Africa Re InsurTech Challenge Initiative

Technology is redefining the way we do business and the insurance industry is not left out of this disruptive change especially with the growth of InsurTech companies leveraging on best-in-class technologies to simplify the product life cycle for consumers.

With insurance penetration for Africa at 2.96%, the African insurance landscape is green and can only be disrupted from the consumer end with its evolving middle class. Insurance will have to be SOLD and not BOUGHT. Initiatives that take insurance to the consumer is of utmost importance.

We can make the relationship a Win-Win i.e. Disruption vs Collaboration.Also across the value chain, operational efficiency and innovation in the traditional insurance niche is critical for growth in the emerging risks domain. Africa is in dire need of technological innovation to improve its underwriting processes, claims administration bureaucracy, product pricing (to lead special and complex risks), overall risk management, regulatory harmonization and business analytics through foresight, insights and hind sights from the industry data.

In line with the Corporate Mission of Africa Re as well as its Corporate Social Responsibility goals. Africa Re is committed to the:

To achieve its mission, Africa Re has launched the initiative of Financial Inclusion and Social Innovation through technology which promises significant value to the economy of Africa as it generates significant jobs through several Small and Medium Scale Enterprises which drive economic growth.

It also helps in the reduction of the insurance protection gap which is quite high in sub-Saharan Africa.

This initiative is a great opportunity for early-stage entrepreneurs to receive international exposure and recognition, present in front of potential investors and liaise with key industry leaders from diverse backgrounds as it helps Africa Re to identify other investment opportunities in InsurTech.

It is the first-of-its-kind start up competition aimed at identifying the most promising innovations for the evolving insurance and reinsurance sector. This competition offers aspiring entrepreneurs the unique opportunity to gain access to the guidance, expertise and professional networks necessary to build global, market-leading companies.

Entries must come from individuals/companies of Africa descent or based in Africa.  

Entries submitted must represent the original work of the submitting team (“Project Team”).    Entries must be technology-driven and applied to Insurance / Reinsurance

A Project Team may be composed of an individual, group of individuals or a company. Project Teams may be of any size and may submit (in one application) as many ideas/products as they wish.

However, each idea may only be entered once.By submitting an entry, the Project Team and/or any member thereof represents and warrants to Africa Re that it has all right, title  and/or  interest  in  the  entry  submitted  and  the  information  it  contains  is  accurate  and  complete,  and  that  by submitting the entry it is not and will not be violating any contract or third party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right,

and the Project Team agrees to indemnify and defend the Competition Partners, their affiliates, and any on their behalf against any claims or lawsuits, including attorneys’ fees, that arise from or result from such Project Team’s submission.

Project Teams that have already secured financing or other capital arrangements from any source for their idea/product must disclose the amounts and sources of such funding in their application form.

Financing arrangements include, but are not limited to, sales revenue or contracts, research grants, personal or family funds, angel investment, or venture capital investment. Any  Project  Team  securing  financial  or  other  capital  arrangements  midway  through  the  Project  must immediately  disclose  to  AFRICA RE  the  amounts  and  sources.

A  Project Team which has previously secured an equity dilutive financing arrangement in an amount exceeding $100,000 relating to their application is not eligible to participate in the competition.The top 3 shortlisted companies will be offered a platform to meet the insurance industry. 

The winner will get a cash prize of US$20,000. Interested participants should visit the website of the initiative for more information at www.insurtech.africa-re.com. The window to submit applications is opened from 18 February to 30 April 2019.

source:Africa Re Press Release