Jubilee Group is partnering with BimaLab, FSD Africa’s insurtech accelerator, to develop and test new insurance products aimed at reaching low-income consumers and small and medium-sized enterprises (SMEs), targeting one of the largest untapped segments in East Africa’s financial sector.
The initiative marks a shift toward collaboration between established insurers and startup ecosystems as companies seek new ways to expand insurance penetration across the region. Through the partnership, Jubilee will work alongside BimaLab-supported insurtech firms to design, pilot and scale technology-driven solutions tailored to customers who have historically had limited access to insurance products.
The partnership will initially launch in Kenya before expanding across Jubilee’s regional markets.
Insurance coverage remains one of the weakest areas of financial inclusion in Kenya and across much of Africa, despite rapid growth in access to banking and mobile financial services. Kenya’s insurance penetration stood at 2.4% of gross domestic product in 2025, according to figures released by the organizations, compared with a global average of 7%.
Small businesses represent a significant opportunity for insurers. Kenya has an estimated 7.5 million SMEs employing about 15 million people, yet many remain exposed to economic shocks without adequate protection. Health-related financial risks also continue to place pressure on households, with out-of-pocket medical costs estimated to push around 1.5 million people below the poverty line annually.
The partnership will operate through BimaLab’s Insurtech-Insurer Partnership Framework, which connects startups with established insurers to build and launch products in live market environments. The model allows emerging technology companies to access industry expertise and distribution networks while providing insurers with new channels and product ideas.
Jubilee plans to execute the initiative through J-Hub, its innovation and technology arm, using digital and artificial intelligence capabilities to accelerate product development and deployment.
BimaLab-backed startups selected through a competitive process will work with Jubilee on products focused on embedded and bundled insurance distribution, SME ecosystems, and health and wellness solutions. The selected insurtech firms are expected to be announced in August.
For insurers, the collaboration reflects a broader push to move beyond traditional products and distribution models in pursuit of customers that have largely remained outside the formal insurance market.