Africa accounts for a quarter of the earth’s population. It has approximately 1.2 billion people with less than 3% coverage of Insurance on the continent. While Insurance penetration is improving and has improved in the past in other parts of the world, Africa still has unique challenges. The current insurance penetration in Africa is less than 3%. South Africa leads with 17%, Kenya has a penetration of about 2.9% and it is followed by Rwanda at 1.7%, Nigeria at about 0.8%, and Tanzania at about 0.7%.
HOW A.I.R IS SOLVING THE PROBLEM
In order to help bring the important benefits of increased insurance coverage to more areas within Africa, AIR with support from Insuretech Connect, is launching an international innovation program called “The Bridge”.
The bridge has been built to identify and showcase innovative insurance technology products and solutions by startups/founders for the purpose of stimulating new and existing players that will shape, reshape and unlock new value chains and markets in the insurance industry in Africa. This program will provide B2B opportunities, mentorship, visibility, grant and sparring opportunities to startup/founders.
THE BENEFITS OF THE PROGRAM
Selected applicants will have access to:
- Set sparring sessions with mature insurtechs/corporates
- Business development opportunities with specific corporates/partners
- Set meetings to assess investment readiness levels and investment conversations
- Business review sessions with top industry executives as Mentors
- Participation on specific international programs
- Insurtech innovation community access
- Local and international podcast sessions
- International spotlight interview
- Opportunities to join international insurtech hubs
- Grant opportunities
- Finalists will receive complimentary tickets to ITC Vegas 2021
- Winner- will receive complimentary kiosk and speaking slot on ITC Vegas 2021 Demo stage
ELIGIBILITY
- Applicant must have an eligible entity or be an eligible individual entrant
- Applicant’s product offering must be relevant to the insurance industry and address technology opportunities
- Applicant’s solution/product should range from ideation phase to having a Minimum Viable Product (MVP) that has a planned launch or has already been launched in-market, (in essence from pre-seed to seed phases are eligible)
“We’re excited to be hosting THE BRIDGE summer program to highlight the unique startups bringing much needed innovation to the insurance industry throughout Africa. A partnership with a global brand like ITC will have tremendous impact on raising awareness of the opportunities arising in our environs and emerging markets”-
Joe Akinlua, Business development and partnerships
Program Partners-early partners/sponsors of the program include:
- The Microsinsurance company
- Africa Fintech Network
- Findexable
- Curacel
- Kakbima
Early Media partners
- Market Minds UK
- The Digital Insurance Agenda (DIA) Community – Amsterdam
- SONR global UK
- Africa Fintech Network
More program sponsors, partners and supporters will be announced before pitch-day in July 2021
Apply here. Applications open 1st of May 2021 and close 4th of June 2021
About -Africa InsurTech Rising
Africa InsurTech rising is Africa’s premiere and number 1 platform aggregating all stakeholders in the InsurTech ecosystem with a focus on the African insurance space passionately reverse engineering insurance inclusion on the continent via technology
