Fintech Association Of Kenya’s Post

I had the incredible opportunity to join Esther Awoniyi on CNBC Africa’s Closing Bell West Africa to discuss a landmark milestone: ETAP ’s license to operate in Ghana—the first insurtech operational license of its kind in the country! In the interview, we dive into: *What this license means for ETAP and our mission to reshape insurance in Africa *Our commitment to accessible, flexible, and instant insurance offerings for Ghanaians in partnership with Hollard Insurance Ghana. *How we’re aiming to tap into Ghana’s market potential, where insurance penetration stands at just 2%. This is more than just a market expansion for us; it's a game-changing step in building a safer and more inclusive insurance landscape across the continent. Watch the full interview below and see how ETAP is leading the way in African insurtech.

National Insurance Commission, Ghana (NIC) has granted sandbox innovation licenses to five insurtech companies to boost the country's low insurance penetration rate. These licenses allow the firms to pilot innovative products for a year before potentially receiving full licenses. The five licensed insurtechs offer a diverse range of technological solutions: ⏏ Figtech Group LLC - An insurance aggregator streamlining the customer journey from policy purchase to claim settlement ⏏ Moovon Insure - An online platform offering flexible pay-as-you-go premium payments ⏏ Holland Insurance, Inc. and eTap Inc. (Nigeria) - A partnership leveraging mobile telematics for flexible premium payments ⏏ Trade Guarantee Limited (TGL) - Offering 'Sorpi Sorpi', a telematics-based third-party motor add-on service ⏏ Red Pear - An aggregator platform providing product variety from multiple insurers FSD Africa's Bimalab program, which operates across 16 African countries, supports this regulatory sandbox project. The program has accelerated 100 insurtechs continent-wide, enabling 75 new projects, increasing coverage by 5 million, and facilitating $35 million in capital raises for participating insurtechs. Ghana's insurance sector, comprising 26 non-life companies, 18 life companies, three reinsurance companies, 113 insurance brokers, and 5,000 agents, reported total assets of GH¢17 billion ($1.4 billion) at the end of 2023. With only 2% of the population currently covered by insurance products, there is significant room for growth. The new Insurance Act 2021 (Act 1061) is a beacon of hope for the insurance sector in Ghana. It aims to strengthen corporate governance, deepen insurance penetration, and increase access to insurance for the population, particularly farmers, those in the informal sector, and those with low incomes. The Act also introduces a new category of licenses for innovative insurers, reinsurers, and intermediaries, with the intention of developing a regulatory sandbox system to encourage and promote innovation. Ghana's regulatory reforms, led by the NIC, seek to modernize the sector and enhance its accessibility and reach. #GhanaInsurance #Insurtechs #RegulatoryReforms #InsurancePenetration #SandboxLicenses

SanlamAllianz, a leading insurance provider across 27 African countries, has officially entered the Ghanaian market. Formed from the merger of Sanlam and Allianz Insurance, this new entity aims to revolutionize the insurance industry in Africa, starting with Ghana. The merger of these two insurance giants created Africa’s largest non-banking financial services company under the joint venture name SanlamAllianz in 2023. They have now introduced the SanlamAllianz brand in Ghana, offering innovative product lines tailored to the market’s needs. SanlamAllianz Ghana is focused on increasing insurance penetration from the current 1.7 percent and boosting the insured population, which is currently at a mere 25 percent, according to the 2023 Ghana insurance industry report. The goal is to enhance financial inclusion across the country. While both organizations have been active in Ghana’s life and general insurance sectors, they will now operate under the SanlamAllianz brand as SanlamAllianz Life Insurance Ghana LTD and SanlamAllianz General Insurance Ghana LTD. As part of its strategy, SanlamAllianz Ghana plans to utilize a range of innovative and diverse products to enhance financial inclusion and boost insurance penetration. This approach aims to support Ghana’s inclusive financial ecosystem and provide vital support to small businesses. Chief Executive Officer of Sanlam Pan Africa, Robert Dommisse, emphasized at the press launch in Accra that with its presence in 27 African markets, SanlamAllianz is well-positioned to make a substantial impact on the country’s insurance sector. Click on the link to read more https://lnkd.in/dWT4-2Du #financialservice #ghanaianmarket #insurance

Property insurance remains a crucial yet underutilized safety net for many Nigerians. As urbanization accelerates and real estate development flourishes, the importance of protecting these valuable assets cannot be overstated. While traditionally low, awareness about property insurance is on the rise. Increased incidences of natural disasters, fire outbreaks, and theft have prompted property owners to seek insurance coverage. Technology is revolutionizing the insurance sector. Insurtech startups are introducing innovative platforms that simplify the insurance process. From online policy purchases to digital claim processing, the industry is becoming more accessible and user-friendly. Despite the positive trends, insurance penetration remains low. Many Nigerians still perceive insurance as an unnecessary expense or have mistrust towards insurance companies. This is often due to a lack of understanding of how insurance works and the benefits it offers. The complexity of insurance policies and the jargon used can be daunting for consumers. This complexity often leads to misunderstandings about coverage, exclusions, and claims processes, deterring people from purchasing insurance. What we are doing at Kolanut Africa: To bridge the knowledge gap, continuous education and advocacy are essential. At Kolanut Africa, we are dedicated to educating Nigerians about the importance of property insurance. By simplifying insurance concepts and providing clear, concise information, we aim to build trust and demystify the insurance process. Embracing digital solutions can enhance accessibility and convenience. Kolanut Africa’s platform allows consumers to easily compare policies, get quotes, and manage their insurance online. This streamlined approach reduces barriers and encourages more people to consider insurance. At Kolanut Africa, we work with insurers to provide diverse options that meet the varying financial capabilities of our customers. In conclusion, property insurance is not just a safeguard but a crucial component of financial stability. By addressing the existing challenges and leveraging current trends, we can significantly increase the adoption of property insurance in Nigeria. At Kolanut Africa, we are committed to making property insurance understandable, accessible, and affordable for all Nigerians. Let’s secure our properties and our future together. #insurance #propertyinsurance #homes #realestate #fashion

Here are the 10 interesting facts about insurance. 1. Did you know that the concept of insurance dates back to ancient Babylon around 2100 BC? That's even before the existence of the Nok culture in Nigeria! 2. The first insurance policy was written in 1680 by Lloyd's of London, insuring a shipment of goods. This was around the time of the Transatlantic Slave Trade, which had a significant impact on Nigeria. 3. The term "insurance" comes from the Latin "assecurare," meaning "to make sure." In Nigeria, we say "make sure" too - it's all about being prepared for the unexpected! 4. Life insurance was first offered in the US in 1762 by the Presbyterian Synod of Philadelphia. Meanwhile, in Nigeria, traditional forms of social insurance, like the "esusu" system, have been around for centuries. 5. The first auto insurance policy was issued in 1898 by Travelers Insurance Company. That's around the time when cars first appeared on Nigerian roads! 6. Insurance is a growing industry in Nigeria, with over 50 insurance companies operating in the country. 7. The Nigerian insurance market is worth over ₦500 billion (approximately $1.2 billion USD). 8. The most expensive insurance policy ever written in Nigeria was for ₦10 billion (approximately $25 million USD), covering a prominent business tycoon's life. 9. Insurance companies in Nigeria use actuarial tables to calculate the likelihood of events, like accidents or death, just like in other parts of the world. 10. The insurance industry employs thousands of people in Nigeria, providing jobs and contributing to the country's economic growth. We hope you find these facts interesting and relatable! Do you have any specific questions about insurance or would you like more information? Then drop a comment for us in the comment section or DM us . . #insurance #insurancefacts #insurancebrokers #riskmanagement #thriveinsurancebrokers

Recent data from the Daily Graphic sheds light on a concerning trend: low insurance penetration in Ghana. 📉 Despite the potential risks individuals and businesses face daily, the uptake of insurance coverage remains significantly below optimal levels. This underscores the urgent need for increased awareness and accessibility to insurance services across the nation. At Ascoma Ghana , we believe that everyone deserves the peace of mind that comes with adequate insurance protection. Here's what the data reveals, only a small percentage of Ghanaians currently have insurance coverage, This small percentage has a majority taking insurance due to regulations. leaving a vast majority vulnerable to financial risks in the event of unforeseen circumstances. 🚀 As advocates for financial inclusion and risk mitigation, we are committed to bridging this gap. Through tailored insurance solutions and educational initiatives, we aim to empower individuals and businesses to safeguard their assets and livelihoods effectively. 💡 It's time to shift the narrative and prioritize insurance as a fundamental aspect of financial planning. By working together to raise awareness and enhance accessibility, we can ensure that every Ghanaian has access to the protection they need. Together, we can build a more resilient and secure future for all. 💼💪 #InsuranceAwareness #FinancialInclusion #AscomaGhana Article: https://lnkd.in/eY3JBiTn

Is Insurance Important and Why? #MyKava #ImanaCares #InsuranceKenya Absolutely! Insurance is not just a financial product; it’s a safety net that provides peace of mind and security in an unpredictable world. At Imana Insurance Agency Kenya Ltd and MyKava Insurance Shop, we understand the crucial role insurance plays in safeguarding your future. Why Choose Insurance? 1. Financial Security: Insurance protects you from unexpected financial losses. Whether it's health, life, or property insurance, having the right coverage ensures you won't face financial ruin due to unforeseen events. 2. Risk Management: Life is full of risks, from natural disasters to accidents. Insurance mitigates these risks, providing a cushion that allows you to recover without depleting your savings. 3. Peace of Mind: Knowing you’re covered gives you peace of mind, allowing you to focus on what matters most in life—your family, career, and passions. 4. Legal Requirements: Some types of insurance, like auto insurance, are legally required. Ensure you're compliant with the law and avoid penalties. 5. Investment Protection: Insurance protects your investments, ensuring that the hard-earned money you’ve put into your home, car, or business is safe. Contact Us Today! Don’t wait until it’s too late. Secure your future with Imana Insurance Agency Kenya Ltd and MyKava Insurance Shop. Visit us at 4th Floor, Krishna Centre, Woodvale Grove, Westlands. Call us on 0113619635 or 0745218460 Visit our websites www.imana.co.ke or www.mykava.co.ke. Follow us online #InsuranceMatters #SecureYourFuture #FinancialSecurity #PeaceOfMind #ImanaInsurance #MyKavaInsurance #KenyaInsurance #RiskManagement Invest in your future today with the best insurance services in Kenya. Because your peace of mind is our priority.

Authorised Garages in Zambia: Understanding the Importance In Zambia, insurance companies require policyholders to use authorised garages for vehicle repairs in the event of a claim. This practice has raised questions among many. Why do insurers insist on authorised garages? Reasons Behind Authorised Garages: 1. Quality Assurance: Insurers ensure that authorized garages meet quality standards, guaranteeing reliable repairs. 2. Cost Control: Authorised garages agree to predetermined rates, reducing claims costs. 3. Efficient Processing: Streamlined communication and documentation expedite claims settlement. 4. Reduced Fraud: Authorized garages minimize the risk of fraudulent claims. Implications of Not Using Authorised Garages: 1. Delayed Claims: Non-authorized garage repairs may delay claims processing. 2. Additional Costs: Policyholders may incur extra expenses for repairs not covered by the insurer. 3. Substandard Repairs: Unauthorized garages may compromise on quality, affecting vehicle safety. 4. Voided Warranty: Using non-authorised garages may void manufacturer warranties. Practical Examples: 1. Case 1: Mr. Mwenso's insured vehicle requires repairs after an accident. Using an authorized garage ensures timely settlement (K5,000) and quality repairs. 2. Case 2: Mrs. Boko chooses a non-authorized garage for repairs (K8,000). The insurer refuses to cover the full amount, leaving her with an unexpected bill (K3,000). Authorised Garage Benefits: 1. Convenience: Insurers provide a list of approved garages. 2. Peace of Mind: Quality repairs ensure vehicle safety. 3. Cost Savings: Reduced claims costs benefit Conclusion: Authorised garages play a crucial role in Zambia's insurance industry. By understanding the reasoning behind this practice, policyholders can appreciate the benefits and implications of using approved repair services. Call to Action: Verify your insurer's authorised garage list before scheduling repairs. Ensure a smooth claims process and quality repairs. #AuthorisedGarages #ZambiaInsurance #VehicleRepairs #ClaimsProcessing #QualityAssurance #CostControl #InsuranceIndustry #Zambia

It's been a long while Linkedin Fam. I have since been immersed in adult life. It's a new reality as I wasn't told adulthood was like this, can I go back to being a baby? Hahaha, on a lighter note. Today, I will be delving into a critical facet of financial planning and risk management: insurance in Nigeria. With Nigeria's flourishing economy and a burgeoning business landscape, comprehending the nuances of insurance is imperative. Insurance, at its essence, is a strategic financial tool that offers protection against potential losses and liabilities. In Nigeria, insurance plays a pivotal role in fostering stability and resilience amidst a dynamic environment. By transferring risks to insurance providers, individuals, and organizations fortify their financial security and ensure continuity even in the face of unforeseen circumstances. Types of Insurance 1️⃣ Life Insurance: Safeguarding the financial interests of loved ones in the event of the policyholder's demise is paramount. Life insurance provides a safety net, offering financial support to beneficiaries during challenging times. 2️⃣ Health Insurance: Health is the most invaluable asset one possesses. Health insurance grants access to quality healthcare services, mitigating the financial burden associated with medical expenses and enabling individuals to prioritize their well-being. 3️⃣ Auto Insurance: Whether it's personal vehicles or commercial fleets, auto insurance shields against potential accidents, theft, or damages. It minimizes financial liabilities and instills confidence and security on the road. 4️⃣ Property Insurance: Protecting assets, be it residential or commercial properties, is a prudent choice. Property insurance provides coverage against perils such as fire, theft, natural disasters, and other unforeseen events, facilitating recovery and ensuring business continuity. 5️⃣ Business Insurance: Entrepreneurs and businesses face unique risks and challenges. Business insurance encompasses various aspects, including liability coverage, property protection, and employee welfare, fostering resilience and enabling sustainable growth. Both individuals and businesses need to realize the significance of insurance and make use of its benefits. By comprehending the intricacies of insurance definitions and exploring its diverse types, we empower ourselves to make informed decisions, mitigate risks, and safeguard our financial interests. Stay tuned for future posts where I will delve further into specific aspects of insurance in Nigeria, sharing valuable insights and practical guidance. Thank you for reading❤️ Have an awesome week #InsuranceInNigeria #RiskManagement #FinancialSecurity #Protection