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Technology

Tech start-ups meet in Nairobi to look for funding from investors

Video on mobile
Video on mobile. PHOTO | AFP 

East Africa tech startups in the agriculture, health and insurance space meet in Nairobi next month to seek funds to go commercial by pitching their products to investors.

The two-day event organised by Market Minds starts on July 15 and will make a platform available for tech start-ups to collaborate with their respective sector players to seek insurance solutions for health and agricultural problems afflicting people in the East African Region.

Market Minds Founder Sebastian De Zulueta said launching Africa 3.0 - a new insurance ecosystem with support from the UK Government seeks to increase uptake of insurance via use of mobile apps to enhance access of available insurance products for the health and agricultural sectors.

Mr de Zulueta said the event themed ‘Sealing the Insurance Gap’ will promote public-private partnerships that enable insurance innovation in the region.

“An ecosystem of new partnerships between the tech sector, insurance and broader financial services is critical to deliver the enormous growth opportunities that serve the needs of the consumer and engage tech entrepreneurs, incumbents and investors alike,” Mr de Zulueta added.

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Delloite’s 2018 Insurance Outlook says East Africa has vast opportunities in the insurance market due to the low penetration and recommended financing of tech-solutions to spur market growth.

“Insurers should consider financing and buying InsurTech start-ups for services that include mobile technology to reduce claim adjudication time, drones to improve claim and risk evaluation, interactive websites, making real-time digital sales, IoT technology (wearables; home, car, and commercial sensors) to improve pricing, underwriting and claims management.

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