Indeed, there is progress; an example being the recently introduced game-changing Motor Insurance Database which has facilitated a consolidated database while mitigating insurance fraud. As fintech spurred new life into the banking sector, so can insuretech transform insurance in Ghana. Thankfully, one insurance group, Hollard Ghana, is rising to the challenge with its unconventional disruptions so far centred around digital microinsurance, welfare for digital giving, e-commerce, and artificially intelligent chatbots.
What Is Insurtech?
Insurtech, a combination of “insurance” and “technology,” simply refers to using technology to drive cost savings and efficiency in the insurance industry. It explores ways for insurance firms to offer personalized policies using data obtained from connected devices. It allows them to match product prices to potential customers’ behaviours and preferences.
How is Hollard disrupting the industry with insuretech products and services?
Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance, is a vibrant brand with the purpose to enable more people to create and secure a better future. As an unconventional company, Hollard Ghana is consistently delighting its customers with innovative products, unrivalled customer experience and a stress-free claims process by putting customers first. Here are some of Hollard Ghana’s new products making waves in the country:
Digital Microinsurance: MeBanbo Life Insurance
Driving Accessibility, Diversified Distribution Methods, and Fruitful Collaborations
Hollard Life partnered with a pan-African fintech company, Cassava Fintech, and Vodafone to launch a USSD-based micro-insurance product for the underserved market in Ghana to make insurance accessible for all. MeBanbo was developed out of insights received from engaging with potential customers in underserved markets who expressed interest in securing their financial well-being against unexpected incidences, such as funerals and disability. For the product to be accessible, the distribution method had to be easy for the target to use. Hence, the choice of USSD format is widely used for mobile money.
The insurance product, called ‘MeBanbo’ – loosely translated to ‘My Protection’ is the first micro-insurance product of its kind offering tailored packages of varying amounts that suit different needs. MeBanbo is currently available to persons older than 18 years who use the Vodafone mobile network by dialling USSD code *269#. Although still early, the outcomes of the introduction of MeBanbo are clear; close to ten thousand signups so far, widespread visibility and reach, renewed interest in insurance, a new vision of insurance as a lifestyle, increased penetration, and a prime example of insuretech.
