Jubilee Partners With FSD Africa to Reach More Uninsured Kenyans
The Kenya pilot will bring insurers and technology startups together to develop affordable products aimed at closing one of the region's most persistent financial inclusion gaps.
Jubilee Group has signed a strategic partnership with development finance agency FSD Africa.
The partnership is to develop technology-driven insurance and investment solutions targeting underserved communities and small businesses, as the insurer seeks to expand financial inclusion across East Africa.
A Partnership Built Around Financial Inclusion
The collaboration, formalized through a Memorandum of Understanding (MoU), marks FSD Africa’s first partnership with an insurance company and will initially be rolled out in Kenya before expanding across Jubilee Group’s regional markets.
The partnership is expected to focus on increasing insurance access for underserved populations, particularly small and medium-sized enterprises (SMEs), by developing digital products that are easier to access and more affordable.
BimaLab and J-Hub Will Lead Product Development
Under the partnership, Jubilee Group will work with BimaLab, FSD Africa’s flagship insurtech accelerator, to co-create and pilot technology-enabled insurance solutions aimed at reaching millions of low-income and underserved Kenyans while opening up a new customer segment for the insurer.
Further, the initiative will be implemented through BimaLab’s Insurtech-Insurer Partnership Framework, which brings together established insurers and high-potential insurtech startups to jointly develop, test and launch new products in the market.
Within Jubilee Group, the programme will be led by J-Hub, the company’s innovation and technology arm, which develops and deploys digital and artificial intelligence-powered solutions across the business. The insurer said combining J-Hub’s innovation capabilities with FSD Africa’s expertise in inclusive finance is expected to accelerate the rollout of customer-focused products tailored to underserved communities.
Focus Turns to SMEs and Underserved Communities
Speaking during the signing ceremony, Jubilee Group Deputy Chief Executive Officer Juan Cazcarra said expanding insurance access remains a strategic priority for the business.
“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 aligns with BimaLab’s objective of narrowing Africa’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 collaboration, selected BimaLab insurtech startups will work alongside Jubilee Group to design solutions in three priority areas: embedded and bundled insurance distribution, SME-focused ecosystems, and health, wellness and customer engagement. The shortlisted startups are expected to be announced in August.
Kenya’s Insurance Gap Presents a Growth Opportunity
The partnership comes at a time when Kenya continues to record high levels of financial inclusion but low insurance uptake. While about 85% of adults use formal financial services, insurance penetration stood at just 2.4% of GDP in 2025, well below the global average of 7%.
Technology Is Reshaping Insurance Distribution
The protection gap has significant economic consequences. Health-related out-of-pocket expenses are estimated to push about 1.5 million Kenyans below the poverty line each year, while the country’s estimated 7.5 million SMEs, which employ around 15 million people, remain highly exposed to financial shocks. The vulnerability of the sector was highlighted during the COVID-19 pandemic, when roughly one-third of SMEs shut down.
Kenya Pilot Could Shape Jubilee’s Regional Expansion
Ultimately, the Kenya launch is expected to serve as a pilot before the partnership is extended across Jubilee Group’s wider East African operations as the insurer pursues its strategy of expanding its customer base through more accessible financial services.
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