FSD Africa partners NAICOM on innovative solutions for insurance industry

A RECENT REPORT BY BUSINESS MAN AGEMENT consultancy, Deloitte, found that affordable insurance products have played a crucial role in mitigating the effects of negative financial shocks and in reducing financial vulnerability.

Insurance analysts have, however, noted that poor knowledge of the insurance industry coupled with low income are major factors affecting insurance penetration across the African continent.

Considering this, FSD

Africa, a UK-funded specialist development agency strengthening financial markets across sub-Saharan Africa, has partnered Nigeria’s insurance industry regulator, National Insurance Commission (NAICOM), to launch BimaLab, an accelerator programme to enhance the development and adoption of digital solutions for the insurance sector.

BimaLab Nigeria, according to the organisations, aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and insurtech start-ups, with a focus on local experience to provide Nigeria with the most competitive and attractive start-up accelerator programme.

Accordingly, ten companies will be selected to participate in the ten-week programme that will provide them with the expertise, resources, and support to develop and scale marketready solutions that bring social and/or commercial value to Nigeria’s insurance sector.

Commenting on the launch of BimaLab, Kelvin Massingham, director, risk and resilience, FSD Africa, noted that the 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 of Africa’s most populous country.

On his part, Thomas Olorundare Sunday, commissioner for Insurance and CEO of NAICOM described the innovation as a key driver of change in the financial sector, adding that it has led to immeasurable efficiency and gains.