FSD Africa and NAICOM launches BimaLab for affordable insurance in Nigeria

NIGERIA – FSD Africa, a specialist development agency, in collaboration with Nigeria’s National Insurance Commission (NAICOM)  have launched BimaLab, an accelerator programme created to boost the development and adoption of digital solutions for the insurance sector.

BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups.

The initiative will support the nation’s vision to meet the increasing demand for innovative insurance products.

It is designed to boost the development and adoption of digital solutions for the sector.

The programme 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 programme.

Ten companies will be selected to participate in the ten-week programme that will 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.

Among the success stories from previous BimaLab Accelerator programmes is Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart.

The policy protects school-going children from dropping out of school in the event their parent or guardian becomes critically ill or dies, safeguarding the future of the children even in cases of incidents.

FSD Africa is a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa.

Established in 2012, and based in Nairobi, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya.

FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone.

“We believe that this programme 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,” said Kelvin Massingham, Director – Risk and Resilience, FSD Africa

To widen insurance coverage, FSD Africa has recently rolled out a similar accelerator programme in Ghana (InnoLab).

The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.

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