Scope of work
The overall goal of the program is to create an Insurtech ecosystem for growth and strategic partnerships. The program is to bring together the insurance ecosystem i.e. the innovators, investors, corporate partners, and regulators which enables growth, strategic partnerships, and enabling regulatory environment. BimaLab is expected to attract, inspire, and organize key players and disruptors across the financial industry and technologies to collaborate on ground-breaking, innovative insurance products and services.
The program has the following unique objectives:
foster innovation that can extend access to insurance products and services to communities and businesses that are historically underserved or excluded.
Turn validated insurance-focused ideas to market and investor-ready
Provide innovators with an enabling regulatory environment for developing their ideas, including support in starting out, training, mentorship, and coaching.
Facilitate the effective exchange of information relating to the deepening of access to financial services and opportunities for entrepreneurs across Africa.
Create new networks and strengthen existing networks leading to strategic partnerships
Project Phase Key Activities Outcomes
Africa BimaLab Program
Envisioning
Development of a detailed workplan
Development of a project execution strategy
Work plan
Execution strategy
Sourcing & Selection (Call for applications in 15 countries, application portal, review, and selection)
Program Launch (presentations and Keynote)
Media and PR for outreach and publicity
Have representatives from our partners, insurance industry, other key ecosystem builders to officially launch the project
Marketing (sensitization meetups, online and mainstream advertising)
Online shortlisting of up to 50 applications for digital face-toface interviews (through digital chat rooms)
Selection 25 startups for acceleration
Scouting, recruitment, and shortlisting
Create awareness
A database of interested participants
25 startups will be selected to advance to the BimaLab program
Insurtech Acceleration (needs analysis, technical support, training, and mentorship for the insurtechs, physical engagements and workshops)
Business assessment
Training
Mentoring
Coaching
Network and linkages for start-ups events
Meet the corporates
Regulatory and policy sessions
Technical support (Product Development, infrastructure, and space)
5 learning cycles developed and implemented
25 individual, tailored sessions with insurtech participants
Onboarding on Digital
BimaLab Insurtech platform
25 mentors and 25 advisors onboarded.
15 strategic partnerships achieved. customer/market connections created
Regulatory Engagements
(training and technical assistance of insurance regulators) training and technical assistance of insurance regulators. This will encourage and involve regulators in insurance innovation, to reduce any regulatory barriers in supporting insurtechs, to create a learning environment across
Create an insurance innovation portrait to support insurance regulatory authorities in selected countries to strike the balancing act countries, and to increasing regulator knowledge base on insurtech innovation. between innovation and risk
Demo Day – teams to pitch and demo their solutions for potential partners and customers
Presentations and demos
Chat rooms for further negotiations and understanding of collaboration opportunities or business transactions.
25 teams exposed to opportunities to close deals and partnership agreements.
Deliverables
The deliverables under this contract are as follows:
Initial Report on scouting, recruitment, and shortlisting of insurtech’s to participate in the BimaLab
Insurtech Acceleration Progress Report (at least Monthly)
Logistical support on hosting the BimaLab Demo Day.
Administrative Support of the digital BimaLab platform
digital photos and a short video of the Project (highest possible resolution, should show the empowered communities, and how the solutions provided by the organization makes them strong and resilient)
Insurance innovation portrait to support insurance regulatory authorities in selected countries
A final report documenting all the components required under these deliverables.
Submitted proposals should not exceed 10 pages (excluding annexures). The review will be based on the main proposal. This should be sent by email to FSD Africa at bids@fsdafrica.org by noon (EAT) on 16th February 2024 under a subject line reading ‘Invitation to tender: Africa BimaLab Programme 2024’
Apply via :
bids@fsdafrica.org
