Frequently Asked Questions(FAQs)

• BimaLab  facilitates access to funding by connecting selected startups with venture capitalists, financiers, and grant opportunities
• BimaLab also invests capital in qualifying BimaLab alumni start ups through our inclusive Insurtech Investment fund set up collaboratively with FSD Africa Investments

No, participation in BimaLab is free. The accelerator does not charge application or participation fees. Instead, its model is based on building impact through partnerships, grant support, and investor connections, not pay-to-play, equity-for-service, or enrollment fees

• High Impact startups operating in any African country can apply

Ideal applicants are early-stage insurtech ventures (MVP to post-revenue) that:

• Offer innovative solutions addressing underserved markets, particularly in areas like climate resilience, health, gender, and inclusion
• Demonstrate scalability and impact potential, including real traction or viable product/service
• Have strong team leadership, ideally with at least one female co-founder, and a sustainable business model
• Exhibit innovation and contribute to financial inclusion, especially among historically underserved communities in Africa

Absolutely. BimaLab’s selection process is competitive, and not qualifying in one round doesn’t preclude reapplying in the future, especially as the program’s reach and offerings evolve. Use the interim period to refine your pitch, strengthen traction, and stay engaged with the insurtech ecosystem.

Here are some noteworthy success stories:

• AiCare (telematics insurance provider) received funding from Nairobi Business Angels Network and Mobility Investment SAS via Toyota Tsusho
• Chamasure partnered with Micro Insurance Company UK to bring digital insurance to underserved Kenyan communities
• Bismart, in partnership with Britam, launched Elimu Smart, a school-fees insurance product developed within BimaLab
• SoSo Care (Nigeria) launched low-cost micro-health insurance payable via recycled materials and won climate resilience and innovation awards
• In Ethiopia Kacha Digital Financial Services, Orbit Health, Saglan Wajee General Hospital, and Kifiya Financial Technologies; one highlight is Kifiya’s drought‑shocks micro‑insurance product for farmers
• Turaco – provides affordable, embedded health and life insurance through digital platforms, delivering fast claims and financial protection to over 2.5 million underserved individuals across Africa.

BimaLab brings together a diverse set of ecosystem partners:

• Regulators, through sandbox environments and enabling innovative policy-making
• Investors and funders, including venture capitalists and institutions like the Swiss Re Foundation
• Corporate and tech partners, such as insurance firms industry platforms, and innovation networks
• Mentors and advisors, offering strategic guidance and capacity building
• Fellow entrepreneurs, through peer-learning, Demo Days, Summits, and shared resources

• Supported 135 startups over 5 years
• Enabled 7 regulatory sandboxes for live-testing of innovative insurance products
• Attracted over US$40 million in funding directly to the BimaLab ventures
• Delivered more than 150 developed products that now serve more than 4 million customers across Africa

Startups selected for the acceleration track undergo a structured 6-month program offering:

• A structured learning environment with events, workshops, and masterclasses
• Experienced one on one mentorship to guide business, product, and market strategies
• Connections to investors, financiers, tech partners, and regulators
• Access to funding opportunities through established VC and investor networks
• Regulatory support, including sandbox environments to test and refine solutions
• A support network of fellow entrepreneurs and stakeholders

Startups are evaluated based on:

1. Team & Leadership: Skills, experience, commitment, and inclusion of at least one female co‑founder
2. Market Potential: Size and necessity of the market
3. Business Model: Sustainability, revenue potential, scaleability
4. Traction: Early users, customers,early revenue or existing investments
5. Gender Focus: Female-led ventures and those addressing gender‑specific challenges
6. Innovation & Inclusion: Use of novel technology and impact on unserved/underserved populations

Yes. From February–April 2025, BimaLab partnered with Seedstars and FSD Africa Gender Collaborative Program to deliver an Investment Readiness Program specifically for women-led insurtech ventures. It included:

• 13 gender integrated ventures
• 10 hours of personalised mentorship, masterclasses, investor networking, pitch days, and $200,000 worth of tech perks

The ecosystem includes:

• Resources for Insurtechs: Alumni profiles, networking
• Resources for Funders: Accessible tools, connections to investees
• Industry wide discussion Forums and webinars and regulatory/advisory resources
• Strategic partnerships: catalysing co creation and collaboration between insurtechs and insurance companies
• Flagship events such as the annual BimaLab Africa Insurtech Summit and regional events like the Africa Innovation for Resilence Conference and annual Demo Days to end each cohort

• Insurtech Summits: Pan-African events that gather innovators, regulators, and investors for insights, partnerships, and networking
• Africa Innovation for Resilience (AIR) Conference, co-hosted with Insurance Regulatory Authorities and corporate partners such as banks and insurance companies. The events are focused on climate and economic resilience
• Annual Demo Days to end each cohort showcasing the cohort’s progress to stakeholders for potential partnerships and investment
• Virtual webinars and information sessions

• Startups can apply to the BimaLab Africa Accelerator Program all year round through the application link directly on the BimaLab website
• Funders, insurance companies, academia, tech partners and investors can submit profiles via the links provided on the ecosystem tab in the BimaLab website to connect with high-impact startups
• Industry partners, regulators, and tech players can participate in upcoming BimaLab events, contribute resources, or engage with cohorts via forums and summit participation. Check the events page on this website for upcoming events and summits to participate in