Telecom Chamber advocates for increased use of technology to drive insurance penetration in Ghana

Chief Executive Officer of the Telecom Chamber, Dr. Kenneth Ashigbey has emphasized the importance of leveraging technology to boost insurance penetration in Ghana. Dr. Ashigbey reflected on a presentation he made six years ago to the National Brokers Association, where he highlighted technology’s crucial role in transforming the insurance sector. His message remains relevant today, especially with the introduction of the regulatory sandbox by the National Insurance Commission (NIC), which has allowed for innovative solutions to be developed by local and international insurtech companies.

The NIC’s sandbox provides a controlled environment for these tech-driven solutions to be tested, ensuring that customer and data protection standards are met while fostering innovation. Dr. Ashigbey expressed satisfaction that this initiative is not limited to Ghanaian enterprises but is attracting companies from across Africa, with the potential for these innovations to benefit markets beyond the continent.

He further discussed how collaboration between technology firms, insurance companies, and the Telecom Chamber could help address challenges in the sector, particularly the low level of insurance penetration and the need to reach underserved populations. One key issue is the lack of tech-savviness among many Ghanaians, especially the poor, who are often the target for insurance policies. However, advancements in mobile technology, biometrics, and artificial intelligence could simplify insurance processes, making them accessible even to those with minimal education or technical knowledge.

Dr. Ashigbey also highlighted the transformative potential of big data and analytics. By using mobile money data and other digital tools, insurance companies can better understand customer needs and tailor products accordingly. This personalized approach, powered by technology, could demystify insurance and make it more appealing and accessible to a broader section of the population.

In conclusion, Dr. Ashigbey stressed that technology holds the key to expanding the insurance market in Ghana. With ongoing collaboration between the tech and insurance sectors, he believes that insurance solutions can be crafted to address local challenges while also positioning Ghana as a hub for innovative insurtech solutions across Africa.