StarLife Assurance has partnered with emerging insurtech firm Figtech (MyFIG) to enhance digital insurance accessibility in Ghana. The collaboration, a result of the National Insurance Commission‘s (NIC) regulatory sandbox initiative, aims to provide innovative and customer-friendly life insurance solutions.
The NIC launched its regulatory sandbox in October 2024, granting innovation licenses to five insurance technology firms, including Figtech. These licenses allow the firms to pilot new insurance products for a year, after which their performance will be evaluated for potential full licensing.
At a signing ceremony in Accra, StarLife Assurance CEO Kakra Duffuor-Nyarko emphasized the company’s commitment to leveraging technology to make insurance more accessible. “Our collaboration with Figtech is a major step in offering superior digital services to clients at competitive prices. This partnership will also be instrumental in expanding our reach across Ghana,” she stated.
Figtech’s MyFIG platform integrates advanced technology to simplify life insurance, making it more affordable and empowering customers to make informed financial decisions. Figtech CEO and Co-Founder, Festus William Amoyaw, described the alliance as a strategic milestone in advancing digital financial services. “With just their mobile devices, Ghanaians can now purchase life insurance and access vital information to help them make the best decisions for their future,” he noted.
The NIC has identified innovation as a crucial tool in addressing Ghana’s low insurance penetration, currently at less than 2% of the population. Acting Commissioner of Insurance, Mr. Michael Kofi Andoh, stresses the importance of fintech partnerships in expanding coverage. “As a forward-looking regulator, the NIC is committed to enabling market players to leverage innovation and technology for market development. We anticipate that these efforts will help bridge the protection gap and expand access to insurance across the country,” he stated in an interview. The signing ceremony was attended by representatives from the NIC, GIZ, Figtech (MyFIG), and key stakeholders from Ghana’s fintech and insurtech industries.
