AXA Mansard, a member of AXA, a global leader in insurance and asset management has announced the opening of the second cohort of its insurtech accelerator initiative, the Innovation Exchange Programme in the Nigerian market.
The Innovation Exchange Program is a 15-week accelerator programme designed to help develop Insurtech solutions, grow startups, and commercialise and scale them in ways that can aid seamless distribution, claims management, technical underwriting, customer management, and payment for Insurance services across different segments of the market.
The first edition of the programme debuted in 2022, with five startups admitted into the programme.
These startups include Clafiya, LegitCar, HealthStack, Gerocare and Fortyfi. In line with the objective of the programme, AXA Mansard Health has entered into a partnership with Clafiya, to offer homecare services to its customers.
Building upon the success of the first cohort, this edition of the Innovation Exchange Programme seeks to leverage the years of experience, expertise, and capabilities that AXA Mansard has built to empower insurtechs around the country through their incubation, growth, and scale circle.
Commenting on the programme, the Chief Financial Officer, AXA Mansard Insurance, Ngozi Ola-Israel, said the company is excited about the possibilities of this second cohort. She noted that the inaugural edition and the experiences from working with the startups were profound; explaining that the outcome further convinced the company that initiatives like these are essential for the growth and sustainability of our industry.
“To increase insurance penetration in Nigeria, there is so much work that needs to be done about evolving insurance offerings, simplifying the processes, and making it easily accessible anytime and everywhere.
This requires not just technology, but a shared vision for building a resilient economy with insurance. From what we have seen with the first edition, the Innovation Exchange Programme can be a force in this evolution. That’s why we have commenced the second edition and have increased our level of commitment and investment in the programme”. Ngozi added.
Also speaking on the development, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, stressed the importance of digital transformation in accelerating the growth of the insurance sector.
He noted that the programme presents another opportunity to stimulate the kind of innovation that is necessary for this phase of the industry growth especially in the current economic dispensation.
“Insurance plays a crucial role in any economy, and to fully harness the opportunities, it is essential to foster partnerships at different levels. Our goal is to use this programme as a platform where partnerships can thrive as we will partner with viable solutions from the programme. But beyond that, we also see the possibilities of members of the programmes partnering with one another to strengthen our sector”, Ahmed added.
Selected partners participating in the Innovation Exchange Programme will receive mentorship, guidance, and potentially a platform to launch their solutions. AXA Mansard Insurance eagerly anticipates a productive, mutually beneficial, and innovative relationship with the chosen participants.
AXA Mansard Insurance remains committed to driving the growth and development of the insurance industry through its Insurtech accelerator initiative. By fostering innovation and collaboration, the company aims to shape the future of insurance and ensure the availability of comprehensive insurance coverage for individuals and businesses across Nigeria.
