NAIROBI, Kenya, October 7 – Jubilee Group and FSD Africa have partnered with seven insurtech companies to develop and test affordable insurance products for underserved Kenyans.
The partnership will target small and medium-sized enterprises (SMEs), informal workers, farmers and low-income households with limited access to formal insurance.
The seven firms – Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails and Ibisa Network – will undergo an eight-week product development programme with Jubilee before pilot projects begin in Kenya in November.
The firms will test new ways of distributing affordable insurance, protecting SMEs and connecting customers to health and wellness services.Successful products could later be rolled out in other East African markets as Jubilee seeks to expand its customer base.
Jubilee Group Deputy Group CEO Juan Cazcarra said the partnership will help the company develop insurance products that are affordable and easier to access.
“There is a large group of Kenyans who work, earn and run businesses every day but still have little or no insurance coverage. We need to meet people where they are, with products that are affordable, relevant and simple to access,” Cazcarra said.
The seven companies were selected through a competitive process from the BimaLab Africa Insurtech Accelerator alumni network.
Their work will focus on three areas: low-cost bundled and embedded insurance, insurance solutions for SME ecosystems, and wellness models that connect customers to health and care services.
FSD Africa Principal for Sustainable Insurance Elias Omondi said improving insurance access requires products that reach customers through channels they already use.
“The challenge is not simply creating more insurance products. It is making sure those products reach people who need them, at a price they can afford and through channels they already use,” Omondi said.
East Africa has more than 10 million SMEs, which account for over 70 percent of jobs, but insurance penetration among the segment averages about one percent.
Jubilee said illness, extreme weather and other financial shocks can quickly affect the incomes of small businesses and households that lack insurance protection.
The initiative will be led at Jubilee through J-Hub, the Group’s innovation and technology arm, which develops and tests digital and artificial intelligence-powered solutions.
