Addis Ababa, Ethiopia (09 March 2023)
The BimaLab Africa Insurtech Accelerator Program is now accepting applications for its 2023 cohort. This 5-month acceleration program aims to support insurtechs that can provide scalable innovative solutions to reduce Africa’s large risk protection gap caused by external threats like climate change, natural disasters, health risks, and economic disruptions.
What’s on offer:
- Access to regulatory expertise and resources in partnership with regulators in 10 countries.
- Mentorship and access to a global network of stakeholders.
- Connections for local investments, networking, navigation, showcasing, and critical challenges support.
- Peer-to-peer support from the cohort group through workshops, webinars, and events.
- Opportunity to pitch your innovative solution during Demo Day.
- Top three ventures receive US$30,000 in equity-free funding for scaling their solutions.
Eligibility criteria:
- Location: applicant organization must have a presence and be locally rooted in the country of implementation.
- Technology: businesses that make innovative use of technology (hardware or software) to reduce costs, improve product experience, and/or open financial services to the underserved.
- Audience: insurtech innovations that are filling market gaps and contributing to inclusion in sectors such as agriculture, health, housing, renewable energy, etc.
- Impact & scalability: businesses that have the potential to grow and scale to achieve high impact driving gains in line with inclusive insurance goals.
- Product: businesses that have a working prototype of the solution that is either in the market or ready to launch.
- Traction: applicants should show evidence of feasibility and adoption by the target audience.
- Business model: applicants should demonstrate the viability of their business model, how they intend to achieve a sustainable business, pricing, and financial model.
- Team: businesses that have a leadership team comprised of driven, coachable, and collaborative people with some expertise in the area of focus.
The BimaLab Africa Insurtech Accelerator Program is open to applicants from Nigeria, Ghana, Kenya, Ethiopia, Uganda, Rwanda, Zimbabwe, Malawi, Egypt, and Morocco. The closing date for applications is 22nd March 2023, 11:59 pm (EAT).
To be part of the BimaLab Africa Insurtech Accelerator Program and make a positive impact on financial inclusion in Africa – follow this link to apply.
Source: FSD Africa
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