Reimagining the Future of Insurance: Innovation for Development Impact

July 22, 2025

UNDP’s Insurance Innovation Challenge is driving a new generation of insurance solutions for underserved households and businesses in developing economies.

In Dar es Salaam, the Insurance Innovation Showcase brought together impactful ideas designed to reshape the future of insurance in Tanzania and beyond. Organised through UNDP’s insurance and Risk Finance Facility in collaboration with the Tanzania Insurance Regulatory Authority (TIRA), the Showcase celebrated solutions emerging from the Insurance Innovation Challenge Tanzania 2025.

The challenge, launched earlier this year, included a Bootcamp for 20 shortlisted innovators – eqquiping them with skills to design and refine inclusive insurance solutions. These solutions target three priority areas:
•    SMEs and Informal sector
•    Health Protection
•    Climate Risk

With Tanzania’s insurance penetration at just 2.01%( compared to Africa’s 10–15% average), the need for accessible and affordable products is urgent.

A group of people seated in a conference room, attentively listening to a speaker at the front. — Participants at the Insurance Innovation Showcase 2025

UNDP Tanzania/Kumi Media

And the winner Are …

First Place – Twende Bima

Announced by MUA Tanzania CEO Jerome Katz, the room erupted in applause as Twende Bima was crowned the top innovator of the Insurance Innovation Challenge (IIC). Founded by Justin Kashaigili, the platform already protects over 2 million self-employed motorcyclists with accident insurance.With support from UNDP Tanzania and MUA Tanzania, Twende Bima will expand its reach and enhance its product offerings to better serve underserved communities.

Second place - Taka Bima

Founded by Franken Kalongole, Taka Bima is delivering health insurance to informal waste workers, especially waste pickersone of the most overlooked groups in traditional insurance models.

Third Place - AfriGuard Crop Insurance
Led by Amir Kiwanda, AfriGuard offers hybrid crop insurance—for sugarcane outgrowers. The judges praised its potential to strengthen agricultural risk protection and improve rural livelihoods.

Beyond Competition: A call to Action

The showcase underscored that inclusive insurance is not just a product – it’s a lifeline.

Group photo of diverse people celebrating, many with raised fists, in a formal setting. — Group photo of Participants at the Insurance Innovation Showcase 2025

UNDP Tanzania/Kumi Media

MUA Tanzania CEO Jerome Katz emphasized that "inclusive insurance isn’t a luxury, it’s a lifeline,” especially in the face of climate shocks, health risks, and economic uncertainty".

UNDP’s Deputy Resident Representative, John Rutere, echoed this sentiment, “Tanzanian innovators are bridging the gap between formal insurance and informal users through platforms like WhatsApp and USSD. stronger partnerships and increased private sector investment and engagement to scale these solutions.”

Wilson Mzava, Managing Director of CRDB Insurance Company (on behalf of ATI Chairperson Dr. Flora Minja): “Inclusive insurance is abut courage, creativity and community.”

Dr. Baghayo Saqware, TIRA Commissioner reinforced the commitment to accessibility, stating, “We’re committed to making insurance accessible to all by increasing traditional use and enabling alternative channels.”

The Insurance Innovation Showcase marked a turning point for Tanzania’s insurance ecosystem – spotlighiting local innovation, energizing collaboration and inspiring action With initiatives like Twende Bima, Taka Bima, and AfriGuard leading the way, the future of insurance is set to be more inclusive, resilient and transformative.