The National Insurance Commission (NIC) is preparing regulations for the operation of technology-focused insurance start-ups (Insurtechs) in the country, Deputy Commissioner of Insurance – Michael Andoh, has disclosed.
Making the assertion at the Demonstration Day of the Ghana Innolab Insurtech Accelerator Programme, the deputy commissioner of Insurance noted that the new Insurance Act, 2021 (Act 1061) has extensive provisions for the operation of insurtechs and the commission. Given the new Act, it will soon issue regulations with the appropriate safeguards to ensure the safe operation of insurtechs within the insurance industry.
Touching on the relevance of insurtechs to the local insurance industry, the Deputy Commissioner of Insurance averred that insurtechs have become the change agents and enablers for innovations capable of deepening access to insurance and the development of the insurance market landscape.
He added that insurtechs present to industry players the opportunity to leverage innovative solutions using technology to support their business processes.
The Deputy Commissioner of Insurance further urged insurance firms in the country to partner with insurtechs, as they have the potential to transform the delivery of insurance services in the country.
Demo Day of the Ghana Innolab Insutech Accelerator Programme.
The Ghana Innolab Insurtech Accelerator Programme Demo Day saw ten shortlisted insurtechs pitch their insurance ideas for a total funding of €20,000 for each winner.
The ten shortlisted insurtechs include Insurerity Digital, BestQuote, Democrance, BeNew Insurance, Full Cycle Consult, Perigee Insights, FigTech, LbH and Ibisa Network.
Out of the ten shortlisted insurtechs, three were selected and awarded €20,000 each.
Aside the €20,000 funding awarded to the three selected insurtechs, additional benefits to the insurtechs include;
- Access to NIC expertise and resources.
- Business advisory support.
- Technology platform support.
- Access to mentorship from a range of experts and high profile mentors, representing a broad skills base.
- Connections that can support local investments, networking, navigation, showcasing and critical challenges support.
The Ghana Innolab Insurtech Accelerator Programme is aimed at creating an enabling environment for insurance start-ups to set and grow in the insurance industry.
Ultimately, it is also to help bring down premium costs, bridge the widening protection gap, and increase insurance penetration in the country.