Insurance coverage group Britam has launched a brand new insurance coverage innovation and acceleration programme that targets to nurture budding insurtech and fintech startups.
The initiative dubbed Beta Lab incorporates a company acceleration programme geared toward exploring acquisitions and collaborations with technology-driven startups and innovators fixing challenges inside the legacy insurance coverage business.
“The Beta Lab sandbox reaffirms Britam’s dedication to innovation and partnerships in know-how. Expertise partnerships will assist Britam scale up, conquer new markets, and put together for the long run,” mentioned Mr Tom Gitogo, group managing director and chief govt of Britam Holdings.
Beta Lab will even provide an internship programme of as much as six months, offering an setting for incubation and co-creation by each startups and established world tech corporations resembling Visa and Amazon Net Providers.
The corporate mentioned innovators will be capable to flip their concepts into profitable companies by means of assist in capital funding and product and enterprise improvement. Viable ventures might be scaled up by means of fairness possession or joint ventures.
“Beta Lab has already made vital strides. It has developed a weblink that permits Britam to obtain motor insurance coverage leads from Auto Categorical and a portal that can maintain these leads information, monitor engagements and conversions by means of the telesales staff, and provides visibility to the Auto Categorical staff,” mentioned Britam.
The corporate mentioned two internship cohorts have been mentored on the Beta Lab, between April 2023 and Jan 2024, and have transitioned to different corporations as information scientists and full-stack app builders.
The Beta Lab has additionally facilitated the expansion of a number of startups. These embody Motisure, which developed a visit insurance coverage distribution platform by means of a WhatsApp Chatbot known as Certain +, providing inexpensive private accident protection for public transport customers.