ETAP, an insurtech that creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana.
This will enable the startup to process claims, collect premiums, and provide other innovative auto insurance products and services to consumers and businesses in the Ghanaian market.
Details
In collaboration with Hollard Insurance Ghana, a leading provider of non-life insurance products, ETAP is poised to transform the insurance landscape in Ghana by introducing fast, fair, and rewarding auto insurance for cars, trucks, motorcycles, tricycles, and other vehicles.
Taking advantage of Hollard’s extensive experience and deep local knowledge of the market, the two companies will join forces as ETAP-Hollard to deliver a range of innovative insurance products and services that leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalized policy management.
The Big Picture
Insurance penetration in Ghana currently stands at approximately 2 percent. However, despite this relatively low penetration rate, Ghana’s insurance market is viewed as having substantial growth potential.
Factors such as increasing financial literacy, economic growth, and regulatory reforms are expected to drive higher insurance adoption in the coming years. The National Insurance Commission (NIC) of Ghana has also been active in promoting insurance awareness and enforcing regulations aimed at improving the credibility and stability of the insurance sector, which is expected to boost penetration over time.
Zoom In
ETAP’s entry into the Ghanaian market means consumers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less, and get rewarded for good driving and avoiding accidents via the startup’s game-changing app.
Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. Businesses can manage up to 1,000 vehicles in their fleet, enabling them to streamline insurance processes, oversee driver performance rewards and monitor driver behaviour in real-time on one seamless platform.
What They’re Saying
Ibraheem Babalola, CEO and Founder of ETAP, said, “Ghana represents a key market for us, and this license allows us to bring our innovative mobility insurance solutions to a country where insurance penetration is still low, yet the potential for growth is immense. With this expansion, we are not just launching a product; we are creating new opportunities, fostering financial inclusion, and contributing to the development of a more secure future for Ghanaians.”
Commenting on the announcement, Daniel Boi Addo, Managing Director of Hollard Insurance, described the partnership as a significant step forward, underlining its potential to promote sustainable and inclusive growth in the insurance sector. “Receiving the operational license from our regulator is a testament to our commitment to innovation and customer satisfaction. Partnering with ETAP allows us to deliver tailored insurance solutions while rewarding responsible driving. Together, we are building a better future for mobility insurance in Ghana, with endless possibilities for sustainable growth.”
