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.