Britam is expanding its venture capital arm, BetaLab, with a plan to invest up to Sh1.9 billion ($15 million) in financial and insurance technology startups across Kenya and six other markets over the next four years. The initiative, which will use a combination of equity and debt financing, is designed to diversify Britam’s portfolio and reduce its exposure to shocks in the traditional insurance and asset management business. Simon Wanduga, Britam’s head of telco and fintech partnerships, noted that the company now faces mounting competition not only from other insurers but also from fintechs and insurtechs, making innovation essential. Britam will contribute 20-30 percent of the funding from its own balance sheet, with the remainder raised from other venture capitalists and strategic investors.