Britam has launched BetaLab, a new insurance innovation hub that fast-tracks product development in the industry.
The insurance hub was launched on February 7.
According to Britam, BetaLab incorporates a corporate acceleration program aimed at exploring acquisitions and collaborations with technology-driven startups and innovators solving challenges within the legacy insurance industry.
According to Britam, the lab’s mission is to incubate, innovate, and accelerate startups, nurturing and empowering innovation among internal staff, while also exploring innovation opportunities with InsurTech and fintech.
“BetaLab reaffirms Britam’s commitment to innovation and partnerships in technology, both of which are pillars of our EPIC² strategy," group managing director and Britam Holdings CEO Tom Gitogo said.
"Technology partnerships will help Britam scale up, conquer new markets, and prepare for the future.”
BetaLab will also provide a six-month internship program designed to offer techies an optimal environment to acquire hands-on experience, access resources for implementing their ideas, and prepare for integration into the market.
The BetaLab has also facilitated the growth of several startups.
These include AiCare where Britam collaborated to create Motomatic, a web and app platform that offers mileage-based motor insurance coverage to customers.
“Technology has a pivotal role in reshaping the insurance landscape," Britam's partnership and digital director Evah Kimani said.
"BetaLab is a strategic initiative that will not only enhance efficiency in our operations but also enable us to offer personalized services, quicken claims processing, and streamline general insurance in the country.”
The company added that the Lab will facilitate investor pitches and funding, promote an innovation-driven culture within Britam and proactively scout for promising startups and innovators.
It will also actively participate in innovation events, contributing to and enriching the broader innovation ecosystem.
