Jubilee Launches New Drive to Reach Uninsured Kenyans Through Tech Partnership

Jubilee Group has entered into a strategic partnership with development finance agency FSD Africa to create technology-driven insurance and investment solutions aimed at underserved communities and small businesses, in a move designed to widen financial inclusion across East Africa.

The agreement, sealed through a Memorandum of Understanding (MoU), is FSD Africa’s first partnership with an insurance company. The initiative will begin in Kenya before being expanded into Jubilee Group’s other markets across the region.

At the heart of the collaboration is a plan to make insurance more accessible and affordable for people who have traditionally been left out of the market, with particular attention on small and medium-sized enterprises (SMEs). The partners intend to develop digital products that remove barriers to insurance uptake while opening new opportunities for the insurer.

Product development will be driven through BimaLab, FSD Africa’s flagship insurtech accelerator, which will work with Jubilee Group to co-create and test technology-enabled insurance solutions. The programme is designed to reach millions of low-income and underserved Kenyans while helping Jubilee tap into a new customer base.

The project will be delivered through BimaLab’s Insurtech-Insurer Partnership Framework, which brings together established insurance firms and promising insurtech start-ups to jointly develop, pilot and launch new products.

Within Jubilee Group, the initiative will be spearheaded by J-Hub, the company’s innovation and technology arm responsible for developing digital and artificial intelligence-powered solutions across the business. Jubilee said combining J-Hub’s innovation capabilities with FSD Africa’s expertise in inclusive finance is expected to speed up the delivery of customer-focused products tailored to underserved communities.

Jubilee Group Deputy Chief Executive Officer Juan Cazcarra said broadening access to insurance remains central to the company’s long-term strategy.

“Driving access is a key priority for our business. Too many people in East Africa remain outside the protection of insurance and financial security due to barriers we must continue to address. This partnership allows us to begin closing that gap by reaching segments that have previously been excluded. We will continue to pursue and scale innovative solutions that make it possible for more people across the region to participate in lasting financial security, better health outcomes and long-term well-being,” he said.

FSD Africa’s Chief Adaptation & Resilience and Strategy Integration Officer, Kelvin Massingham, said the partnership reflects BimaLab’s mission to reduce the continent’s insurance protection gap.

“A large majority of Africans face rising climate, health and economic risks with no insurance to fall back on. This is why closing Africa’s protection gap is one of the most urgent resilience challenges of our time. We built BimaLab to back the innovators solving it and when their solutions reach scale through partners like Jubilee, that is resilience made real for millions,” Massingham added.

As part of the programme, selected BimaLab insurtech start-ups will collaborate with Jubilee Group to develop solutions in three priority areas: embedded and bundled insurance distribution, SME-focused ecosystems, and health, wellness and customer engagement. The shortlisted start-ups are expected to be announced in August.

The partnership is being launched against the backdrop of a significant insurance gap in Kenya. Although around 85% of adults use formal financial services, insurance penetration stood at just 2.4% of GDP in 2025, far below the global average of 7%.

The low level of insurance coverage continues to carry heavy economic costs. Health-related out-of-pocket spending is estimated to push about 1.5 million Kenyans below the poverty line every year, while the country’s estimated 7.5 million SMEs, employing around 15 million people, remain vulnerable to financial shocks. That exposure was laid bare during the COVID-19 pandemic, when roughly one-third of SMEs shut down.

Kenya will serve as the testing ground for the new partnership before it is expanded across Jubilee Group’s wider East African operations, as the insurer seeks to grow its customer base through more accessible insurance and financial services.

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