Jubilee Group and FSD Africa have partnered with seven insurtech companies to develop and test affordable insurance solutions for underserved Kenyans. The target groups include small and medium-sized enterprises (SMEs), informal sector workers, farmers, and low-income households that have limited access to formal insurance. The partnership aims to increase insurance penetration in East Africa, where it is estimated that over 10 million SMEs account for more than 70% of jobs, but insurance penetration averages only about 1%.
The seven insurtech firms selected for the partnership are Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails, and Ibisa Network. They were chosen through a competitive process from the BimaLab Africa Insurtech Accelerator alumni network. The firms will work with Jubilee through an eight-week product co-creation process before joint pilots begin in Kenya in November 2026.
The partnership will focus on three priority areas: low-cost bundled and embedded insurance distribution, insurance solutions for SME ecosystems, and wellness and engagement models that connect customers to health and care services. The goal is to test new ways to distribute affordable insurance, provide protection for SMEs, and connect customers to health and wellness services.
According to Elias Omondi, Principal, Sustainable Insurance at FSD Africa, the challenge is not simply creating more insurance products, but making sure those products reach people who need them, at a price they can afford, and through channels they already use. Kenya provides a strong market for testing new approaches to inclusive insurance.
At Jubilee, the work will be led through J-Hub, the Group’s innovation and technology arm, which focuses on developing, testing, and deploying digital and AI-powered solutions across the business. The partnership with FSD Africa and the insurtech firms aims to expand Jubilee's customer base and access to its integrated financial services offering.
The successful solutions developed through this partnership could later be introduced in other East African markets. For many small businesses and households, illness, extreme weather, or another financial shock can quickly affect livelihoods and business income. The partnership aims to provide protection and support to these vulnerable groups.
The collaboration between Jubilee, FSD Africa, and the insurtech firms is expected to bring established insurers together with insurtechs that understand technology, distribution, and specific customer needs. This partnership has the potential to move promising ideas from development into real markets, increasing insurance penetration and access to financial services in Kenya and beyond.
Key points
- Seven insurtech firms will develop new insurance solutions for underserved SMEs, informal workers, farmers, and low-income households.
- The partnership aims to increase insurance penetration in East Africa, where it is estimated that over 10 million SMEs account for more than 70% of jobs.
- Successful solutions could later be introduced in other East African markets.
