Britam Launches Incubation Hub to Fast-track Innovative Solutions
Nairobi, February 7, 2024 .… Britam has launched BetaLab, a new insurance innovation hub, as it aims to nurture budding insuretech and fintech startups, and fast track product development in the industry.
BetaLab incorporates a corporate acceleration program aimed at exploring acquisitions and collaborations with technology-driven startups and innovators solving challenges within the legacy insurance industry.
The lab’s mission is to incubate, innovate, and accelerate startups, nurturing and empowering innovation among internal staff, while also exploring innovation opportunities with insuretechs and fintechs.
BetaLab also provides a six-month internship program designed to offer techies an optimal environment to acquire hands-on experience, access resources for implementing their ideas, and prepare for integration into the market.
Innovators now have an ideal environment for incubation and co-creation by both startups and established global tech firms such as Visa and Amazon Web Services.
BetaLab has already made significant strides. It has facilitated the growth of several startups. These include AiCare where Britam collaborated to build Motomatic, a web and app platform that offers mileage-based motor insurance coverage to customers.
Education tech startup Karopay collaborated with Britam on M-SOMA, a mobile-based savings platform supporting educational initiatives for parents and learning institutions. Motisure, which developed a trip insurance distribution platform through a WhatsApp Chatbot called Sure +, offering affordable Personal Accident coverage for public transport users.
Two internship cohorts have also been mentored at BetaLab, and have since transitioned to other companies as data scientists and full-stack app developers. The strategic vision behind Beta Lab, aligns with two of Britam’s 2021-2025 growth pillars, which are leveraging partnerships and powering innovation to scale and conquer new markets.
“BetaLab reaffirms Britam’s commitment to innovation and partnerships in technology, both of which are pillars of our EPIC strategy. Technology partnerships will help Britam scale up, conquer new markets, and prepare for the future,” said Tom Gitogo, Group Managing Director, and CEO of Britam Holdings.
Ms Evah Kimani, Britam’s Partnership and Digital Director, added: “Technology has a pivotal role in reshaping the insurance landscape. BetaLab is a strategic initiative that will not only enhance efficiency in our operations but also enable us to offer personalized services, quicken claims processing, and streamline general insurance in the country.”
Looking ahead, BetaLab plans to establish workshops aimed at training, brainstorming, and mentoring startups, and innovators.
These workshops will be conducted in collaboration with key institutions involved in nurturing innovation, with the goal of identifying promising ideas and scaling them up. BetaLab will also continue with the internship program to provide hands-on experience and learning opportunities for fresh college graduates and innovators.
Additionally, the Lab will facilitate investor pitches and funding, promote an innovation-driven culture within Britam, and proactively scout for promising startups and innovators. It will also actively participate in innovation events, contributing to and enriching the broader innovation ecosystem.