ARTIFICIAL INTELLIGENCE (AI) STARTUP, SERITI INSIGHTS DISRUPTS THE INSURANCE INDUSTRY IN BOTSWANA
Founder spotlight with Kagiso Earl Mpa — a tech startup co-founded out of Botswana and currently with traction supported by Japanese fund JICA 青年海外協力隊事務局.
Seriti Insights is an advanced analytics and artificial intelligence firm. Here a 60 seconds pitch video: https://youtu.be/bYXyd37hgqA
One of the unique elements of 4IR is that technology transformation is at the forefront of all market trends and Artificial Intelligence is now the new blood line for many B2B businesses. We zoom into the work of the Seriti Insights in respect to the insurtech market in Botswana and beyond. What we know is that this industry is set to grow faster than most of us would imagine and the value they are adding to the market in Africa is worth the investment.
The unique secret sauce is clear and here you will find out why;
1. This startup is co-founded by a Botswana based entrepreneur- Mr Kagiso Earl Mpa ‘curious creative and problem solver, with a love for tech, travel, art, and music. Kagiso has worked in Botswana and South Africa, amassing a great wealth of experience in Data Analytics and Business Intelligence. With a Statistics background, Kagiso went on to further his studies in Cape Town, where he studied Honors in Data Analytics & Business Intelligence then Masters in Big Data & e-Logistics. Involved in this startup is also a female tech entrepreneur ,’co-creator Nomsa Makgabenyana’.
2. The 4IR is here and economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in Botswana for the insurance industry.
3. 4IR is an enabling platform startups that advance technological solutions that are trully impactful- case point- Seriti Insights. Is there a market for them- yes there is. Southern Africa has one of highest insurance penetration rates in the world (South Africa, Zambia top the list).
4. Combining innovative technologies with a digital mind-set holds great potential for insurance providers to achieve growth and to develop new business models and services that are geared towards unlocking the BoP insurance market. Naturally- the case point- Botswana market opportunity.
5. Africa’s large untapped insurance markets require innovative solutions. Digital plays an important role in product design, product distribution and service delivery in the insurance industry. It can speed up the time to market for new products, reduce the cost of the service and unlock markets which were previously perceived to be unviable.
6. Insurtech companies are yet to challenge the dominance of incumbent insurance providers in Africa. The emergence of Insuretech startups as new competitors- in-this case- Seriti Insights- highlights the disruptive potential digital technology combined with the right mind-set hold.
7. Data and Analytics as a Service- with analytics, an organization is better able to be descriptive, predictive, and prescriptive — but only if there’s a firm connection between what analytics can deliver and what the business is trying to accomplish. How can our startups in Botswana and insurance organizations use analytics to help deliver deeper insights to enable more effective decision-making? Talk to Seriti Insights to see how they can help your organisation and business scale with better decision making that leverages AI.
8. Innovation, transformation and leadership occur in many ways. Africa’s large untapped insurance markets require innovative solutions. Innovative models in the global insurance market could be built out of Africa if we support more startups. Targeting the base of the pyramid insurance market in Botswana is a start i.e life insurance providers, vehicle insurance providers etc. These are big spenders in the Botswana market as shown by data from Deloitte. Digital innovation is often associated with technologies such as: • cloud computing • mobile applications • internet of things • telematics • blockchain • artificial intelligence • advanced data analytics. Certainly we reconfirm the thesis for the startup opportunities in this market because these technologies can be leveraged to offer new features and benefits of insurance products, to streamline distribution, improve customer interaction and to make internal processes more efficient.
9. Achieving customer centricity through innovation is key for the DNA of the startup ecosystem that is building around Insuretech in Africa. The adoption of digital technology enables insurance companies to reduce the cost of servicing clients, to tailor products to the needs of specific income groups, and to streamline internal processes. In order to successfully apply and leverage innovative technology along the insurance value chain, technology needs to be embedded into a digital mind-set that focuses on agility, collaboration and flexibility.
10. Don’t ignore the disruptive potential digital has in Botswana- support startups like Seriti Insights…Embrace them as they bring in value to the insurance market! Digital is not one technology, but many interconnected technologies embedded into a digital mind-set. This is a good model of disruptive innovation in the sector of Insurance out of SADC in Africa! A potential unicorn if well supported!
Keep building!
