Businesses & Financial News

InsurTech startups benefit from IRA, innovation hub

Three local startups have each received Kes1.25 million in cash awards from an innovation hub steered by the Insurance Regulatory Authority (IRA) in collaboration with Prudential Life Assurance Kenya Limited (Prudential) and other partners, to promote insurance inclusivity.

The three AiCare, Chamasure and Sprout Insure were recognized for their ability to impact increased access to insurance in underserved markets through the use of emerging technologies such as Artificial Intelligence, Blockchain and Telematics.

The IRA’s Innovation hub in partnership with Prudential, UK-Kenya Tech Hub, Tellistic and the UK Department for International Trade launched the Bima Lab Accelerator Program to help innovators refine their value proposition, determine commercial viability, and provide opportunities to scale their solutions through partnerships and participation in the IRA sandbox.

Winning participants would also receive a financial reward to support the growth of their solution.

IRA Chief Executive Officer, Godfrey Kiptum, said the Bima Lab Accelerator Program will go a long way to promote financial inclusion given the low uptake of insurance products in Kenya, currently at 2.34 percent of the population according to the 2019 annual report by the regulator.

“The objective of this program is to bring in innovators and also promote inclusivity of insurance, which is key to driving the financial inclusion agenda.

Many Kenyans believe they are not insurable but with these innovative products we hope to insure more Kenyans. We also want to encourage and motivate local innovators to come up with more solutions to meet the needs of low-income persons.” said Mr. Kiptum.

 

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