Bismart, Africa first blockchain-powered insurance company recently received financial support from a German-based firm, GreenTec Capital.
Using blockchain technology that addresses issues such as financing and transparency, the company hope to allow every African to access insurance in a transparent, convenient, and friendly manner, without the burden of immediate out-of-pocket payments.
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.”
Adoption of insurance in Sub-Saharan Africa is exceptionally low. One reason for this is the insurance companies can not rely on the traditional payment methods provided by banks for premium collection and claim payouts. Another reason, the African market is primarily composed of consumers with unsteady cash flows and low incomes.
Kenyan entrepreneur Eunice Maina, the founder of Bismart, spent 15 years in the insurance sector dedicating most of her life protecting customers through insurance. Maina plans to use Blockchain technology to develop a platform that embraces a more personal and trust-building user experience.