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The 2024 BimaLab Africa Accelerator Programme, providing support to high-impact startups that improve the resilience of underserved and climate-vulnerable communities, has opened its applications.
The Pensions and Insurance Authority (PIA) has, therefore, encouraged insuretechs to apply for the programme as it believed that it provided a platform to elevate their start up within their space.
The aim of the BimaLab Insurtech Accelerator Programme is to create an ecosystem focused on supporting growth of insurtechs.
Other goals of the programme are to create an inclusive and enabling regulatory environment, improve customer value, and reaching underserved markets, particularly women, households and communities that are inherently unprotected.
Commenting on the programme, PIA Communications Manager, Doreen Silungwe, expressed believe that Insurtechs could develop solutions that would lower the cost of distribution and reach uninsured or underserved people in remote areas who could not access traditional indemnity, high-cost insurance.
Read more: Insurance market in Zambia stagnant at 2%, says Pensions and Insurance Authority
Silungwe in an interview in Lusaka with journalists said innovative, affordable, and growing high-impact insurance could be critical drivers of inclusive societal resilience, delivering essential products and services to Africa’s poor and rural populations.
This, she pointed out, was a good opportunity for innovators in the insuretech space as it presented a unique innovative business, delivering social and commercial value to the insurance industry.
“We are encouraging insuretechs to apply as this offers them a platform to elevate their start up within this space.
“Recent shocks such as the drought that we are facing has highlighted more starkly than ever before the vulnerability of low-income households in facing multi-hazards shocks in Africa,” she said.
Silungwe, however, observed that insurtechs faced challenges getting into the insurance space due to various challenges.
She noted that the BimaLab programme was, therefore, set up to address challenges that insurtechs were facing such as lack of technical capacity, access to funding, access to strategic partnerships, and regulatory barriers.
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