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ETAP Expands into Ghana, Secures Ghana’s First Insurtech Licence
ETAP Expands into Ghana: ETAP is on an expansion drive across Africa to make getting car insurance easier for customers.
The Nigeria car insurance market startup that makes it easier to buy and claim insurance, has secured Ghana’s First Insurtech Licence to expand its product into the country.
ETAP Expands into Ghana
ETAP offers drivers a diverse range of insurance plans, including daily, weekly, monthly, and quarterly options.
Leveraging machine learning, the platform constructs intelligent risk profiles for individual drivers, enabling the customization of premiums based on driving behavior, thereby promoting safer driving practices and lowering premiums for responsible motorists.
The driving experience is further enhanced through advanced telematics, gamifying the process to encourage improved driving behavior.
Also Read: Autochek Kenya and Turaco Partner to Offer Comprehensive Motor Insurance Cover for Clients
ETAP Ghana Expansion Faces Unique Challenges
Ibraheem Babalola, ETAP CEO, highlighted that it takes a Pan-African mindset to build and expand in Africa. Using the car insurance market as an example, he said the UK has more cars than the whole of Africa, which means the growth of a car insurance company is severely limited in one African country.
He also highlighted the unique challenges faced by the African insurance market, including slow digitization, inappropriate pricing, cultural biases, public apathy, and inefficient manual processes, resulting in less than a three percent penetration across the continent.
However, he sees immense potential for growth in the African insurance market, with a market size exceeding $2 trillion. It is why he got Ghana’s First Insurtech Licence.
Babalola emphasized the pivotal role of technology in addressing these challenges, stating, “We believe that innovating in insurance in Africa goes beyond digitizing long forms, but truly redesigning and reimagining the insurance processes and offerings in a way that makes sense for the customers of today.”
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