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Funder Resources

BimaLab has created social validation for potential investors and partners, adding that rubber stamp to signal to funders, hires and even customers that insurtech has cleared some basic hurdles to test proof-of-concept and has some semblance of legitimacy.

Funding & Accountability
Partners
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Funding and Accountability

A large number of the BimaLab Insurtechs are self-funded. BimaLab also provides aspiring entrepreneurs with access to funding opportunities. Having access to funding can be a huge advantage for startup companies. It provides the ability to grow and have more control over their mission, product, and team.

Of course, receiving funding also comes with responsibility to ensure funds are used wisely. Measures are taken to ensure accountability from the award winners in terms of use of funds. Terms and conditions may be provided to funding recipients prior to disbursement of the funds that will capture:

1

Planned use of funds –with clear conditions on what the funds can and cannot be used for. We recommend a stipulation that the funds are specifically to support growth initiatives, pilots or proof of concepts, technology enhancements to the platform, etc.

2

Requirement to provide feedback and proof of how the funds were utilized 3 months after the award

3

Use the 3-monthmarker to circle back for storytelling and generate additional coverage for Funders and BimaLab

Partners

BimaLab has established partnerships with the following organizations:

Swiss Capacity Building Facility (SCBF)

SCBF is a public-private development partnership (PPDP) and its intervention strategy is to give grants to technical assistance (TA) providers to work with financial sector partners (FSPs) to develop and upscale client-centred financial products, channels and services.

The financial products and services include savings, loans, insurance, digital financial services, or financial education, among others. Thereby increasing access and usage to SCBF’s end-clients; low-income people, smallholder farmers and small-scale entrepreneurs to improve their livelihoods.

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ Ghana)

GIZ Ghana work to shape a future worth living around the world. This is GIZ’s vision and long-term goal. GIZ provides tailor-made, cost-efficient, and effective services for sustainable development. GIZ is promoting inclusive, job-creating growth in Ghana to enhance employment prospects. Training and income-generating opportunities are therefore to be improved for low-income households, disadvantaged groups, returnees, and individuals intending to migrate. The aim is also to promote the private sector and digitalisation. GIZ aims to achieve this by supporting businesses, tech start-ups and disadvantaged individuals with advisory services, financial instruments, and short-term and long-term training.

Prudential Kenya

Prudential is one of the world’s oldest, largest and strongest insurance companies. We have been helping people plan and protect their families’ futures for more than 170 years. By staying true to our founding values of integrity, security and prudence we have become one of the best-known and most trusted financial services companies in the world. Today, we serve around 20 million customers in the UK, the US, Asia and Africa.