Abuja, Nigeria (CU)_ FSD Africa and the National Insurance Commission of Nigeria (NAICOM) have teamed up to introduce BimaLab in Nigeria, which is an accelerator programme aimed at expediting the development and adoption of digital insurance solutions.
Through training, fostering, and promoting innovators and insurtech firms, BimaLab Nigeria intends to close gaps in the insurance sector. The course will draw on Kenya’s BimaLab I and II, as well as worldwide best practices, with an emphasis on indigenous knowledge.
Ten firms will be chosen to take part in the ten-week course, which will equip them with the experience, resources, and support necessary to build and expand market-ready solutions that add social and/or commercial value to the insurance industry of Nigeria.
Kelvin Massingham, director of risk and resilience at FSD Africa, expressed hopes over the program. He said, “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”.
According to Thomas Olorundare Sunday, Commissioner for insurance and CEO of the National Insurance Commission (NAICOM), innovation was a critical engine of change in the financial industry, resulting in incalculable efficiency and profits. He expressed confidence over the program saying, “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”. BimaLab Nigeria applications are accepted till February 23.
