FSD Africa, NAICOM Partner on Initiative to make insurance relevant for Nigerians

FSD Africa, NAICOM Partner on Initiative to make insurance relevant for Nigerians
FSD Africa and Nigeria’s National Insurance Commission (NAICOM) have collaborated to launch BimaLab, a digital solutions for the insurance sector to make insurance relevant to Nigerians.
The synergy aims to close gaps in the insurance market by educating, nurturing and promoting innovators and Insurance technology start-ups.
Not less than ten(10) firms will be selected to participate in the ten-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
Across the continent, little knowledge of the insurance industry coupled with low income has affected the rate of insurance penetration in the mass market. Yet, a recent report by Deloitte indicates that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.
To widen insurance coverage, FSD Africa has recently rolled out a similar accelerator programme in Ghana (InnoLab). The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.

Among the success stories from previous BimaLab Accelerator programmes include Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart. The cover protects school-going children from dropping out of school in the event their parent or guardian becomes critically ill or dies, safeguarding the future of the children even in cases of incidents.
Speaking on the launch of the BimaLab Accelerator Programme: Kelvin Massingham, Director – Risk and Resilience, FSD Africa said: “We believe that this programme will enhance the development of a vibrant ecosystem of start-ups; 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.”
Thomas Olorundare Sunday, Commissioner For Insurance/CEO National Insurance Commission (NAICOM) said: “As a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains. Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I have no doubt that with such collaborations; Nigeria is set to be a successful case study on insurance innovation across the continent.”
Ben Llewellyn-Jones, UK’s Deputy High Commissioner in Lagos said: “As a result of Covid-19’s negative impact and the resulting need for improved resilience against economic shocks, innovative insurance becomes increasingly important in addressing emerging vulnerabilities among businesses and households. The UK government has long been enthusiastic about leveraging technology and innovation as major vehicles for making impact and supporting the Nigerian government so the partnership between UK Aid funded FSD Africa and the National Insurance Commission (NAICOM) is crucial in fostering the development of an Insurtech ecosystem ”