Kenya is moving up in everything blockchain as a blockchain based Bismart Insurance company will be getting financing from a German start-up financier GreenTec Capital. Bismart aims to employ the blockchain technology to address the issues of financing and transparency. The company plans to start off with a small range of service and products that will be expanded quickly and aims to take hold of Africa.
Eunice Wagithi Maina, the founder of the company has spent 15 years in the insurance sector and now plans to embrace technology by developing a platform that embraces a more personal and trust-building user experience that has been the core of her business. The Bismart team will developed the interface of the business which will allow the distribution of insurance products across all of Africa.
Building an insurance platform will go a long way in Africa where most people fail to insure their life or properties. The platform will help increase the efficiency and transparency of Bismart through the implementation of “Smart-Contracts”. Erick Yong, CEO of GreenTec said “One of the biggest challenges for innovative startups in Africa is the implementation of solutions with distribution channels that have Pan-African reach. Bismart’s application of emerging technologies solves this problem brilliantly, while disrupting the insurance value chain from customer acquisition to risk management.”
There is a low insurance adoption rate in Sub-Saharan Africa asides from the fact that traditional payments channels are largely unreliable, there is also the fact that most persons cannot afford an insurance. The funding from GreenTec will help Bismart leverage on the blockchain technology to grant each African access to insurance.
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