa' Profile
The Status of Team - Tshifhiwa's Startup "Inclusivity Solutions" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Paapasam' Profile
The Status of Team - Paapasam's Startup "Moovon Insure Ltd" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Pesh' Profile
The Status of Team - Pesh's Startup "Exuus" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Paapasam' Profile
The Status of Team - Paapasam's Startup "Moovon Insure Ltd" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Mansour' Profile
The Status of Team - Mansour's Startup "Amanleek" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Paapasam' Profile
The Status of Team - Paapasam's Startup "Moovon Insure Ltd" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Paapasam' Profile
The Status of Team - Paapasam's Startup "Moovon Insure Ltd" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Tshifhiwa' Profile
The Status of Team - Tshifhiwa's Startup "Inclusivity Solutions" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Tshifhiwa' Profile
The Status of Team - Tshifhiwa's Startup "Inclusivity Solutions" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Umojalands' Profile
The Status of Umojalands's Startup "Umojalands System" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Pesh' Profile
The Status of Team - Pesh's Startup "Exuus" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Felix O.' Profile
The Status of Team - Felix O.'s Startup "mTek Services" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Felix O.' Profile
The Status of Team - Felix O.'s Startup "mTek Services" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Isah' Profile
The Status of Team - Isah's Startup "Rural Farmers Hub" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Gideon Frimpong' Profile
The Status of Team - Gideon Frimpong's Startup "Mobisure Limited " has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Felix O.' Profile
The Status of Team - Felix O.'s Startup "mTek Services" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Alazar N.' Profile
The Status of Team - Alazar N.'s Startup "Kifiya Financial Technology" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Sophia Alj' Profile
The Status of Sophia Alj's Startup "Chari" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Alazar N.' Profile
The Status of Team - Alazar N.'s Startup "Kifiya Financial Technology" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Felix O.' Profile
The Status of Team - Felix O.'s Startup "mTek Services" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Isah' Profile
The Status of Team - Isah's Startup "Rural Farmers Hub" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
omar.maqboul' Profile
The Status of omar.maqboul's Startup "ALIKAR INT" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Isah' Profile
The Status of Team - Isah's Startup "Rural Farmers Hub" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
yrahmi' Profile
The Status of yrahmi's Startup "SYGMA.AI" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago
Team Adefisayo' Profile
The Status of Team - Adefisayo's Startup "Octamile Inc" has been changed to Cycle 6: Demo delivered.
Insurtech - 1 week ago