Britam Holdings has launched Beta Lab, a new hub dedicated to nurturing budding insuretech startups and accelerating product development in the insurance industry.
Beta Lab offers a corporate acceleration program that explores acquisitions and collaborations with tech-driven startups and innovators tackling challenges within the traditional insurance industry.
The insurance innovation hub aligns with one of Britam’s 2021–2025 growth pillars: leveraging partnerships with digital platforms and other financial services providers to reach emerging consumers.
“Beta Lab reaffirms our commitment to innovation and technology partnerships, pillars of our EPIC² strategy. These partnerships will help us scale up, conquer new markets, and prepare for the future,” Tom Gitogo, Group Managing Director and CEO of Britam Holdings, disclosed.
Incubate, Innovate, and Accelerate
Britam Beta Lab’s mission is threefold:
- Incubate startups: Nurture and empower innovation among internal staff and new ventures.
- Innovate: Explore opportunities with insuretech and fintech companies to address industry challenges.
- Accelerate: Fast-track promising ideas into successful businesses through support in capital investment, product development, and business development.
Ms. Evah Kimani, Britam’s Partnership and Digital Director, says, “Technology is crucial for reshaping the insurance landscape. Beta Lab will enhance efficiency, enable personalized services, quicken claim processing, and streamline general insurance in Kenya.”
Looking ahead, the Britam Beta Lab plans to establish workshops aimed at training, brainstorming, and mentoring startups and innovators.
The workshops will be conducted in collaboration with key institutions involved in nurturing innovation to identify promising ideas and scale them up.