Jubilee Group and FSD Africa have partnered with seven insurtech companies—Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails, and Ibisa Network—to develop and test affordable insurance solutions for underserved Kenyan populations, including small and medium-sized enterprises (SMEs), informal sector workers, farmers, and low-income households. The collaboration, facilitated through an eight-week product co-creation process, will precede joint pilots in Kenya starting in November 2026. The initiative seeks to expand access to insurance, provide SME protection, and integrate health and wellness services, with potential regional scalability across East Africa. FSD Africa’s Principal for Sustainable Insurance, Elias Omondi, emphasized the need to ensure insurance products reach those in need at affordable prices through existing distribution channels, calling Kenya a critical market for testing inclusive insurance models.
The seven insurtechs were selected from the BimaLab Africa Insurtech Accelerator alumni network through a competitive process. Their work with Jubilee will focus on three priorities: low-cost bundled and embedded insurance distribution, SME ecosystem solutions, and wellness models connecting customers to health services. Jubilee’s J-Hub innovation arm will lead the initiative, leveraging digital and AI-powered solutions to test and deploy new insurance offerings. East Africa’s SME sector, which employs over 70% of the region’s workforce, faces an insurance penetration rate of just 1%, leaving many vulnerable to financial shocks from illness, weather events, or economic instability. Omondi highlighted that the partnership combines established insurers with tech-savvy insurtechs to translate innovative ideas into market-ready solutions.
The collaboration underscores Jubilee’s strategy to broaden its customer base and enhance access to integrated financial services. By addressing gaps in insurance coverage for marginalized groups, the initiative aims to stabilize livelihoods and business incomes. Successful pilots could pave the way for expansion into other East African markets, where SMEs represent a significant economic force. The project also aligns with broader efforts to improve financial inclusion, as outlined in FSD Africa’s mission to create sustainable insurance ecosystems. With Kenya’s insurance market serving as a testing ground, the partnership highlights the potential of public-private collaboration to drive systemic change in financial services access.
The seven insurtechs will work alongside Jubilee to design solutions tailored to local needs, leveraging technology for scalable distribution. The focus on embedded insurance—integrated into everyday services—reflects a shift toward making coverage more accessible and relevant to low-income populations. Omondi noted that the partnership’s success hinges on understanding customer behavior and distribution channels, ensuring products are both affordable and practical. As the pilots approach their 2026 launch, the initiative represents a pivotal step in addressing systemic gaps in insurance access, with implications for economic resilience across East Africa.