The National Insurance Commission (NAICOM) has stated partnering with FSD Africa to launch BimaLab, an accelerator program that is designed to boost the development and adoption of digital solutions for the insurance sector.
BimaLab Nigeria aims to explain gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups.
The program 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 program.
The Director, Risk, and Resilience, FSD Africa, Kelvin Massingham, said ten companies would be selected to participate in the ten-week program that would 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.
He noted that 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 indicated that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.
He said to widen insurance coverage, FSD Africa, has recently rolled out a similar accelerator program in Ghana (InnoLab).
“The solutions being supported through the accelerator program will be expected to also speak to the needs of populations beyond their borders of origination.
“Among the success stories from previous BimaLab Accelerator Programmes include Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart.
“The cover protects school-going children from dropping out of school in the event of their parent or guardian becoming critically ill or dies, safeguarding the future of the children even in cases of incidents.
“We believe that this program 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 program in Kenya, and are commencing the same in Ghana”, Massingham said.
Also speaking, the Commissioner for Insurance, Mr. Thomas Olorundare Sunday, said as a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains.
He noted that even though these changes could sometimes be accompanied by uncertainty and hesitation, there was evidence of great success.
