Improving Insurance Penetration with Mobile

Ing. Kenneth Ashigbey 8th March 2018

Outline

•  Insurance in Ghana • Market Players • Market Products •  In-market Challenges •  In-market Opportunities •  Penetration Strategies •  Recommendation • Q&A

Insurance in Ghana

Composite Insurance

•  Direct Digital based insurance

•  Digital platform for premium collection

•  Telematics Insurance

Life Insurance Non-Life Insurance

•  Between 2010-2014 compounded annual growth rate of insurance industry was 28%

•  Micro-insurers collaborate with MNOs to reduce transaction costs and products affordable to low-income buyers

•  Poor public perception has created lack of confidence

•  Developing Insurance with mobile will open up insurance products to low-income populations in rural Ghana

Ø  Over 42 firms as at 2015, offering insurance in these categories

Ø  Key Highlights

Ø  Digital Landscape

Market Players & Products

•  Affordableinsuranceandmobilehealthservicesforlow-incomefamilies.•  Fishermen’sFutureplans•  Life&Healthplans

•  Fintechs/Intermediaries/TechnicalPartners/Banks

Challenges

Low education levels and

low insurance

awareness;

Low levels and

irregular streams of disposable

income

Low levels of formal

identification document

penetration

A living enviroment which makes it difficult

to reach inclusive insurance customers

Lack of trust and a negative

perception towards

insurance

Opportunities•  Over130%+telecommunicationpenetration

•  Over22m+registeredwalletsonmobile

money•  WithaccesstolightKYCofthehuge

unbankedpopulation,targetingispossible

•  Accesstobigcustomerdata

•  Lowdistributioncost

Penetration Strategies

•  More low-touch models

•  Simplicity in product design

•  Bundling Insurance & Non-Insurance products, bundling with MoMo

Recommendation

“embrace technological innovations for the creation of new products, new distribution channels and innovative strategies to increase the rate of insurance penetration to an appreciable level.” – Sept. 2017

GeorgeMensahM.D.GhanaReInsuranceCompanyLtd

Q&A

• Lets Interact Questions

Answers