TOR: Africa Bimalab Insurtech Accelerator Programme 2024 at FSD Africa

Scope of work

• The overall goal of the program is to create an Insurtech ecosystem for growth and strategic partnerships. The program is to bring together the insurance ecosystem i.e. the innovators, investors, corporate partners, and regulators which enables growth, strategic partnerships, and enabling regulatory environment. BimaLab is expected to attract, inspire, and organize key players and disruptors across the financial industry and technologies to collaborate on ground-breaking, innovative insurance products and services.

The program has the following unique objectives:

• foster innovation that can extend access to insurance products and services to communities and businesses that are historically underserved or excluded.
• Turn validated insurance-focused ideas to market and investor-ready
• Provide innovators with an enabling regulatory environment for developing their ideas, including support in starting out, training, mentorship, and coaching.
• Facilitate the effective exchange of information relating to the deepening of access to financial services and opportunities for entrepreneurs across Africa.
• Create new networks and strengthen existing networks leading to strategic partnerships\

Project Phase Key Activities Outcomes

• Africa BimaLab Program
• Envisioning
• Development of a detailed workplan
• Development of a project execution strategy
• Work plan
• Execution strategy

Sourcing & Selection (Call for applications in 15 countries, application portal, review, and selection)

• Program Launch (presentations and Keynote)
• Media and PR for outreach and publicity
• Have representatives from our partners, insurance industry, other key ecosystem builders to officially launch the project
• Marketing (sensitization meetups, online and mainstream advertising)
• Online shortlisting of up to 50 applications for digital face-toface interviews (through digital chat rooms)
• Selection 25 startups for acceleration
• Scouting, recruitment, and shortlisting
• Create awareness
• A database of interested participants
• 25 startups will be selected to advance to the BimaLab program

Insurtech Acceleration (needs analysis, technical support, training, and mentorship for the insurtechs, physical engagements and workshops)

• Business assessment
• Training
• Mentoring
• Coaching
• Network and linkages for start-ups events
• Meet the corporates
• Regulatory and policy sessions
• Technical support (Product Development, infrastructure, and space)
• 5 learning cycles developed and implemented
• 25 individual, tailored sessions with insurtech participants
• Onboarding on Digital
• BimaLab Insurtech platform
• 25 mentors and 25 advisors onboarded.
• 15 strategic partnerships achieved. customer/market connections created

Regulatory Engagements

• (training and technical assistance of insurance regulators) training and technical assistance of insurance regulators. This will encourage and involve regulators in insurance innovation, to reduce any regulatory barriers in supporting insurtechs, to create a learning environment across
• Create an insurance innovation portrait to support insurance regulatory authorities in selected countries to strike the balancing act countries, and to increasing regulator knowledge base on insurtech innovation. between innovation and risk

Demo Day – teams to pitch and demo their solutions for potential partners and customers

• Presentations and demos
• Chat rooms for further negotiations and understanding of collaboration opportunities or business transactions.
• 25 teams exposed to opportunities to close deals and partnership agreements.

Deliverables

• The deliverables under this contract are as follows:
• Initial Report on scouting, recruitment, and shortlisting of insurtech’s to participate in the BimaLab
• Insurtech Acceleration Progress Report (at least Monthly)
• Logistical support on hosting the BimaLab Demo Day.
• Administrative Support of the digital BimaLab platform
• digital photos and a short video of the Project (highest possible resolution, should show the empowered communities, and how the solutions provided by the organization makes them strong and resilient)
• Insurance innovation portrait to support insurance regulatory authorities in selected countries
• A final report documenting all the components required under these deliverables.