The National Insurance Commission of Nigeria (NAICOM) has teamed with FSD Africa to create the BimaLab insurtech initiative in Nigeria, which will allow for the implementation of ideas for improving insurance in the country.
The program encourages potential insurance innovators to apply for a chance to make an impact on the industry’s growth by bringing new ideas to the table.
Applicants must fundamentally define and illustrate how their innovations answer to difficulties in the insurance sector, with a strong concentration on social effect, in order to be considered.
Who is qualified for this application?
The initiative aims to find businesses that have a one-of-a-kind or innovative business model that adds social and/or commercial value to the insurance market.
It’s a corporate solution aimed at resolving a pressing issue, whether it’s economic or social.
The scoring criteria
Innovation: Rather than creating problems, the platform aims to create a fresh business model for the insurance industry by incorporating cutting-edge technology into the business solution.
Inclusivity: Applicants will be judged on how much of their target market is underserved, as well as the problem that the firm is attempting to tackle.
Scalability Potential: This refers to solutions that are long-term and have a significant influence on the millions of people who are financially disadvantaged. The expansion model, internal capacity, expansion plans, and total addressable market of applicants will all be considered.
Traction: At the very least, the candidate must have a functional prototype of the solution that is either on the market or ready to go.
Leadership: Applicants must display a history of teamwork and collaboration, a significant concentration on social influence associated with financial inclusion principles, experience in applying disciplined innovation techniques, and other strong leadership characteristics.
Time Commitment: The BimaLab requires roughly 6 hours per week of time from applicants to effectively scale their innovation and participate in the program, such as attending workshops and training events, developing effective sprint plans, offering updates to the BimaLab team, and meeting coaches, among other things.
Benefits of participation
BimaLab aims to assist businesses in filling gaps in their scaling capabilities by:
- Knowledge and resources from NAICOM are available
- Assistance with business advice
- Assistance for technology platforms
- Coaching from a diverse group of specialists and high-profile mentors with diverse skills and experience
- Connections that can help with local investments, networking, navigating, exhibiting, and overcoming essential difficulties
- Workshops, webinars, and events provide peer-to-peer assistance from the cohort community
- Demonstrate your innovative business solution at Demo Day
- Pitch for the Africa Grant Fund of the FSD
Process of evaluation
Applications will be evaluated as follows:
Screening: All applications will be screened to ensure that they meet the minimum requirements for participation and are complete.
Shortlisting: Each application will be evaluated and scored, and a recommendation will be given as to whether or not the applicant should be invited to an interview.
How to apply
Are you an insurance innovator? Apply here for the BimaLab insurtech initiative. The deadline for application is Wednesday, February 23, 2022.
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