Frankfurt-based GreenTec Capital Partners has inked a financing deal with a Kenyan insurance aggregator Bismart to enable the start-up upscale its digital and online platforms and connect more customers.
GreenTec invests in African start-ups and SMEs with a focus on combining social and environmental impact with financial success.
It will invest undisclosed amount in Bismart and unveil a team to help implement latest technology to the model, to extend its local value chain.
Bismart chief executive Eunice Maina yesterday said the digital interface being developed by the company with assistance from GreenTec will allow the distribution of insurance products across Africa, facilitating the rapid roll-out and scaling of the business.
“By using emerging technologies to address the issues of financing and transparency in insurance, Bismart aims to empower the customer to be financially independent, with the ultimate aim of increasing insurance penetration in Kenya, which is very low,” said Ms Maina.
The platform will also help Bismart to increase efficiency and transparency through the implementation of Blockchain technology.
“Bismart’s application of emerging technologies solves this problem brilliantly, while disrupting the insurance value chain from customer acquisition to risk management,” said Mr Yong.
Bismart was awarded seed capital of Sh1 million in April by Standard Chartered Women in Tech programme and office space for nine months at IBIZ Africa incubator, as the most innovative and scalable business model in the country.
In 2017, Bismart inked a deal with Kenya Orient Insurance to offer a mobile phone insurance cover which sees customers pay premiums from Sh1,000 to cover their mobile phones against loss, theft and damage.