Initiative to spur innovation in insurance sector launched
The National Insurance Commission (NIC) has launched Innolab, which is an accelerator programme designed to support and grow the country’s insurance industry.
Launched in partnership with Financial Sector Deepening Africa (FSD) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the initiative is expected to support technology start-ups in the insurance space (insurtech start-ups), while unlocking innovations in the sector.
Through this initiative, 10 innovators will be selected to participate in a ten-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Ghana’s insurance sector.
InnoLab will leverage global best practice and results from similar initiatives, including BimaLab in Kenya, to support the development of a vibrant insurance ecosystem.
The eco-system will comprise start-ups, corporate partners, investors, and research institutions working to accelerate and scale innovation in the national insurance industry.
Speaking at the launch, the Commissioner of Insurance, Dr Justice Yaw Ofori, said the Ghanaian insurance ecosystem had huge potential which could be explored through initiatives such as Innolab.
He said the Innolab programme would serve as a catalyst for insurtech firms to nurture and showcase solutions that would propel growth of the insurance sector”
Start-ups need support
The Senior Manager, Risk Regulations, FSD Africa, Elias Omondi, for his part, said start-ups needed support to develop their ideas.
He said this could easily be achieved through training, mentorship, and coaching.
“InnoLab, will provide this environment and an opportunity to create new networks which will ultimately lead to a revolution in the insurance sector,” he stated.
Also speaking at the launch, the Component Manager of GIZ-FSD, Ms Angela Armah, said as a key driver of change in the financial sector, innovation had led to immeasurable efficiency gains.
She said even though these changes could sometimes be accompanied by uncertainty and hesitation, the GIZ was confident that the launch of Innolab would be the beginning of a journey for the Insurance sector to collaborate more closely with technology start-ups.
Criteria for selection
Start-ups who want to be selected must have a unique, innovative businesses, focused on solving a compelling problem that brings social and/or commercial value to the insurance industry
Applicants must also make innovative use of technology, have a working prototype of the solution, and have the potential to grow and scale up.
They must have a leadership team comprised of driven, coachable and collaborative people with some expertise in the area of focus, and must also be gender-balanced teams.