This archive report was first published on 24 June 2021.
On June 24, 2021, the Insurance Regulatory Authority (IRA) and Prudential Life Assurance Kenya announced the winners of the Bima Lab Accelerator Programme, a collaborative initiative aimed at promoting financial inclusion in Kenya.
The programme, launched in partnership with the UK-Kenya Tech Hub, Tellistic, and the UK Department for International Trade, recognised three startups for their innovative use of emerging technologies such as Artificial Intelligence, blockchain, and telematics to ease access to insurance in underserved markets.
IRA Chief Executive Godfrey Kiptum stated that the accelerator programme would help promote financial inclusion, given the low uptake of insurance products in Kenya, currently at 2.34 per cent. "Many Kenyans believe they are not insurable, but with these innovative products, we hope to insure more Kenyans," said Kiptum.
Prudential Life Assurance Kenya Chief Executive Gwen Kinisu expressed the company's commitment to helping early and growth-stage insurance technology startups achieve financial inclusion.
The programme received 20 startup applications, with eight shortlisted for an intensive six-week training and mentorship programme. AiCare, Chamasure, and Sprout Insure demonstrated innovation, growth, and scalability in their offerings, qualifying them for financial support from Prudential and the opportunity to participate in the IRA sandbox.
