NIC, partners launch accelerator programme for innovative insurance start-ups
The regulator of Ghana’s insurance industry, the National Insurance Commission (NIC), along with its international partners have launched an accelerator programme for innovation-driven insurance start-ups in the country.
The accelerator programme dubbed “Ghana Innolab Insurtech Accelerator Programme” is to create an enabling environment for 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.
Speaking at the virtual launch of the accelerator programme, Commissioner of Insurance, Dr Justice Ofori, noted the programme creates the platform for the NIC and it’s partners to mentor, train and build capacities of innovators to provide innovative solutions to meet the growing needs of the market.
“Innovation continues to be an essential element of the strategic policy of the NIC, the NIC’s strategic policy is to harness technology to improve risk transfer and insurance penetration in Ghana and the accelerator programme is one of the many programmes the NIC intends to use in its transformation of the insurance industry,” he stated.
“The accelerator programme will provide insurance access to underserved markets, create an enabling environment for insurance innovators, improve customer experience and insurance penetration among others,” he added.
For insurance start-ups seeking to apply for the accelerator programme, the following application criteria needs to be met;
- Unique, innovative businesses focused on solving a compelling problem, economic or social, that bring social and or commercial value to the insurance industry.
- Makes innovative us of technology (hardware or software) as part of the business solution. Climate-focused insurtechs and innovations addressing MSMEs are strongly encouraged to apply
- Have a working prototype of the solution (at a minimum) that is either in the market or ready-to-launch.
- Have the potential to grow and scale to achieve high impact driving gains in line with inclusive insurance goals
- Have a leadership team comprised of driven, coachable and collaborative people with some expertise in the area of focus
- Gender-balanced teams and solutions that incorporate a gender inclusion Lena will have an added advantage.
The benefits of participation in the accelerator programme 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
- Peer to peer support from the cohort group established through workshops, webinars and events
- Pitch your innovative business solution during the Demo Day
Interested start-ups can apply at Https://innolab-app.azurewebsites.net/
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