Figtech Limited, a Ghanaian registered Fintech startup was one of the three winners at the recently held Innolab Insuretech Accelerator program in Ghana. The other winners are BeNew Insurance and Ibisa Network.
Figtech Limited has built an innovative Customer First Life Insurance APP (MYFIG) by integrating innovative technology with traditional methods within the sector. MYFIG is to improve affordability and accessibility to Life Insurance products to empower customers to make informed decisions about the future.
The company seeks to support the pensions, life insurance, and investments sectors by expanding financial inclusion and using technology to reduce the pain points of the end-user with direct control over their future.The company has developed the Minimum Value Product (MVP) and is testing the API interface with a Life Insurance Company.
The opportunity for the Life Insurance market is estimated between US$2.5b to US$4.0b based on extrapolating the date from the National Insurance Commission. Life Insurance penetration can increase in Ghana over the current 0.5% (NIC, 2019) if the traditional methods of reaching the customer can be enhanced with technology to be closer to the customer.
Figtech Limited was selected among 10 early-stage businesses as the first cohort of the Insuretech accelerator programme in Ghana. The programme was initiated by the National Insurance Commission on the back of the recent new Insurance Act 2021 (Act 1016) to replace the Insurance Act, 2006 (Act 724).
Act 1061 creates three main license categories under which insurance businesses may operate: Insurance Licence, Reinsurance Licence, and the new Innovative Insurance Licence. An Innovative Insurance business uses new financial technology or any other innovative technology or method in the insurance business, including the development of an insurance product, use of data, underwriting, pricing of risk, and distribution of an insurance product.
Figtech Limited was founded by Festus William Amoyaw – Chief Executive Officer with over 15 years’ experience in Investment Banking, Nayram Mensah – Chief Technology Officer, a Software Engineer, consulting for many organisations and products of KNUST. The third Co-founder is Yvonne Kumoji-Darko, a real estate developer in Ghana and United Kingdom.
According to the CEO, the cash award from GIZ, a partner of the programme will support the product and technology development of the app. We are at a critical stage planning to get the necessary support from the regulator and partners to make the dream a reality. MyFig will define the space by supporting to create awareness and education on Life Insurance so more people can protect themselves and love ones. Owning Life Insurance Provides a clear path to Financial Security.
The 10-week Insuretech Accelerator Programme was organised by Tellistic Technologies Services under the auspices of the National Insurance Commission with support from GIZ, FSD Africa, BFA Global, Old Mutual, and Starlife. The programme took participants through various topics and exercises on starting and sustaining the business.
Speakers and facilitators were drawn from different parts of the world and locally to equip these entrepreneurs to go out there and make the necessary impact in the insurance space.
