The National Insurance Commission (NIC) hereby announces for the information of insurance industry players and the general public that it has admitted five (5) innovative solutions (companies) into its Insurance Sandbox environment. This groundbreaking initiative aims to foster a conducive environment for the development and testing of cutting-edge innovative insurance products and services for the insurance sector.
The selected innovators and their respective solutions are as follows:
| Compan(ies) | Specific solution |
| Moovon Insure in partnership with a financial institution and five insurance companies | Flexible Premium Financing arrangement |
| A partnership between ETAP and Hollard Insurance | Usage based motor insurance using telematics solution |
| RedPear in partnership with three (3) insurance companies | An aggregator platform |
| Trade Guarantee Limited in partnership with three (3) other insurance companies | Pay-as-You-Go-Motor insurance built on third party motor insurance |
| FigTech Insure | Aggregator platform to sell mainly life insurance for three insurance companies |
These innovative concepts will undergo a rigorous testing phase within the sandbox environment, allowing for experimentation and exploration of new business models, technologies, and customer-centric solutions. It is expected that these solutions will provide clearer outcomes to allow for the mainstream regularization of similar solutions in the market.
The cohort of innovators will have a period of twelve (12) months to operate within the sandbox, during which they will receive support and guidance from the NIC.
The Commission is excited to welcome these innovative companies as the first cohort of innovators into its sandbox programme.
The NIC remains committed to supporting the growth and development of the insurance industry in Ghana through initiatives such as the Sandbox.