Inside BimaLab's $35 million to accelerate insurtech across Africa

BimaLab, a groundbreaking initiative, is reshaping the insurance landscape across Africa with its innovative program aimed at nurturing and scaling insurtech ventures. In a recent interview with CNBC Africa, Elias Omondi, Principal for Innovation & Resilience at FSD Africa, shed light on the transformative work being done by BimaLab to address the protection gap in Africa through funding, investor readiness, and collaboration with industry experts and regulators. BimaLab's core focus is to provide solutions to the funding challenges faced by startups in Africa. By facilitating access to networks and connections with venture capitalists and angel investors, BimaLab empowers startups to make a significant impact on the continent. Omondi emphasized the importance of investor readiness, whereby BimaLab offers training and technical support to prepare startups for engaging with potential investors effectively. Key financial metrics that investors look for when evaluating startups include capital management, revenue growth, team talent, and product viability. BimaLab places a strong emphasis on assisting startups in developing sustainable business strategies that attract investment and drive long-term growth. Moreover, BimaLab actively collaborates with industry experts and regulators to navigate the complex regulatory landscape in the insurance market. By fostering dialogue between innovators and regulators, providing training on innovative solutions, and offering compliance support, BimaLab facilitates regulatory adaptation and promotes the integration of technology and innovation into insurance principles. In terms of investor insights and return on investment, Omondi highlighted the significance of attracting follow-on investments and demonstrating economic and social impact. The ultimate goal for startups onboarded by BimaLab is to achieve sustainability and operate as standalone businesses post-exit from the program. Notably, several startups have successfully obtained licensing to operate in various markets across the 16 countries where BimaLab operates, illustrating the program's efficacy in fostering sustainable business growth. With over 100 startups under its wing and $35 million raised from investors, BimaLab is making substantial strides in closing the protection gap in Africa. By partnering with investors, organizations, and tech players, BimaLab is not only facilitating financial investment but also driving innovation and creating tangible solutions to address pressing challenges in the insurance sector. The program's reach of 3.6 million Africans signifies its commitment to inclusivity and its dedication to building a robust ecosystem that fosters the growth of insurtech ventures in Africa.