Site icon Ghanaian Times

‘Develop innovative solutions to help address challenges hampering insurance service delivery’

Insurance Technology companies must develop innovative solutions to help address the challenges hamper­ing insurance services delivery to expand insurance penetration and coverage, Acting Commis­sioner of Insurance, Mr Michael K. Andoh, has stated.

According to him, the dif­ficulty in acquiring Police and Doctor’s report to claim insur­ance, accessing some remote parts of the country affected insurance service delivery.

Mr Andoh, who stated this in an interview after the opening of a day’s forum on the new Insurance Act ad Innovations in the sector in Accra on Tuesday, said the aforementioned chal­lenges, if addressed, would help prompt claim payment and cost of insurance.

It was on the theme “The New Insurance Act: Unlocking the Insurance Industry Potential via Innovative Technology”.

It was organised by the National Insurance Commission (NIC) in partnership with Finan­cial Sector Deepening Africa and Myfig.

He said the deployment of technology could reduce the cost of accessing insurance and expanding insurance penetration and coverage.

Mr Andoh said the technolo­gy could be a lever to reach a lot of the citizens with insurance.

According to him, insurance through digital technology could be sold to people where insur­ance companies could not go.

He said the objective of the forum was to expose the insur­ance technology companies to the operations and solutions which would be needed to boost the industry.

Mr Andoh said the NIC had introduced a sandbox to help insurance technology companies to text their ideas.

Under 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.

The Head of Financial Mar­ket and Innovation Unit of the Ministry of Finance, Benjamin Torsah-Klu, commended NIC for organising the forum, saying the Ministry of Finance saw the forum as cutting-edge, as it intends to create a platform for the industry to leverage tech­nology and innovation across the insurance ecosystem for the transformation of the market.

“Government 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,” he stated.

Mr Torsah-Klu said that the Ministry of Finance saw the forum as a pragmatic step by the NIC to enhance insurance market development through innovation and technology.

That, he said, would help accelerate growth and deepen insurance access and penetration, and most importantly, improve livelihood and financial stability of the country.

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.

“Our 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,” he added.

Alhaji Osman receiving a certificate of honour from Mrs Usula Owusu Ekuful, Minister for Communications and Digitalisation

 BY KINGSLEY ASARE

Exit mobile version