The National Insurance Commission (NIC) says it will issue regulations on insurance technology (insurtechs) that will provide safeguards for fair customer treatments, governance and security.

According to the Deputy Commissioner of Insurance at the NIC, Micheal Kofi Andoh, the introduction of technology-based insurance start-ups in the country will offer the stakeholders the opportunity to leverage innovative solutions to enhance the insurance sector and businesses.

Speaking at the Demo Day event under the Ghana Innolab Insurtech Accelerator Programme in Accra, Mr. Andoh indicated that even though the new Insurance Act, 2021 (Act 1061), has extensive provisions for the operationalisation of insurtechs in Ghana, the regulations that would give impetus for issuing innovative licenses are yet to be finalised.

NIC to fine-tune regulations on insurtechs to provide market comfort

 “While insurtechs have the potential to transform the delivery of insurance services, it is always a balancing act for regulators around the world, who need to consider how best to reap its benefits while providing safeguards for fair customer treatment, governance and security”, he said.

 The NIC believes the InnoLab Insurtech Accelerator programme is an enabler for potential partnerships to leverage innovative solutions to support business processes.

“Globally, there is a growing shift in the way insurance business is done, particularly in risk transfer, insurance distributions, and customer experience”, said Mr. Andoh.

NIC to fine-tune regulations on insurtechs to provide market comfort

According to him, harnessing innovation continues to be an essential element of the strategic policy objective of the commission.