By Favour Nnabugwu
FSD (Financial Sector Deepening) Africa, an Africa-focused UK government funding agency, will extend its InsurTech accelerator program next year, targeting Ghana and Nigeria.
The agency is working with several insurance regulators, including those in Ghana and Nigeria, to create an environment conducive to technological innovation in insurance on the continent.
The plan follows the roll-out of an insurance accelerator program in Kenya earlier this year, reported Techcrunch.com.
Under the acceleration programs, FSD Africa provides participants, including teams from selected InsurTechs, with knowledge and resources to develop and prepare their solutions for the African market.
InsurTechs introduce personalised policies using data from wearable technology and social platforms. They offer innovative products operating on the basis of micro-payments or pay-per-use, which increasingly influences market trends.
Venture capital and other support
In addition to installing the accelerator, FSD Africa wants to set up access to capital through a venture capital fund for InsurTechs on the continent in the start-up phase. In addition, a platform will be put online where the various players in the sector can exchange views to share their experiences or forge partnerships to support the growth of their various businesses.