Changelabs, a prominent social enterprise driving entrepreneurship in the MENA region, has announced the launch of InsurGrow, a dedicated accelerator program designed to foster product development and risk management for Egypt’s leading insurance companies. The initiative marks a significant step towards modernizing the traditional insurance sector to better serve the nation’s small and medium-sized enterprises (SMEs).
Bridging Corporates and SMEs
In a strategic collaboration, major industry players including Misr Insurance, Orient Insurance, Sarwa Insurance, Amanleek, and Kaf Insurance have partnered with Changelabs. The core objective of the InsurGrow program is to support these corporations in developing tailored insurance products for SMEs, enhancing distribution models, and improving workplace safety and risk management practices to boost efficiency and profitability.
The program aims to redefine the relationship between large institutions and the burgeoning SME sector, which is a critical engine for the Egyptian economy. This effort is supported by key ecosystem partners, including the Egyptian Insurance Federation and the German Agency for International Cooperation (GIZ).
Global Expertise Meets Local Market Needs
To ensure a world-class curriculum, Changelabs has enlisted the expertise of RMC and Finprobity, two leading global firms in the insurance sector. These partners are responsible for developing the training content, mentoring management teams at the participating insurance companies, and guiding the product development process through to approval from the Financial Regulatory Authority (FRA).
Tangible Impact and Early Results
The InsurGrow accelerator has already yielded impressive results. To date, four new and modified insurance products specifically designed to meet the needs of SMEs have been successfully launched. These initiatives have not only helped increase revenue and profitability for the participating insurers but have also improved working conditions for over 3,000 employees within the SME sector.
Furthermore, the program has focused heavily on upskilling the industry’s workforce. A total of 435 insurance employees have been trained, including 75 property risk engineers, 60 property underwriters, and 300 additional staff and managers, enhancing the technical and operational capabilities across the sector.
“Through this accelerator, we are proving once again that even the most established industries can innovate and grow through collaboration with startups and SMEs, thanks to flexibility and impact-oriented design,” said Karim Samra, General Manager of Changelabs. “Through our partnership with Egypt’s major insurance companies, we are not only accelerating product development but also reshaping how the sector serves SMEs.”
Ahmed Khalifa, CEO of Sarwa Insurance, echoed this sentiment. “Our partnership with Changelabs through the InsurGrow program has been a true collaborative experience, combining their innovation ecosystem with our insurance industry expertise. Together, we have successfully accelerated product development and achieved tangible improvements in how we serve SMEs.”
About Changelabs
Changelabs is a social enterprise that supports entrepreneurs through a range of incubation, acceleration, and ecosystem development programs in the Middle East and Africa. It focuses on empowering impact-driven startups and fostering innovation within established industries by connecting them with the dynamism of the startup ecosystem.
Source: Al Mal News
