NIC readies regulations for operation of insurtechs as it outdoors 10 insurtech start-ups
The National Insurance Commission (NIC), is yet to finalize and issue regulations for the operation of technology-based insurance start-ups (insurtechs) in the country.
This is according to the Deputy Commissioner of Insurance, Michael Andoh.
Making the assertion at the Demo Day of the Ghana Innolab Insurtech Accelerator Programme, the Deputy Commissioner of Insurance, noted the new Insurance Act, 2021 (Act 1061), has extensive provisions for the operation of insurtechs and the Commission given the new Act, 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 insurtechs have become the change agents and enablers for innovations capable of deepening access to insurance and the development of the insurance market landscape.
Adding that, insurtechs presents to industry players the opportunity to leverage innovative solutions of insurtechs 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 Insurtech 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.
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 award 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 creating an enabling environment for insurance start-ups to set up 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.
Great work, the way to go