Ghana’s insurance sector is seeing significant changes as companies adopt technology to improve access to their services. With the growing demand for convenience, insurers are developing innovative ways to make policies easier to buy and manage.
Solomon Lartey, President of the Chartered Institute of Insurance, shared these insights in an interview with The High Street Journal. He highlighted how the industry is leveraging technology to meet modern consumer expectations.
One of the key advancements is the introduction of online platforms that allow customers to purchase policies without visiting physical offices or relying on middlemen. These portals have simplified the process, making insurance more accessible to tech-savvy Ghanaians.
As Lartey explained, “Insurance companies now have portals that allow clients to purchase policies directly online, eliminating the need for intermediaries.”
In addition to online portals, insurers are utilizing popular messaging apps like WhatsApp to enhance service delivery. Customers can now inquire about policies, receive quotes, and even complete purchases directly through the app. Lartey noted: “You can now chat on WhatsApp, get a quote, and purchase your insurance, all on the same platform.”
Mobile money, a widely used financial tool in Ghana, has also been integrated into insurance offerings. Through partnerships with mobile money providers, insurers enable customers to insure themselves as part of their mobile transactions.
However, the adoption of mobile money-linked insurance products slowed after the introduction of the E-Levy, which increased transaction costs and reduced mobile money usage.
Despite these challenges, technology continues to play a crucial role in reshaping the insurance industry. Speaking to The High Street Journal, Lartey emphasized that innovations like these are helping to bridge gaps in accessibility, ensuring more Ghanaians can secure insurance coverage with ease.
