How BimaLab shaped MotiSure’s bodaboda riders’ insurance product

Every business has its origin story, and for Joel Macharia, it began with grief. The tragic loss of his cousin, a bodaboda operator, in a traffic accident served as a poignant revelation about the vulnerability of bodaboda riders. Data from Kenya Police revealed that between 2017-2022, 4,976 motorcyclists lost their lives, with 11,187 sustaining injuries during this period. In response, Mr. Macharia and his partner embarked on developing a personalized insurance product designed to provide meaningful benefits tailored to the unique needs of these riders.

The BimaLab accelerator programme has helped foster innovation that can extend access to insurance products and services to communities and businesses that are historically underserved and excluded. Post-BimaLab, MotiSure has created more products based on the lessons from the accelerator program. Mr Macharia says the end game is to see Motisure scale up and become a re-insurer for micro-insurers. Within the next three years, the target for MotiSure is to be in at least six countries in Africa and extend the reach to about 13 countries by the end of the sixth year.

Thanks to the BimaLab exposure, MotiSure was able to meet and form a partnership with one underwriting company that has a presence in 21 countries. MotiSure is ready to help this insurer with the distribution.

Besides supporting the emergence of the next generation of InsurTechs, BimaLab has helped deepen access to financial products and services across Kenya and Africa. The programme has helped Kenya to emerge as a regional hub for the innovation of insurance and financial services.

The BimaLab accelerator programme has helped foster innovation that can extend access to insurance products and services to communities and businesses that are historically underserved and excluded.