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.
“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.
According to him, harnessing innovation continues to be an essential element of the strategic policy objective of the commission.
Latest Stories
-
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
23 mins -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
54 mins -
Bright Simons: Is the World Bank saving or harming Ghana?
1 hour -
CAF Cup: RS Berkane banned from entering Algeria because of a map of Morocco with its Sahara
1 hour -
The media isn’t doing what is expected of journalism – Sulemana Braimah
2 hours -
Truck driver who caused train accident jailed 6 months
2 hours -
Music review: Okyeame Kwame proves rap dexterity on ‘No Competition’
2 hours -
How a 23-year-old fooled the internet with an AI Kendrick Lamar diss track
2 hours -
No man should be intimidated by the strength of a woman – Charlotte Oduro
2 hours -
Ghana is not immune to terrorist attack – National Security
2 hours -
WAFU B U-17 Championship: Ghana drawn in Group A, face Benin and Cote d’Ivoire
3 hours -
Two hit by stray bullet as Police clash with ‘wee smokers’
3 hours -
Peter Amewu blames truck driver recklessness for train accident
3 hours -
Okyeame Kwame aims for another Artiste of the Year win after 15 years
3 hours -
NAGRAT gives government one-week ultimatum to redeem unpaid pensions for 700,000 workers
3 hours