StarLife Assurance, one of Ghana’s leading Life insurance companies, announced its partnership with an emerging Ghanaian Insurtech, Figtech (MyFIG), to digitally market and distribute life assurance solutions to Ghanaians.
The deal follows regulatory approval under the new Insurance Act 2021, which admits Figtech (MyFIG) into the National Insurance Commission (NIC) Sandbox Program.
This first-of-its-kind digital partnership affords StarLife the opportunity to provide tailor-made insurance solutions to clients through the innovative MyFIG Life Insurance App built by integrating technologies within the sector.
The App, which is downloadable from both the Apple and Google Play stores, is to improve affordability and accessibility to life insurance products, thereby empowering customers to make informed decisions about the future.
StarLife has the objective of partnering with robust digital insurance platforms to offer best-in-class life insurance solutions to client. StarLife and Figtech (MyFIG) partnership is a shared vision that will enhance the customer experience in the purchase and managing of Life Insurance policies.
Speaking during the signing ceremony in Accra, Chief Executive Office of StarLife Assurance, Kakra Duffuor-Nyarko, stated that, “we aim to simplify insurance for Ghanaians. Through the relationship with Figtech (MyFIG), we are taking another important step to easily interact and offer superior digital services to clients, at the right time and with competitive pricing. This partnership we believe will also be instrumental for StarLife to increase our reach.” “Innovative Insurtechs continue to partner with insurers around the globe to digitise their businesses across all aspects of the value chain”.
“We are thrilled to partner with Figtech (MyFIG) to sell insurance solutions to Ghanaians. Together we can combine our experiences and knowledge with digital innovation to safeguard the financial future of Ghanaians through life insurance,” she added.
The CEO/Co-Founder of Figtech (MyFIG), Mr. Festus William Amoyaw said the alliance was a strategic intent and the first of many to lead digital financial service solutions to customers.
“We are delighted to reach an important stage in our development by making Life Insurance products available digitally and increase penetration through strategic partnerships,” said.
According to him, Life Insurance products are critical for protecting loved ones and every Ghanaian must be encouraged to purchase one, adding that StarLife Assurance is a strategic partner that will help Figtech further its objective of delivering an exceptional Customer experience.
He said Ghanaians can purchase and have access to information and knowledge on Life Insurance products through their mobile and other digital devices.
“Our entire purpose as an organization is to understand people and simplify Life insurance products, so working with StarLife is the perfect fit. The company is tuned in to evolving consumer needs and has created a digital proposition which lets customers plan for their loved ones,” he stated.
Present at the signing ceremony were representatives from National Insurance Commission, GIZ, Figtech (MyFIG) and representatives in the Fintech/Insuretech industry in Ghana.
