ETAP, an insurtech that creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana – the first of its kind in that country.
The licence will enable the startup to process claims, collect premiums and provide other auto insurance products and services to consumers and businesses in the Ghanaian market.
In collaboration with Hollard Insurance Ghana, a provider of non-life insurance products, ETAP is set to introduce auto insurance for cars, trucks, motorcycles, tricycles and other vehicles.
The two companies will join forces as ETAP-Hollard to deliver a range of insurance products and services that leverage technology to deliver user experiences, claims processing, and personalized policy management.
Insurance penetration in Ghana currently stands at approximately two percent. However, despite this relatively low penetration rate, Ghana’s insurance market is viewed as having substantial growth potential. Factors such as increasing financial literacy, economic growth and regulatory reforms are expected to drive higher insurance adoption in the coming years.
