Insurance Regulatory Authority (IRA) partnered with The Innovation Village through Future Lab Studio to develop the IRA InsureX Program – an initiative leveraging technology innovation towards doubling insurance penetration by 2025.
IRA InsureX is a product incubator and accelerator supporting Founders and Executives building the next generation of technology-enabled insurance solutions working to increase resilience across households, enterprises, and the economy. The program was developed on the premise that:
• Access to reliable, affordable insurance cover is essential for individuals, households and micro and small enterprises to bolster their resilience
• A burgeoning insurance sector is also a major source of local investment into key sectors essential to modernizing the economy.
• There is an urgent need to catalyze growth of the Insurance sector by crowding in startup and corporate partners leveraging tech to co-create value with the communities they serve.
• Achieving a vibrant and successful insurance sector further requires the right blend of shared infrastructure and open platforms, and the talent mix to create and deliver rich insurance experiences.
The IRA InsureX program overall aims to build a robust insurance innovation ecosystem leveraging technology to drive adoption and use.
The program is accelerating, building and scaling tech-enabled insurance solutions.
To catalyze implementation, the program leverages a Product Accelerator format, working with insurance innovators to identify, develop, pilot and scale insurance solutions, leveraging the Regulatory Sandbox mechanism to streamline the piloting phase. Below are some highlights of the Product Accelerator’s structure:
| Duration | 13 Weeks |
|---|---|
|
Workshops |
6 workshops (Bi-weekly) |
|
Webinars |
4 (Every week after a workshop) |
|
Fireside Chats |
4 (Embedded within workshops |