Speaking during the virtual launch of the program on
Wednesday, Thomas Olorundare Sunday, CEO, NAICOM said that the need to adopt
technology as a key driver of change in the financial sector cannot be
overemphasized adding that innovation has led to immeasurable efficiency and
gains.
BimaLab Nigeria aims to address gaps in the insurance market
by educating, nurturing and promoting innovators and Insurtech start-ups.
He said, “Even though embracing changes can sometimes be
accompanied by uncertainty and hesitation, there is evidence of great success.
“I have no doubt that with such collaborations, Nigeria is
set to be a successful case study on insurance innovation across the
continent.”
The program is expected to be a replica of 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
program.
Accordingly, ten companies will be selected to participate
in the ten-week program 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.
In his remark, Kelvin Massingham, director – risk and
resilience, FSD Africa said that the program 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.
He said, “We believe that this program 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. We have successfully
implemented the program in Kenya, and are commencing the same in Ghana.
“To widen insurance coverage, FSD Africa has recently rolled
out a similar accelerator program in Ghana (InnoLab). The solutions being
supported through the accelerator programs will be expected to also speak to
the needs of populations beyond their borders of origination.
Among the success stories from previous BimaLab Accelerator
programs include Bismart, a Kenyan insurance agency that has partnered with
Britam to launch a short-term school fees insurance cover called Elimu Smart.
The cover 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.
Ben Llewellyn-Jones, UK’s Deputy High Commissioner,
explained that as a result of Covid-19’s negative impact and the resulting need
for improved resilience against economic shocks, innovative insurance becomes
increasingly important in addressing emerging vulnerabilities among businesses
and households.
According to him, the UK government has long been
enthusiastic about leveraging technology and innovation as major vehicles for
making an impact and supporting the Nigerian government. “So the partnership
between UK Aid funded FSD Africa and the National Insurance Commission (NAICOM)
is crucial in fostering the development of an Insurtech ecosystem that focuses
on growth, inclusion, and strategic alliances.”
Applications for BimaLab Nigeria are now open on
https://bimalab-nigeria.azurewebsites.net/. The deadline for submission is 23
February 2022.
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