Nairobi, July 1 -- Insurer Britam plans to invest up to Sh1.9 billion ($15 million) in financial and insurance technology startups in Kenya and other markets where it operates, as it expands its venture capital arm amid increasing competition from non-traditional insurers.

Through its incubation hub BetaLab, the insurer plans to invest up to Sh1.9 billion in startups across the seven markets where it operates over the next four years, using a mix of equity and debt financing.

The expansion is meant to diversify its portfolio and reduce its exposure to shocks in the traditional insurance and asset management business, as fintech and insurtech firms increasingly disrupt conventional financial services.

"Today, we're not just competing wi...