Ghana’s insurance industry regulator, the National Insurance Commission, has accepted five insurtech startups. The groundbreaking initiative aims to foster a conducive environment for the development and testing of cutting-edge innovative insurance products and services for the insurance sector.
Meet the chosen ones!
The selected innovators and their respective solutions are as follows:
- Moovon Insure in partnership with a financial institution and five insurance companies: Flexible premium financing arrangement.
- A partnership between ETAP and Hollard Insurance: usage-based motor insurance using telematics solutions.
- RedPear in partnership with three (3) insurance companies: An aggregator platform.
- Trade Guarantee Limited in partnership with three (3) other insurance companies: Pay-as-You-Go-Motor insurance built on third-party motor insurance.
- FigTech Insure: Aggregator platform to sell mainly life insurance for three insurance companies.
The solutions will undergo a rigorous testing phase within the sandbox environment, allowing for experimentation and exploration of new business models, technologies, and customer-centric solutions. It is expected that these solutions will provide clearer outcomes to allow for the mainstream regularisation of similar solutions in the market.
The cohort of innovators will have a period of twelve (12) months to operate within the sandbox, during which they will receive support and guidance from the regulator.
