How Ghana’s Insurerity Digital is bringing efficiency and convenience to insurance onboarding
Ghanaian fintech startup Insurerity Digital is a Software as a Service (SaaS) provider on a mission to provide convenient, affordable and secure insurance solutions across Africa.
Founded in 2019 by Foster Adorkor and Richard Adarkwah, Insurerity develops cloud-based solutions that focus on bringing efficiency and convenience to the insurance onboarding process – whether that means bringing automation to business processes or building client-centric, friendly insurance products.
The startup uses automation and algorithms to create and provide cutting-edge digital solutions for insurance entities seeking to digitise their business processes for efficiency and business growth. Its activities include modelling insurance processes, creating insurance underwriting platforms for insurers and brokers, and online automation payments for clients and users.
The idea for Insurerity came after Adarkwah unknowingly bought fake car insurance.
“I figured that if I, a working, educated man, could find myself in this kind of position, then it was time to confront the information asymmetry and lack of trust that characterises Ghana’s insurance industry,” he told Disrupt Africa.
That is what Insurerity is trying to do, with the startup believing insurance is a critical necessity in the pursuit of quality of life, which must be made available to all, regardless of income position, gender, or social status.
“And technology is the key,” Adarkwah said. “Our solution enables persons to buy affordable insurance online whilst paying in bits to get fully covered on both health, Life, and non-life. Thereby promoting efficiency, security, financial inclusion, and expanding insurance coverage in Africa.”
According to the National Insurance Commission (NIC), Ghana’s insurance penetration rate is less than two per cent and has been declining annually. Adarkwah said it is not hard to see why.
“Insurers and brokers aren’t client-friendly. Most providers still use manual processing and don’t have a digital client front-end,” he said.
“Ghana has over 23 insurance companies, yet there is no easy, secure or affordable way to buy insurance online directly from insurers.”
Insurerity’s platform allows insurers to effectively underwrite and manage insurance policies with a tool of real time risk analysis. Clients can also purchase the policy online via its payment gateway. The brokerage system provides an end-to-end solution, while there is the availability of a real-time risk assessment tool embedded in the startup’s system for all insurance entities who use it.
“Being a new and expanding market with great potential, the market is characterised by monopolistic competition. Many providers, differentiated products—products differ slightly but serve similar purposes. Ours is tailor-made to suit our clients,” Adarkwah said.
Insurerity is for now self-funded, but has been looking at taking on pre-seed capital to help it meet demand, which by all accounts has been “immense”. Clients include some of Ghana’s biggest insurance brokers, and there are currently plans to expand onto the client side.
“The varied nature of these projects provides unique opportunities for Insurerity to gain deep knowledge of the industry and transform concepts into life-impacting solutions,” said Adarkwah.
Currently, Insurerity serves about 4,000 active users in Ghana, and also about 10 clients in the United States (US) who use the company’s API to buy insurance for their families in Ghana. It has plans to expand further.
“The aim of the company is to be the leading provider of affordable insurance solutions across Africa. Hence, we intend to expand across Africa and go global in the near future,” said Adarkwah said.