{"id":125998,"date":"2023-11-30T17:56:56","date_gmt":"2023-11-30T17:56:56","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/30\/innovative-solutions-must-be-developed-to-expand-insurance-coverage-penetration-nic\/"},"modified":"2023-11-30T17:56:56","modified_gmt":"2023-11-30T17:56:56","slug":"innovative-solutions-must-be-developed-to-expand-insurance-coverage-penetration-nic","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/30\/innovative-solutions-must-be-developed-to-expand-insurance-coverage-penetration-nic\/","title":{"rendered":"Innovative solutions must be developed to expand insurance coverage, penetration \u2013 NIC \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Acting Commissioner of Insurance at the NIC, Micheal Andoh, has called on insurance technology firms to development innovative solutions to address challenges impeding insurance services delivery.<\/p>\n<p>According to him, this is critical to expand insurance penetration and coverage, while providing services.<\/p>\n<p>The acting NIC boss cited instances in the difficulty in acquiring police and doctor\u2019s report to claim insurance, as well as accessing to insurance services in remote parts of the country.<\/p>\n<p>Addressing journalists on the sidelines of a forum organised to discuss the new Insurance Act and Innovations in Accra, Micheal Andoh said these aforementioned challenges must be addressed to enhance prompt claim payment and cost of the insurance.<\/p>\n<p>He added that the deployment of technology could also reduce the cost of accessing insurance and serves as a lever to reach a lot of the citizens with insurance.<\/p>\n<p>\u201cThrough digital technology, insurance could be sold to people where insurance companies could not go and the objective of the forum is to expose the insurance technology companies to the operations and solutions which would be needed to boost the industry,\u201d he said.<\/p>\n<p>The acting NIC boss added that the outfit currently has developed a sandbox to help insurance technology companies to share their ideas and insights.<\/p>\n<p>\u201cUnder the sandbox, the NIC had offered two temporal licence, such as Insurers Innovative Licence, for a period of two years to help insurance technology companies to test their insurance technology products,\u201d he disclosed.<\/p>\n<p>Head of Financial Market and Innovation Unit of the Ministry of Finance, Benjamin Torsah-Klu, on his part, lauded the NIC for organising the forum as it provides a cutting-edge intended to create a platform for the industry to leverage technology and innovation across the insurance ecosystem for the transformation of the market.<\/p>\n<p>\u201cGovernment would continue to provide the enabling environment for digitalisation and innovation in order to reduce financial vulnerability. Income inequality and the huge risk protection gap,\u201d he stated.<\/p>\n<p>In addition, the Principal in charge of Innovation and Resilience of FSD Africa, Elias Omondi, said the objective of the FSD Africa was to deepen insurance penetration in Africa, particularly in Ghana.<\/p>\n<p>\u201cOur role is how to create the large-scale change within the financial market in Africa and Ghana holds a special dispensation in insurance in Africa,\u201d he added.<\/p>\n<p>The forum was held on the theme; \u201cThe New Insurance Act: Unlocking the Insurance Industry Potential via Innovative Technology.\u201d<\/p>\n<p>It was organised by the National Insurance Commission (NIC) in partnership with Financial Sector Deepening Africa and Myfig.<\/p>\n<p>MA\/AE<\/p>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Acting Commissioner of Insurance at the NIC, Micheal Andoh, has called on insurance technology firms to development innovative solutions to address challenges impeding insurance services delivery. According to him, this is critical to expand insurance penetration and coverage, while providing services. The acting NIC boss cited instances in the difficulty in acquiring police and doctor\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":125999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-125998","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Innovative solutions must be developed to expand insurance coverage, penetration \u2013 NIC \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/11\/30\/innovative-solutions-must-be-developed-to-expand-insurance-coverage-penetration-nic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innovative solutions must be developed to expand insurance coverage, penetration \u2013 NIC \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Acting Commissioner of Insurance at the NIC, Micheal Andoh, has called on insurance technology firms to development innovative solutions to address challenges impeding insurance services delivery. 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