StarLife Assurance Partners Figtech (MyFIG) to Promote Financial Inclusion in Insurance
StarLife Assurance, one of Ghana’s leading Life insurance companies, announced its partnership with an emerging Ghanaian Insurtech, Figtech (MyFIG), to digitally market and distribute life assurance solutions to Ghanaians. The relationship is in fulfillment of the regulatory approval under the new Insurance Act 2021. Figtech (MyFIG) has been admitted into the National Insurance Commission (NIC) Sandbox Program.
This first-of-its-kind digital partnership affords StarLife the opportunity to provide tailor-made insurance solutions to clients through MyFIG. MyFIG is an innovative Life Insurance App built by integrating technologies within the sector. It is to improve affordability and accessibility to life insurance products, thereby empowering customers to make informed decisions about the future.
Starelife has the objective of partnering with robust digital insurance platforms to offer best-in-class life insurance solutions to clients. StarLife and Figtech (MyFIG) partnership is a shared vision that will enhance the customer experience in the purchase and managing of Life Insurance policies.
Speaking during the signing ceremony in Accra, Chief Executive Office of StarLife Assurance, Kakra Duffuor-Nyarko, stated, “We aim to simplify insurance for Ghanaians. Through the relationship with Figtech (MyFIG), we are taking another important step to easily interact and offer superior digital services to clients, at the right time and with competitive pricing. This partnership we believe will also be instrumental for StarLife to increase our reach.” “Innovative Insurtechs continue to partner with insurers around the globe to digitise their businesses across all aspects of the value chain”.
“We are thrilled to partner with Figtech (MyFIG) to sell insurance solutions to Ghanaians. Together we can combine our experiences and knowledge with digital innovation to safeguard the financial future of Ghanaians through life insurance,” she added.
Mr. Festus William Amoyaw, the CEO/Co-Founder Figtech (MyFIG) said the alliance was a strategic intent and the first of many to lead digital financial service solutions to customers. We are delighted to reach an important stage in our development by making Life Insurance products available digitally and increase penetration through strategic partnerships. Life Insurance products are critical for protecting loved ones and every Ghanaian must be encouraged to purchase one.
StarLife Assurance is a strategic partner that will help us further our objective of delivering an exceptional Customer experience. Ghanaians, through their devices, can purchase and have access to information and knowledge on Life Insurance products.
“Our entire purpose as an organization is to understand people and simplify Life insurance products, so working with StarLife is the perfect fit. The company is tuned in to evolving consumer needs and has created a digital proposition which lets customers plan for their loved ones,” said Mr William Amoyaw.
Present at the signing ceremony were representatives from the National Insurance Commission, GIZ, Figtech (MyFIG), and representatives in the Fintech/Insuretech industry in Ghana.
About StarLife
StarLife Assurance Company Limited is an indigenous life assurance company and the third largest market shareholder with over 15 years’ experience in the life insurance industry. The Company has established itself as a reliable household name in life insurance, with a consistent record of prompt claims payment and a portfolio of several individual and corporate products.
Today, thousands of Ghanaians in all 16 regions continue to rely on the StarLife brand as one of the preferred life assurance companies in the country. Clients have the choice from a range of over 15 innovative products intended to meet their individual and corporate needs.
About Figtech (MyFIG) Limited
Figtech (MyFIG) Limited is a Ghanaian Fintech/Insurtech start-up company established in 2021. The company has developed MyFIG an app approved under the National Insurance Commission of Ghana (NIC) Sandbox prog. MyFIG means “My Future Investment Goal”, is an innovative platform connecting consumers and Life Insurance companies to improve customer experience and financial literacy and enhance financial safety net, savings/retirements and general economic well-being.
MyFIG offers a wide array of Life insurance, Investments and Pension Products from Licensed Entities. The platform provides users with tools and resources to understand their financial planning needs and make informed decisions. By aggregating offers from multiple providers, MyFIG helps consumers find the best products at competitive prices, protection and returns to plan for the future.
MyFIG is a valuable resource for those seeking to navigate the complex financial services landscape. The app is a single, centralised system for the customer, side-by-side comparison of Life Insurance products. MyFIG, is currently available on Appstore and Google Marketplace.
