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Events
View photos and videos from BimaLab 2023 sessions:
BimaLab Africa Insurtech Accelerator Program:
Pre-launch Bootcamp
We kicked off the day with a joint session to allow for program participants to meet, engage and socialize with each other. We also took the opportunity to share program goals and desired outcomes with our audience.
BimaLab Africa Insurtech Accelerator Program: Pre-launch
Study Tour
Taking advantage of the presence of all program participants in country, we purposed day 2 for a market immersion experience by way of a study tour. The study tour provided valuable insights for the attendees into the insurance sector, the operating landscape and the growing state of innovation in Rwanda and Africa, at large.
BimaLab Africa Insurtech Accelerator Program: Launch
Day
BimaLab Africa Program Launch took place at The Serena Hotel in Kigali, Rwanda. The event marked the end of the kickoff activities and the launch of the BimaLab Accelerator Program’s 5th cohort. The launch day brought together key stakeholders, partners, and industry experts to discuss the state of innovation in the insurance sector and the impact of the program across various markets in Africa.
Mid-Point Check-in: 12th - 14th July, Addis Ababa,
Ethiopia
The Midpoint Check-in Event marked a significant milestone in the BimaLab Africa Accelerator Program. It showcased the commitment to customer-centric innovation, collaboration, and the role of regulators in fostering a conducive environment for insurance innovation. The valuable insights gathered from market visits will inform the subsequent stages of the program, ensuring the delivery of relevant and impactful insurance products to the African market.
BimaLab Africa Insurtech Accelerator Launch
Program:
Pre-launch Bootcamp
We kicked off the day with a joint session to allow for program participants to meet, engage and socialize with each other. We also took the opportunity to share program goals and desired outcomes with our audience.
Venture Cohort
The venture cohort participated in a breakdown of the learning plan and was introduced to the 5-cycle learning timeline which includes envisioning, customer development, product development and engineering, sales and growth strategy, and investor readiness. Furthermore, the cohort underwent a goal-setting exercise to identify their desired outcomes for their businesses during the BimaLab accelerator. The program’s commitment is to provide a well-balanced blended learning experience that enables startups to grow, learn from experts, inquire, network, and share with their peers. Finally, we utilized our time together on day 1 to allow the startups to present, rehearse and fine-tune for their First Pitch which was to be presented at the launch event on 20 April.
Regulator Cohort
We moderated a vigorous discussion with the regulators in attendance on the critical role the insurance industry plays in promoting economic development and mitigating risks for individuals and businesses. We reflected on the blockers to continued growth in the industry, specifically focusing on by prudential regulations, market conduct risks, reporting requirements, and market development. The discussions from the breakout sessions on these topics provide insights into how stakeholders can work together to promote innovation in the insurance industry.
Cultural Dinner
The day concluded with a vibrant, cultural dinner showcasing the rich heritage of the Rwandan people through music and dance.
BimaLab Africa Insurtech Accelerator Program:
Pre-launch Study Tour
19th April 2023, Study Tour
Taking advantage of the presence of all program participants in country, we purposed day 2 for a market immersion experience by way of a study tour. The study tour provided valuable insights for the attendees into the insurance sector, the operating landscape and the growing state of innovation in Rwanda and Africa, at large.
National Bank of Rwanda
The National Bank of Rwanda provided a clear understanding of the bank’s mandate and the importance of effective regulation in promoting growth and stability in the sector. The discussion on the Financial Inclusion Journey and the Umurenge Sacco program was particularly enlightening, as it showed how financial inclusion programs can help boost rural savings and cover a large percentage of the population.
Jasiri Growth Accelerator
Showcased the support provided to early-stage technology startups through mentoring, access to capital, and office space. The cohort had the opportunity to interact with startups and be exposed to different innovations, such as a fintech company working to provide micro-credits to bodaboda riders to help them pay for their insurance cover.
Westerwelle Foundation
Provided insights into the challenges faced by startups, such as the lack of understanding of technology by the market and the challenges with accessing regulatory approvals. The discussion on these challenges highlighted potential learning opportunities in the BimaLab accelerator and in the larger insurance industry. The study tour provided a vital learning opportunity, highlighting the importance of effective regulation, a market-focused public sector industry, financial inclusion, and innovation in promoting growth and stability in the insurance sector.
BimaLab Africa Insurtech Accelerator Program:
Launch Day
BimaLab Africa Program Launch took place at The Serena Hotel in Kigali, Rwanda. The event marked the end of the kickoff activities and the launch of the BimaLab Accelerator Program’s 5th cohort. The launch day brought together key stakeholders, partners, and industry experts to discuss the state of innovation in the insurance sector and the impact of the program across various markets in Africa. The event was delivered both online and physically with an attendance of 167 people.
Keynote addresses were delivered by Elias Omondi, Principal, Innovation for Resilience – FSD Africa, Kelvin Massingham, Director of Risk and Resilience – FSD Africa, Stefan Huber Fux, Director – Swiss Re Foundation, Ermias Eshetu, CEO – FSD Ethiopia, and Sitara Merchant, CEO – Swiss Capacity Building Fund (SCBF). All speakers emphasized the importance of catalysing innovation in the insurance sector and supporting the growth of inclusive insurance.
Attendees were also briefed on the National Bank of Rwanda’s Innovation and Financial Inclusion strategy by their Head of Financial Inclusion and Education, Dr. Moise Bigirimana, Manager Financial Inclusion and Education.
The event included a panel discussion with Michael Kofi Andoh, Deputy Commissioner – NIC Ghana, Vera Neugebauer, Associate – Cenfri, BimaLab Alumni Kevin Mutiso, CEO – Oye, Ingrid Cyuzuzo, Manager, Financial Sector Development and Innovation – BNR and moderated by Elias Omondi. The panel discussed the state of innovation in the insurance sector, and where commercial opportunities for partnerships could yield value. The discussion highlighted the importance of collaboration and innovation in driving growth and expanding access to insurance.
The attendees were walked through the program goals and delivery methodology by the implementing partner Tonia Mutiso-Kariuki, CEO & Program Lead for BimaLab Africa, Tellistic Technologies Services before the event concluded with 2-minute live pitches from each venture, formally introducing themselves as the 5th cohort of the BimaLab program.
Mid-Point Check-in: 12th - 14th July, Addis Ababa,
Ethiopia
The Midpoint Check-in Event marked a significant milestone in the BimaLab Africa Accelerator Program. It showcased the commitment to customer-centric innovation, collaboration, and the role of regulators in fostering a conducive environment for insurance innovation. The valuable insights gathered from market visits will inform the subsequent stages of the program, ensuring the delivery of relevant and impactful insurance products to the African market.
Day 1: 12th JulyCustomer Discovery Workshop
The workshop focused on the importance of customer discovery and the entrepreneurial equations that can be used as a roadmap for operating a business. He shared the following:
The importance of regulators understanding customer protection and the need for AI-powered solutions that are well-regulated to drive the insurance market while balancing innovation and regulation.
The significance of continuous customer discovery to avoid costly mistakes and ensure validated learning for startups and enterprises.
The need for innovators to engage regulators to help them understand and appreciate innovative solutions.
The importance of evaluating and learning from customer feedback to iteratively develop a viable and valuable product.
The role of regulators in creating a disruptive environment and being flexible and agile in regulation to support innovation.
Day 2: 13th July
Customer Discovery Immersion
Tour of The African Union
The tour of the Africa Union provided a comprehensive understanding of the organization’s thematic areas and its dedication to fostering peace, development, and integration across the African continent. The insights gained during the tour highlighted the Africa Union’s critical role in shaping the continent’s future and addressing its challenges through collaborative efforts among member states.
Ethiopian Market Portraits
The Regulators and Cohort interacted with the target customer profile in addressing their specific needs and challenges of smallholder farmers, industrial park workers, women-led businesses, and taxi drivers through tailored insurance solutions, affordability, and digitalization is crucial. These measures will improve productivity, resilience, financial security, and overall livelihoods for these key segments of the Ethiopian and African economy at large.
Day 3: 14th JulyInnovation and Resilience Conference
The conference, keynote speeches, and panel discussions further emphasized the potential of technology-driven innovation, collaboration, and regulatory support in driving inclusive insurance growth. Regulators from Kenya, Morocco, and Nigeria showcased their dedication to creating an enabling environment for inclusive insurance, while startups praised the program for catalyzing innovation, bridging gaps, and inspiring creativity in the insurance industry.
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