The insurance incubator within the context of these guidelines refers to sandbox services that provide support and resources to startups and entrepreneurs to help them grow and develop their businesses with the aim of creating market ready solutions.
The insurance incubator offers open ended intensive programmes, with a minimum standard period of three years.
1) Provide Mentorship, trainings, networking sessions and Guidance
2) Avail Co-working space
3) Proof of concept
4) Pricing, effective business strategies
5) Provide necessary access to the Authority’s information and analytics
6) support on regulatory and legal requirements
7) Provide for pitch/demo sessions
8) Avail Intellectual Property support
9) Access to Funding:
10) Business Support Services such as administrative support, legal assistance, and access to various business services that startups may need.
11) Provide market access facilitation
12) Any other services that the incubator may provide from time to time
An individual or a startup interested in the insurance incubator shall make a formal application to the Authority using Form 1.
The application must be accompanied by the following:
i. A concept note on an insurance based idea or early stage prototype
ii. Composition of the team
iii. Market analysis
iv. Go-to market strategy
v. Financial projections
vi. Key Performance Indicators (milestones and growth plans) (if any)
vii. Legal and intellectual property (if any)
viii. Business plan or pitch deck
ix. A product description with a key facts statement
x. The contact person and contact address of the applicant
The Authority shall, when considering an application for authorisation, satisfy itself as to;
1. Business Viability:
• Clarity of the business idea and value proposition.
• Market demand and potential for growth.
• Competitive advantage and differentiation from existing solutions.
2. Team Composition
• Names and addresses of the team
• KYC
3. Market Opportunity:
• Addressable market size and target audience.
• Understanding of customer needs and pain points.
• Proposed market interest.
• Potential for market disruption and impact.
5. Innovation and Technology:
• Innovation and technological advancement.
• Potential for leveraging technology to create a competitive advantage.
6. Social Impact (for impact-focused incubators):
• Clarity of the social or environmental mission.
• Demonstrated commitment to creating positive impact.
• Measurement and metrics of social outcomes