FSD Africa is set to launch insurtech accelerator programs in Ghana and Nigeria next year to promote innovations that will drive the uptake of insurance in the two markets and beyond. The planned launch of insurtech accelerator programs in the West African countries follows the introduction of the same in Kenya earlier this year, in partnership with Insurance Regulatory Authority, the country’s regulator, and cloud solution provider Tellistic Technology Services. The insurance industry has been slow to innovate compared to the rest of the financial sector, yet Africa is experiencing a huge protection gap.
FSD Africa is also planning to provide access to capital through venture funds and grants to early-stage insurtech startups, in addition to setting up an online platform where founders can brainstorm, share experiences, create partnerships, and gain technical support from different industry professionals. The organization is working with eight insurance regulators including those of Ghana, Malawi, Nigeria, Rwanda, and Tanzania to build an environment that bolsters insurtech innovation across the continent.