Gralix Insurtech Conference and BimaLab AIR Highlight Innovation for Financial Inclusion in Africa
The Gralix Insurtech Conference (GIC) in partnership with BimaLab Africa Innovation for Resilience (AIR) convened stakeholders from across 30 African nations to explore how technology can transform the insurance sector and drive financial inclusion. The event, held at Hotel Intercontinental in Lusaka, was officiated by Acting Minister of Technology and Science, Hon Elvis C. Nkandu, MP, representing Minister Hon Felix Chipota Mutati, MP.
Hon. Nkandu commended FSD Africa, Gralix, and the Pensions and Insurance Authority (PIA) for organising the conference, emphasising the pivotal role of technology in shaping the future of insurance in Africa. Noting that insurance penetration on the continent remains below 3%, compared to the global average of 7%, he highlighted the urgent need to protect households, SMEs, and governments from financial shocks.
The conference underscored Zambia’s target to raise insurance penetration from 2.5% to 5% by 2030, aligning with the country’s 8th National Development Plan, ICT Policy, and National Artificial Intelligence Strategy. Participants were urged to leverage innovation to address real societal problems, with failure framed as part of the learning process.
Peter H. Banda, Board Chairperson of PIA, highlighted the strategic importance of microinsurance and the upcoming regulatory sandbox in 2026 to safely test innovative insurance products.
Lillian Chilongo Kangwa, CEO of FSD Zambia, emphasised the transformative potential of digital technologies and insurtechs to expand reach, reduce costs, and design customer-centric solutions, while noting challenges such as limited funding, weak collaboration, and slow digital adoption.
BimaLab Africa has so far supported over 100 startups and 150 innovations across 25 countries, mobilising USD 30 million and reaching five million underserved customers. Hon. Nkandu concluded by calling for unity among regulators, innovators, insurers, governments, and investors to ensure insurance becomes a tool of resilience for all Africans.
“Together, we can unlock the full potential of insurtech to drive financial inclusion, enhance resilience, and deliver meaningful impact for our people,” he said.
