{"id":234009,"date":"2024-10-17T08:57:17","date_gmt":"2024-10-17T08:57:17","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/17\/nic-grants-5-insurtechs-sandbox-innovation-licences\/"},"modified":"2024-10-17T08:57:17","modified_gmt":"2024-10-17T08:57:17","slug":"nic-grants-5-insurtechs-sandbox-innovation-licences","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/17\/nic-grants-5-insurtechs-sandbox-innovation-licences\/","title":{"rendered":"NIC grants 5 insurtechs sandbox innovation licences"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/611\/61102693.295.jpg\" alt=\"This initiative is aimed at boosting the country\u2019s low insurance penetration rate\" title=\"This initiative is aimed at boosting the country\u2019s low insurance penetration rate\" width=\"295\" height=\"154\" \/> <span class=\"image_caption\"><span>This initiative is aimed at boosting the country\u2019s low insurance penetration rate<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The National Insurance Commission (NIC) has granted sandbox innovation licences to five insurtech companies.<\/p>\n<p>This initiative, aimed at boosting the country\u2019s low insurance penetration rate, allows these firms to pilot innovative products for a year before potentially receiving full licences.<\/p>\n<p>Michael Kofi Andoh, Commissioner of Insurance, emphasised the regulator\u2019s positive approach: \u201cAs a forward-looking insurance regulator, the NIC is committed to enabling market players leverage innovation and technology for market development.<\/p>\n<p>\u201cOur modern Insurance Act supports innovation and we anticipate that the market will seize this opportunity to expand insurance access, bridge the protection gap and safeguard policyholder interests\u201d.<\/p>\n<p>The five licenced insurtechs represent a diverse range of technological solutions. They include Figtech, an insurance aggregator streamlining the customer journey from policy purchase to claim settlement; and Moovon Insure, an online platform offering flexible pay-as-you-go premium payments.<\/p>\n<p>The others are Holland Insurance and Nigerian-based ETAP, a partnership leveraging mobile telematics for flexible premium payments; and Trade Guarantee Limited (TGL) offering \u2018Sorpi Sorpi\u2019, a telematics-based third-party motor add-on service.<\/p>\n<p>Red Pear, an aggregator platform providing product variety from multiple insurers, rounds up the initial cohort.<\/p>\n<p>This regulatory sandbox project is supported by FSD Africa\u2019s Bimalab programme, which operates across 16 African countries.<\/p>\n<p>The programme has already made significant strides, having accelerated 100 insurtechs continent-wide \u2013 enabling 75 new projects, increasing coverage by 5 million and facilitating  US$35million in capital raise for participating insurtechs.<\/p>\n<p>Elias Omondi, Principal for Innovation and Bimalab lead at FSD Africa, praised Ghana\u2019s regulatory approach: \u201cInsurance is a great way to build resilience for our businesses and lives. Yet here in Africa insurance services remain a preserve of just a few \u2013 often due to low coverage and prohibitive costs.<\/p>\n<p>\u201cInnovations such as insurtechs are dealing with these challenges by offering exciting modern products, expanding coverage to underserved communities and lowering service costs. A supportive regulatory regime is key for this to happen and we laud NIC for being strongly pro-innovation.\u201d<\/p>\n<p>The initiative comes at a crucial time for Ghana\u2019s insurance sector. With only 2 percent of the population currently covered by insurance products, there is significant room for growth.<\/p>\n<p>The sector \u2013 comprising 26 non-life companies, 18 life companies, 3 re-insurance companies, 113 insurance brokers and 5000 agents \u2013 reported total assets of GH\u00a217billion at the end of 2023.<\/p>\n<p>One success story emerging from the Bimalab programme is Ibisa, a climate-focused insurtech that recently secured US$3million in funding. This investment will enable Ibisa to scale its parametric insurance solutions for weather-related risks in Africa, addressing a critical need on a continent increasingly affected by climate change.<\/p>\n<p>The global impact of extreme weather events on agriculture is estimated to cost between US$10-15billion annually, according to the United Nations Food and Agriculture Organisation. Ibisa\u2019s solutions aim to make parametric insurance more accessible to those affected by these climate-related risks.<\/p>\n<p>Analysts believe that as Ghana\u2019s insurance sector embraces these technological advancements, it sets a precedent for other African nations. The success of this sandbox approach could potentially influence regulatory frameworks across the continent, fostering a more innovative and inclusive insurance landscape.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This initiative is aimed at boosting the country\u2019s low insurance penetration rate The National Insurance Commission (NIC) has granted sandbox innovation licences to five insurtech companies. This initiative, aimed at boosting the country\u2019s low insurance penetration rate, allows these firms to pilot innovative products for a year before potentially receiving full licences. Michael Kofi Andoh, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":234010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-234009","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NIC grants 5 insurtechs sandbox innovation licences - 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\/2024\/10\/17\/nic-grants-5-insurtechs-sandbox-innovation-licences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NIC grants 5 insurtechs sandbox innovation licences - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"This initiative is aimed at boosting the country\u2019s low insurance penetration rate The National Insurance Commission (NIC) has granted sandbox innovation licences to five insurtech companies. 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