By Francis Ntow
Accra, July 5, GNA – Industry stakeholders have called for patient capital and stronger partnerships to expand inclusive insurance to millions of underserved Ghanaians.
They said the sector could tap the more than 80 per cent of Ghana’s workforce in the informal economy but faced challenges in scaling innovative insurance products beyond pilot projects.
The stakeholders made the call at a forum on inclusive insurance organised by the United Nations Development Programme (UNDP) Ghana under the theme, “From innovation to market impact,” where insurtech practitioners, insurers and the National Insurance Commission (NIC) examined barriers to expanding insurance coverage.
They identified funding, distribution, underwriting partnerships, trust and public awareness as the key constraints to extending inclusive insurance to underserved populations.
Mr Gideon Ataraire, Chief Executive Officer of Microinsurance Master, said the challenges were common across Ghana, Ethiopia, Nigeria and Uganda because many inclusive insurance products did not fit conventional insurance models.
“Startups may reach five or ten thousand customers on their own, but scaling requires access to aggregators who already serve millions of people. They also need underwriting partners willing to understand their innovations,” he emphasised.
Mr Ataraire said scaling inclusive insurance required patient capital, strong distribution partnerships, committed underwriting partners, customer-centred product design and efficient claims management to build public confidence.
“Partners across the entire ecosystem must align around this vision. Aggregators, underwriters, distribution channels, and support systems all need to understand and embrace inclusive insurance’s unique model. Without alignment, even well-designed products fail to reach scale,” he noted.
Mr Francis Gota, Chief Executive Officer of aYo Ghana, said inclusive insurance operated on very thin margins, sometimes as little as one dollar per customer, making it less attractive to investors.
He urged established institutions to open their distribution channels to inclusive insurance providers to enable products to reach the mass market.
“We must help inclusive insurance firms to move from pilot to scale through a combination of adequate funding, distribution access, supportive underwriting partners, customer-centric design, and flawless claims execution. Missing even one element can undermine otherwise promising innovations,” he said.
Mr Gota said prompt claims settlement should be viewed as an investment in customer confidence.
“The solution involves making claims processes flexible and accessible, ensuring customers receive real value at the critical moment they need it most. This is where vulnerable populations convert from sceptics to brand advocates,” he noted.
Mrs Stella Jonah, Head of Supervision and Market Development at the National Insurance Commission, urged stakeholders to build partnerships aligned with the objectives of inclusive insurance.
“Innovation in insurance must be matched with strong partnerships and a clear understanding of market needs. To close the protection gap, we must design solutions that are practical, inclusive, and capable of earning the trust of the people we serve,” she said.
Mrs Jonah encouraged providers to adopt human-centred product design based on direct engagement with target communities.
“Insurance asks customers to pay before receiving any benefit, often when they are most vulnerable, so providers must prove reliability at every stage, from onboarding through to claims, or risk losing customer confidence permanently,” she said.
Ms Rachel Ameyaw of Enterprise Life called for investment in simple, trusted and sustainable insurance solutions, supported by stronger partnerships, effective technology and efficient distribution systems.
She said investment in actuarial expertise, collaboration with committed partners, strengthened public trust and reliable service delivery would help scale inclusive insurance.
Dr Amina Sammo, National Coordinator of UNDP Ghana, called for stronger collaboration among innovators, the private sector and government to close the insurance protection gap.
“Closing the insurance protection gap will require bold collaboration across innovators, the private sector, and government.
“We must invest in solutions that are simple, trusted, and built to last so that no one is left behind in moments of shock and uncertainty,” she encouraged.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow
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