NIC implements Innolab Insurtech Accelerator Programme to deepen insurance penetration

As part of the efforts to deepen insurance penetration in the country, the National Insurance Commission is implementing the Innolab Insurtech Accelerator Programme to come out to innovate insurance products and services.

The Innolab Accelerator Programme, being financed by the GIZ, FDSAfrica and UKaid seeks to stimulate innovative digital insurance product solutions to drive inclusive insurance for Micro and Small Medium Enterprises and the public.

As part of the programme, 10insurance technology companies are participating in the programme and three of the 10 companies which emerged winners of the programme would be supported with 20,000 euros each to further develop their innovative solutions into sustainable insurance products and services to drive Ghana’s Insurance industry forward.

The start-up companies participating in the programme include Insurerity Digital, BestQuote Limited, Democrance, BeNew Insurance, Full Cycle Consult, Perigee Insights Limited, FigTech Limited, LbH, Ibisa Network.

Speaking at programme in Accra on Friday, for the start-ups to demonstrate their products and services, the Deputy Commissioner of Insurance, Mr Michael Kofi Andoh, commended the partners for championing “this great partnership to deploy innovation to find solutions to the challenges of the Ghanaian insurance industry.”

He said the Accelerator programme were always an exciting space for collaborations, creativity and partnerships.

“For the industry players, this Innolab Insurtech Accelerator Programme is an enabler for potential partnerships between your good self and this cohort of Insurtechs, to leverage their innovative solutions to support your businesses processes,” he said.

Mr Andoh said globally, there was a growing shift in the way insurance business was done, particularly risk transfer, insurance distribution, and customer experience, stressing that “Harnessing innovation continues to be an essential element of the strategic policy objective of National Insurance Commission.”

The Director of the Financial Services Division of the Ministry of Finance, Mr Sampson Akligoh in his keynote address said the programme was timely considering the fact that the global economy was fast changing.

He said the programme was apt and fit well into the government’s agenda for digitalisation.

Mr Akligoh said the government had formulated the National Financial Inclusion and Development Strategy and complemented it with the Digital Financial Services policy and a digital payment roadmap to serve as a blueprint for attaining a digitised society and said the insurance industry was one of the key pillars of project.

The Head of Programme for Programme for Sustainable Economic Development at GIZ, Detlev Axel Jahn, said the German Federal Government was currently operating in over 120 countries. 

He said in Ghana, through the Programme for Sustainable Economic Development, the German government supported the Microfinance and Insurance sectors to promote stability and improve access to finance for Micro, Small and Medium Enterprise (MSMEs). 

Through the GIZ-implemented Financial Systems Development, he said the German Development Cooperation advised   on implementing and facilitating the use of technology and innovation to promote financial inclusion, based on the principle of equity and inclusion.

Mr Jahn said his outfit was proud to be associated with the Innolab Insurtech Accelerator Programme.


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