(Lekki-Ikoyi bridge in Lagos, Nigeria, home of AIR.)
Africa InsurTech Rising (AIR; Lagos, Nigeria), a regional InsurTech platform aggregating all stakeholders in the African InsurTech ecosystem, has announced the launch of The Bridge, an international innovation program in collaboration with InsureTech Connect (New York). The Bridge will identify and showcase insurance technology solutions created by Africa-focused startups and provide B2B opportunities, mentorship, visibility, capital access and sparring opportunities to startups, according to an AIR statement.
“Supporting AIR for this unique initiative aligns with our broader mission,” comments Jay Weintraub, CEO & Co-Founder of InsureTech Connect. “ITC recognizes the important role that innovation plays in developing nations, with Africa being a land of amazing opportunities for leapfrogging forward in the insurance space. This program will shine a light on the most cutting-edge technologies emerging today.”
Africa’s insurance industry is valued at $68 billion. In terms of GWP, it is the eighth largest in the world according to McKinsey. However, this value is not equally distributed across the continent. Markets are inconsistent in terms of size, mix, growth, and degree of consolidation, with 91 percent of premiums concentrated in just ten countries.
Raising Awareness of Up-and-Coming Markets
“We’re excited to be hosting The Bridge summer program to highlight the unique startups bringing much needed innovation to the insurance industry throughout Africa,” comments Tunde Salako, CEO & Co-Founder, Africa Insurtech Rising. “A partnership with a global brand like ITC will have a tremendous impact on raising awareness of the opportunities arising in these up-and-coming markets.”
Startups seeking to participate in AIR’s The Bridge program must have solutions focused on solving insurance issues within Africa. Submissions can be made at the following link: https://africainsurtechrising.com.ng/summeriscoming/ and aredue by May 31 with selected companies to participate in a virtual pitch day mid-June. The Bridge winners are set to be announced in July. All finalists will receive complimentary ticket to ITC Vegas 2021 and the winner will receive a complimentary kiosk and a speaking slot on the ITC Vegas 2021 Demo Stage.