NIC issues 5 insuretechs with licenses to roll out digital innovations to deepen coverage

The National Insurance Commission (NIC) of Ghana has granted sandbox innovation licenses to five Insurtech firms, allowing them to pilot new products for one year.

Acting Commissioner Mr. Michael Kofi Andoh emphasized the importance of technology in enhancing insurance penetration and safeguarding policyholder interests.

Supported by FSD Africa's Bimalab program, the initiative aims to foster innovation across the African insurance sector.

The licensed Insurtechs—Figtech, Moovon Insure, Hollard Insurance, ETAP Trade Guarantee Limited, and Red Pear—are expected to provide diverse solutions to improve coverage in Ghana's insurance market, which consists of 26 non-life and 18 life companies.