Financial services company Britam on February 8, 2024, launched Beta Lab, a new insurance innovation and acceleration program, aiming to nurture budding insure tech and fintech startups, and fast-track product development in the industry.
Beta Lab also offers an internship program of up to six months, providing an ideal environment for incubation and co-creation by both startups and established global tech firms such as Visa and Amazon Web Services. Innovators will be able to turn their ideas into successful businesses through support in capital investment and product and business development.
The Beta Lab has also facilitated the growth of several startups. These include Motisure, which developed a trip insurance distribution platform through a WhatsApp Chatbot called Sure +, offering affordable Personal Accident coverage for public transport users. Karopay introduced M-SOMA, a mobile-based savings platform supporting educational initiatives for parents and learning institutions. AiCare collaborated with Britam to create Motomatic, a web and app platform that offers mileage-based motor insurance coverage to customers.
“The Beta Lab sandbox reaffirms Britam’s commitment to innovation and partnerships in technology, both of which are pillars of our EPIC² strategy. Technology partnerships will help Britam scale up, conquer new markets, and prepare for the future,” Britam Holdings CEO Tom Gitogo stated.