National Insurance Commission (NAICOM) and FSD Africa have come together to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector, in efforts to increase penetration.
BimaLab Nigeria is expected to proffer solutions to problems in the insurance market by educating, nurturing and promoting innovators and Insurtech start-ups.
The BimaLab Accelerator Programme, which draws strength from it’s success in Kenya, aims to lay emphasis on local experience to provide Nigeria with a competitive and attractive start-up accelerator programme.
Elias Omondi, Senior Manager, Risk Regulations in FSD Africa said the National Insurance Commission of Nigeria (NAICOM) and FSD Africa launched the BimaLab Nigeria Insurtech Accelerator Program, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector.
The senior Manager, Risk Regulations in FSD Africa, Mr Elias Omondi said 10 companies will be selected to participate in the 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.
Emordi blamed little knowledge of the insurance industry and low income as factors that have affected the rate of insurance penetration which currently stands at 3 percent across Africa mass market.
He said FSD Africa is improving insurance coverage, through accelerated programmes in Kenya and Ghana, which is expected to also cater for the needs of populations beyond their borders of origination.
Also speaking, the Director Risk and Resilience, FSD Africa Kelvin Massingham, Director – Risk and Resilience, FSD Africa said the 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.
The Commissioner For Insurance, NAICOM, Mr Thomas Sunday, said Nigerian insurance sector has the potentials to stimulate economic growth.
He said with the intervention of BimaLab in service delivery, consumers of insurance will now begin to enjoy insurance services.
Thomas further said the direction of the commission is entrenching effective insurance policies, protect policy holders, improve on trust in the insurance sector, while also stating that the cardinal goal of this administration is to ensure that we’ll add value to the economy of this nation.
The representative of the Minister of Finance, Budget and National Planning noted the contributions if FSD Africa in Nigeria’s Capital Market expressed confidence that the launch of Insurtech will birth innovation and harness the untapped potential will be Actualised.