This archive report was first published on 24 June 2021.
On June 24, 2021, the Insurance Regulatory Authority (IRA) announced the winners of its Bima Lab Accelerator Programme, a collaborative initiative with Prudential Life Assurance Kenya and partners to promote financial inclusion.
The programme aimed to ease access to insurance in underserved markets through the use of emerging technologies such as Artificial Intelligence, blockchain, and telematics.
Three startups, AiCare, Chamasure, and Sprout Insure, demonstrated innovation, growth, and scalability in their offerings, qualifying them to receive financial support from Prudential and the opportunity to participate in the IRA sandbox.
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.
