Britam Holdings Plc has introduced a new program aimed at fostering innovation and acceleration within the insurance industry, specifically targeting promising insurtech and fintech startups.
The Beta Lab initiative integrates a corporate acceleration program focused on potential acquisitions and collaborations with technology-driven startups and innovators addressing challenges within the traditional insurance sector.
“The Beta Lab sandbox reaffirms Britam’s commitment to innovation and partnerships in technology. Technology partnerships will help Britam scale up, conquer new markets, and prepare for the future,” said Mr Tom Gitogo, group managing director and chief executive of Britam Holdings.
The company stated that innovators will receive assistance in transforming their ideas into successful businesses, including support in capital investment and product and business development. Promising ventures will have the opportunity for expansion through equity ownership or joint ventures.
“Beta Lab has already made significant strides. It has developed a weblink that enables Britam to receive motor insurance leads from Auto Express and a portal that will hold these leads data, track engagements and conversions through the telesales team, and give visibility to the Auto Express team,” said Britam.
The company announced that two internship cohorts were mentored at the Beta Lab from April 2023 to January 2024, and they have successfully transitioned to other companies, securing positions as data scientists and full-stack app developers.
The Beta Lab has played a crucial role in fostering the growth of various startups, such as Motisure. Motisure developed a trip insurance distribution platform called Sure +, utilizing a WhatsApp Chatbot. This innovative platform provides affordable personal accident coverage specifically designed for public transport users.