Specialist development finance agency FSD Africa and Jubilee Group have signed a Memorandum of Understanding (MoU) to develop innovative insurance and investment solutions aimed at expanding financial inclusion across East Africa, beginning with Kenya.
The partnership will bring together FSD Africa’s flagship insurtech accelerator, BimaLab and J-Hub, Jubilee Group’s innovation and technology division, to design, pilot and scale digital insurance products targeting previously underserved customers.
Using BimaLab’s Insurtech-Insurer Partnership Framework, selected insurtech startups will collaborate with Jubilee to build and launch new technology-enabled insurance products in real market environments.
The initiative will initially launch in Kenya before being scaled across Jubilee’s wider regional footprint.
Through a competitive selection process, BimaLab startups will work alongside Jubilee to develop solutions in three strategic areas:
- Embedded and bundled insurance distribution
- Insurance products tailored for SME ecosystems
- Health, wellness, and customer engagement solutions
The selected insurtech companies are expected to be announced in August.
J-Hub will play a central role in accelerating the development and deployment of AI-powered and digital insurance solutions across Jubilee’s business.
Speaking during the signing ceremony, Jubilee Group Deputy CEO Juan Cazcarra said expanding access to insurance remains a strategic priority for the company.
“Driving access is a key priority for our business. Too many people in East Africa remain outside the protection of insurance and financial security due to barriers we must continue to address. This partnership allows us to begin closing that gap by reaching segments that have previously been excluded.”
Kelvin Massingham, Chief Adaptation & Resilience and Strategy Integration Officer at FSD Africa, said the partnership aligns closely with BimaLab’s mission of improving resilience across Africa.
“A large majority of Africans face rising climate, health and economic risks with no insurance to fall back on. We built BimaLab to back the innovators solving it, and when their solutions reach scale through partners like Jubilee, that is resilience made real for millions.”
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