Tanzanian startup BimaAfya, a mobile micro-health insurance product specifically targeted at the poor and the informal sector, has been selected to take part in the three-month Startupbootcamp InsurTech accelerator programme in London, earning with it EUR15,000 (US$16,000) in investment and more than EUR450,000 (US$490,000) in partner services.
More than 1,300 startups from across the world applied to be part of the first Startupbootcamp InsurTech cohort, with 10 tech startups focused on the insurance sector selected to take part.
The three-month programme kicks off in London next month, with the 10 startups also provided with four months of free office space and mentoring from more than 400 financial services industry experts. A demo day will be held at the end of the programme.
“The judging process was one of the most intense in the history of Startupbootcamp as the teams have raised the bar despite their early stage. But only 10 of them could be part of this cohort,” Startupbootcamp said.
BimaAfya builds and manages the cheapest premium-rated health insurance covers, with the highest policy benefits covering all hospital expenses for the low income and informal sector population. Users select a cover and make payment for the premium via mobile money.
It is a completely paperless product from registration to health service access, which means the user does not require a one-on-one interaction with the insurer at any point.
Six of the other nine startups selected for the programme are from the United Kingdom (UK), namely SAFER, CoVi Analytics, Rightindem, Domotz Data, Buzzmove and Quantifyle, while the cohort is completed by massUp (Germany), FitSense (Singapore), and Myfuturenow (Ireland).