Nigerian startup ETAP, which creates solutions and incentives to deepen insurance penetration in Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana, the first of its kind, allowing it to process claims, collect premiums and provide other innovative solutions. automobile insurance products and services.
Launched in April 2022, ETAP offers drivers access to a range of daily, weekly, monthly and quarterly packages to choose from. It uses machine learning to create intelligent risk profiles that determine appropriate premiums for each driver, allowing them to earn lower premiums while driving safely.
Using advanced telematics, the driving experience is gamified to improve driving behavior and drivers can earn safe driving points which can be redeemed for vouchers for popular outlets, tickets fuel, cinema and concert, as well as other exciting experiences.
The startup is now expanding into the Ghanaian market and to facilitate this, has secured Ghana’s first ever insurtech operational license from the NIC. The expansion is being done in collaboration with Hollard Insurance Ghanaone of the leading providers of non-life insurance products.
Leveraging Hollard’s extensive experience and in-depth knowledge of the local market, the two companies will join forces under the ETAP-Hollard name to offer a range of innovative insurance products and services that leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalized policy management.
“Ghana represents a key market for us, and this license allows us to bring our innovative mobility insurance solutions to a country where insurance penetration is still low, but where the growth potential is immense. With this expansion, we are not just launching a product; we create new opportunities, drive financial inclusion and contribute to the development of a more secure future for Ghanaians,” said Ibraheem Babalola, CEO and Founder of ETAP.