Kenya’s insurance market struggles with a very low penetration, as traditional providers are criticized for offering inadequate products at high prices. However, insurTech is rapidly addressing this issue by offering solution-oriented and personalized insurance products to meet growing demand. As more innovators enter insurTech, the need for affordable programs to refine ideas and connect with partners is growing. BimaLab, an insurTech accelerator, stands out as a program supporting innovators in shaping the future of insurance in Africa.
The Financial Sector Deepening (FSD) Africa-backed program recently released several beneficiaries of the accelerator to the market, having helped them refine their start-up ideas. FSD Africa carried out the program with several partners, including the Insurance Regulatory Authority (IRA) of Kenya.
KaroPay
Brian Ndege, CEO of KaroPay Credit, own struggles with university fees inspired a credit solution to ease parental school fee pressures. Recognizing cash flow challenges for parents, the company innovatively combined a credit product with an education policy, aiming for a unique approach in the market.
BimaLab has been instrumental in facilitating the effective exchange of information relating to deepening access to financial services and opportunities for entrepreneurs across Africa. Working with a senior manager at NuaPay, a global insurTech, as a mentor also meant that the KaroPay co-founders got first-hand global experience on how to start, run and grow an insurTech. FSD Africa’s BimaLab has provided innovators with an enabling regulatory environment for developing their ideas, including support in starting, training, mentorship and coaching.
BimaLab Accelerator has supported the emergence of the next generation of InsurTech companies and is slowly but surely helping deepen access to financial products and services across Kenya and Africa. The BimaLab accelerator program has played a crucial role in helping Kenya emerge as a regional hub for the innovation of insurance and financial services.