Two fintech startups, Hobbiton Technologies and Mellow Fund presented their digital inclusive insurance solutions during the BongoHive Fintech Challenge Demo Day which was held on Thursday, 24th February 2022.
The BongoHive Fintech Challenge is an opportunity for fintech entrepreneurs to develop new solutions that address financial inclusion gaps. It is implemented by BongoHive, with the support of the Financial Deepening Sector Zambia (FSDZ). The second cohort of the Challenge looked at how insurance can be made more accessible to the underserved in our communities. The startups worked with established insurance companies such as Madison Insurance and (insert other), to produce solutions that would be usable to the addressable market.
After a series of ideation and coaching sessions, the two winning fintech startups from Pitch Day (Hobbiton Technologies and Mellow Fund) proceeded to the product development stage where they received $28,000 worth of technical support to develop their digital solutions.
About the startups:
About the startups:
- Hobbiton Technologies – Hobbiton has a “plug and play” digital insurance platform, ‘Samala’, that any insurance company can connect to and issue digital policies and receive premium payments in real-time. Insurers can connect to their platform via\ Mobile App, Web App, USSD, Intermediary Platforms and Internal Policy Administration Systems.
- Mellow Fund – Mellow Fund aims to simplify the overall insurance process. Their customers can buy policies completely online and in a fraction of the time. They aim to provide a wide array of insurance policies including health, motor, agriculture and life. Customers will be able to compare different policies and make informed decisions to buy them.
Head of Entrepreneurship at BongoHive, Simunza Muyangana echoed the importance of technology to improving access to insurance products during the Demo Day:
“Insurance provides the security to help people move on with their lives after suffering any form of loss. The problem that the BongoHive Fintech Challenge was trying to solve is extending this security to the non-consumptive market and making it more accessible and affordable. We strongly believe that technology can play a role in extending insurance services towards the non-consumptive market to ensure that everyone has an opportunity to a better life.”
And speaking at the same event, FSD Zambia CEO Betty Wilkinson pointed out that the major obstacles to the uptake of insurance of products can be attributed to the lack of exposure to insurance products and the lack of understanding on how to access and use them, especially microinsurance.
“The challenge was beyond choosing winners, it was about developing skills, identifying relevant innovations that promote insurance adoption and providing a networking platform for participants, partners and the next-generation of insurance innovators. This is just the beginning of serving many, particularly those who are underserved,” she said.
As BongoHive, we are pleased to have worked with FSD Zambia, the fintech startups, insurance companies and other partners such as the Microinsurance Technical Advisory Group (TAG) and the Pensions and Insurance Authority (PIA), to help facilitate the increased uptake of insurance products.