Kenyan insurtech startup Bismart has raised an undisclosed amount of funding from the Germany-based GreenTec Capital.
Founded by insurance veteran, Bismart provides a digital interface to offer insurance products and services across Africa. To achieve this, Bismart is using emerging technologies.
The startup will initially offer a small range of service and products that will be expanded quickly, with the interface being developed by the Bismart team allowing the distribution of insurance products across Africa, facilitating the rapid roll-out and scaling of the business.
Bismart will also use blockchain-based smart contracts in order to facilitate policy management and offer the security of decentralised databases.
“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,” said GreenTec’s chief executive officer (CEO) Erick Yong.