FSD Africa and the National Insurance Commission of Nigeria (NAICOM) have partnered to launch BimaLab, an accelerator program aimed at accelerating the development and adoption of digital insurance solutions.
By educating, nurturing, and promoting innovators and insurtech startups, BimaLab Nigeria aims to close gaps in the insurance sector. With a focus on local experience, the program will draw on Kenya’s BimaLab I, BimaLab II, and global best practices.
Ten companies will be selected for the ten-week program, which will provide them with the skills, resources, and support they need to develop and expand market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
“We believe that this programme will enhance the development of a vibrant ecosystem of startups, through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya and are commencing the same in Ghana,” said Kelvin Massingham, director of risk and resilience at FSD Africa.
Thomas Olorundare Sunday, commissioner for insurance and CEO of the National Insurance Commission (NAICOM), said that innovation was a fundamental engine of change in the financial sector, resulting in immeasurable efficiency and gains.
“Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I do not doubt that with such collaborations, Nigeria is set to be a successful case study on insurance innovation across the continent,” he said.
Applications for BimaLab Nigeria are open here until February 23.