The inaugural ZEP-RE InsurTech Program concluded its first Demo Day on 27th October 2023, celebrating the achievements of five exceptional start-ups that were selected from a competitive pool of 91 applicants. This milestone event signifies the end of a transformative six-month incubation period, during which the selected start-ups received extensive support from ZEP-RE and the Westerwelle Startup Haus Kigali (WSHK), with the aim of revolutionising the insurance landscape in East Africa.
Throughout the program, the selected start-ups received comprehensive assistance, including capacity building, individual mentorship, product development support, advisory services, and networking opportunities. These resources equipped the start-ups with the necessary tools to enhance financial inclusion, expand market reach, and optimise existing processes within the insurance sector.
The Demo Day, themed “The Intersection of Insurance and Technology,” provided a platform for the participating start-ups to showcase their innovative solutions and engage in meaningful discussions on the role of InsurTech in driving insurance penetration and financial inclusion across the region. Distinguished industry leaders and panellists convened to explore the latest trends and insights shaping the world of InsurTech. The discussions, led by esteemed keynote speakers and panellists, centred on the transformative power of technology, the importance of collaboration across sectors, and the necessity of continuous skill development to drive innovation forward.
Keynote speakers, including Hope Murera, Managing Director and CEO of ZEP-RE, shared valuable insights into the significance of collaboration and innovation in advancing the insurance industry. Panellists, such as Nick Barigye, CEO of Rwanda Finance Limited, Jean Bosco Iyacu, CEO of Access to Finance Rwanda, and Kevin Rudahinduka, CEO of Edencare, contributed their expertise on financial inclusion strategies, market facilitation, and the role of technology in improving service delivery.
The event concluded with the announcement of the top three start-ups, each of which received a portion of the $30,000 cash prize. Laina Finance, E-Arbitrator, and Karisimbi Technologies were recognised for their outstanding contributions and innovative solutions, setting the stage for future success and collaboration.
Laina Finance, a Tanzanian company that provides flexible payment solutions, has amassed a user base of more than 19,000 individuals. E-Arbitrator, a Rwandan legal tech company, offers an online alternative dispute resolution platform for individuals, businesses, and organisations involved in cross-border trade. Lastly, Karisimbi Technologies uses data to support healthcare service providers in their transition to digital patient management, from consultations to the processing of insurance claims.
The success of the inaugural InsurTech Program is a testament to the potential for innovation and entrepreneurship to drive positive change in the insurance industry. As these start-ups continue to progress, they are poised to make meaningful contributions towards enhancing financial inclusion and revolutionising insurance practices in East Africa.
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