Nairobian based insurtec startup Blue Wave is in an aggressive funding mode as a result proliferation of oit’s growth. Founded in 2015, the startup was founded by Adelaide Odhiambo who has past experience in the insurance industry for quiet a lot time. According to her profile, she has an impressive array of working experience in number of companies like Jubilee Insurance Company of Kenya Ltd, Apollo Group, MicroEnsure and then finally coming up with its own venture Blue Wave.
The startup focuses on aiming at low income group of the country by providing a plethora of insurance products necessary for day-to-day needs. In July, this years it partners with Jubilee Insurance to launch their product, Imarisha Jamii which aims at providing cover for hospital cash, disability and death. This is a fourth product in their kitty after launching other insurance products namely motor, health and life covers.
Last week on Friday, 21st September 2018 the company has been crowned the winner at Seedstars Nairobi pitch event. It has been named Nairobi’s best startup defeating the other six particpant. The company will be presenting Kenya at the Seedstar’s World Regional and Global Summit.
The startup uses USSD platform to sign in clients which makes the company to serve those with the simplest mobile devices. It also has full API integration with Safaricom, Kenyan mobile operator network via it’s M-pesa service. It has also partnered with multiple insurance companies to provide the insurance products, making money from administration fees and also commission from each premium paid.
The company is popular among the users which could be gathered from the number of active user which is somewhere around 1000 customers and 10,000 registrations in the six months it’s platform has been live.
The founder Adelaide Odhiambo says, “Africa’s insurance penetration in almost all markets struggles below three per cent. By designing our microinsurance platform and using the teams’ vast experience in designing and deploying microinsurance products in Africa we believe we shall play a key role in addressing how the mass market address risk reducing its impact in their lives.”
Focussing on the lack of knowledge about the insurance products in Africa she says, “Most of the African population in most markets has no clear understanding of exactly how insurance works. We have seen a need to hold focus groups to understand customer awareness, which is a huge barrier to insurance uptake. Consumer insights on insurance is a gap we plan to fill though very challenging at the moment,”