NIC to spur innovation in Ghana’s insurance sector with new initiative
The National Insurance Commission (NIC), the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and FSD Africa, have partnered to launch InnoLab, an accelerator programme designed to support and grow the nation’s insurtech start-ups, while unlocking innovations which can help transform the country’s insurance industry.
Through the programme, 10 innovators will be selected to participate in a ten-week programme that will provide them with the expertise, resources, and support to develop and scale market ready solutions that bring social and/or commercial value to Ghana’s insurance sector.
In line with this, GIZ Ghana on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and Tellistic is supporting FSD Africa and the National Insurance Commission with the roll-out of InnoLab, by coordinating the programme and providing technical support to qualifying insurtechs.
InnoLab will leverage global best practice and results from similar initiatives, including BimaLab in Kenya, to support the development of a vibrant insurance ecosystem. The eco-system will comprise start-ups, corporate partners, investors, and research institutions working to accelerate and scale innovation in the national insurance industry.
Africa’s insurance sector is primed for growth and technology can help unlock the innovations needed to deliver more affordable and relevant products for local consumers. Industry insights by McKinsey indicate that Africa’s insurance industry is valued at approximately $68 billion in terms of Gross Written Premium (GWP).
However, most people who wish to get insurance products and services are deterred by high premiums and products that don’t meet consumer needs. To widen insurance coverage, FSD Africa plans on rolling out similar accelerator programmes across Africa, with plans for Nigeria’s accelerator now at an advance stage.
Solutions being generated under the accelerator programmes will be designed to speak to the needs of populations beyond their borders of origination.
Commenting on the launch of the InnoLab Accelerator Programme, Dr. Justice Yaw Ofori, Commissioner of Insurance said: “The Ghanaian insurance ecosystem has huge potential and this can be achieved through initiatives such as this Innolab program, which would serve as a catalyst for insurtech firms to nurture and showcase solutions that will propel growth of the insurance sector”
Elias Omondi, Senior Manager, Risk Regulations, FSD Africa said: “Start-ups need support to develop their ideas, which can easily be achieved through training, mentorship, and coaching. InnoLab, will provide this environment and an opportunity to create new networks which will ultimately lead to a revolution in the insurance sector.”
“As a key driver of change in the financial sector, innovation has led to immeasurable efficiency gains, even though these changes can sometimes be accompanied by uncertainty and hesitation. It is GIZ’s firm belief that “today’s event will be the beginning of a journey for the Insurance sector to collaborate more closely with technology start-ups, to better address the insurability of policyholders by using technology to simplify processes and tailoring policies that better suit their needs,” added GIZ-FSD component manager Ms. Angela Armah.
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
Applications for InnoLab are now open on: https://innolab-app.azurewebsites.net/. The deadline for submission is 26 January 2022
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