FSD Africa and the National Insurance Commission have partnered to launch an accelerator programme, called BimaLab, designed to boost the development and adoption of digital solutions for the insurance sector.
According to a statement, BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing and promoting innovators and insurtech start-ups.
It said the programme would 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 10-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.
The statement said while commenting on the launch of the BimaLab Accelerator Programme, the Director, Risk and Resilience, FSD Africa, Kelvin Massingham, said, “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.
“We have successfully implemented the programme in Kenya, and are commencing the same in Ghana.”
The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, was quoted as saying, “As a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains.