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Jubilee and FSD Africa are working with seven BimaLab insurtechs to pilot low-cost, embedded insurance products for underserved Kenyans.
Jubilee and FSD Africa will pilot affordable insurance products in Kenya with seven insurtech startups from the BimaLab Africa network. Pilots are expected to start next month.
Jubilee and FSD Africa have partnered to design and test inclusive insurance, meaning coverage built for people and small businesses that are often left out of traditional insurance.
The partnership draws from BimaLab Africa, an accelerator network backed by FSD Africa. BimaLab has supported 135 startups across 28 African countries over six years, and helped develop 300+ insurance solutions that reach more than 6.5 million customers.
Seven startups were selected from BimaLab alumni after a competitive process: Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails, and Ibisa Network.
They will join an eight-week product co-creation sprint with Jubilee. Co-creation means the insurer and startups design products together, using real customer feedback instead of building in isolation. Joint pilots are then set to begin in Kenya next month.
The pilots will focus on three areas. First is low-cost bundled and embedded insurance, which is cover sold as part of another product or service, like adding device cover at checkout. Second is insurance designed for SME ecosystems, meaning coverage distributed through business communities and platforms that SMEs already use. Third is wellness and engagement models, which link insurance customers to health and care services, and try to keep members active and supported.
The programme will run through Jubilee’s innovation and technology arm, J-Hub. If products perform well, Jubilee and FSD Africa say they could expand them into other East African markets.
Insurance penetration among East African SMEs is estimated at around 1 percent, despite the region having more than 10 million SMEs and heavy reliance on the informal sector.
If Jubilee can validate simpler distribution models and cheaper premiums through embedded insurance and partnerships, it could help bring risk cover to farmers, micro businesses, and low-income households. It could also give insurtech startups a faster route from prototype to large-scale pilots with a regulated insurer.
Primary Source: Disrupt Africa
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