Ghanaian insurtech start-up, Figtech Limited, is poised to boost insurance penetration in Ghana and beyond on the back of its innovative MyFIG app designed to be a one-stop-shop for various insurance services in the country.
MyFIG is a centralized digital platform where customers can find and compare insurance products and premiums side-by-side, thereby harnessing time-saving processes that allow fast and seamless access to information across the insurance industry.
The app is designed as a platform to host licensed insurance companies and customers in Ghana.
In terms of contribution to GDP, insurance penetration in Ghana is current estimated to be less than 2%. But in terms of the number of people covered, it is about a one-third of the population, mainly driven by microinsurance. This means there is still a huge market in the industry, and that provides a great opportunity for innovators like Figtech.
CEO and Co-Founder of Figtech, Festus William Amoyaw noted that besides the legal requirement to insure properties such as vehicles and homes, most people are slow to purchase other insurance products like Life Insurance.
He said the factors for low adaption of Life Insurance are the complexity of the products, inadequate education and awareness of the benefits, lack of trust in the insurance sector and others such as religious beliefs and apathy.
“Figtech, through MyFIG, is therefore seeking to bring some relief to the customer and insurance companies by serving as a digital meeting point that simplifies process for both parties,” he said.
In that regard, MyFIG, which is currently running on Appstore and Google Marketplace stores, will help customers in these ways;
- Remote Consultation – using ChatGPT, Chatbots etc., the customer gets quick access to their data and product information from their insurer and others. The customer can assess everything about a company’s product, including premiums, claims, etc.
- Notifications – The app will help companies to stay in touch with customers in real-time. Companies can remind customers about premiums, renewals, the launch of new products etc.
- Accessibility – All customers need to enter their information once, and, with a few clicks, they can purchase any insurance (General and Life) products of choice. The company plans to engage more industry players to bring their products to the app.
- Transparency and Comparability – Why shop for quotes (premiums) on different apps? In MyFIG, the customer gets quotes from different Insurance companies and products in seconds for a quick decision-making process.
- Personalised Dashboards – The app provides the customer with a dashboard summarising all the insurance held by companies they have relations with and listed.
- A community – MyFIG wants to create a community of insurance policyholders who will share their experiences, challenges and ideas to improve the sector in the long term.
Festus William Amoyaw said, not only will existing and new customers have a better experience the benefit extends to the industry such as;
- Wider reach – Insurers can reach more customers through an alternate digital channel that is currently limited.
- Providing information about the company – Customers like to get additional information on the status of companies, claim payments, premiums, and others to make decisions. Through MyFIG, customers can access information to build better relationships.
- Automated Business Processes – Data is vital in business processes, and most companies lack enough of it in decision-making. The aggregation of data will facilitate quick turnaround times for improved customer experience.
- Open communication and Feedback – MyFIG is customer-centric and will provide an avenue for Insurers to engage with customers and collect feedback that will enhance the delivery of the services. Customers want shorter turnaround times when they have complaints.
According to the CEO, the entire objective as a company is to understand the customer and simplify insurance, so working with MyFIG is the perfect fit.
The company, he said, is customer-centric, and focuses on evolving consumer needs, and has created a digital proposition that lets customers have insurance on their own terms.
“Customers will soon be able to buy insurance policies and manage their insurance portfolio in one seamless, integrated experience. Figtech intends to develop other products to enhance the Financial Health of people to improve their safety net,” he stated.
Awards and recognitions
Figtech Limited was part of the Innolab Insurtech Accelerator organised by the National Insurance Commission, FSD Africa, and GIZ in 2022. In that same year, FigTech won two awards at the Innolab Insurtech Accelerator and the NextGen Fintech Ghana Accelerator Demo Day events.
Additionally, the company was nominated in three categories for the Ghana Fintech Awards same year.
