Ghanaian insurer StarLife Assurance has partnered with local insurtech startup Figtech (MyFIG) to launch a digital platform aimed at simplifying access to life insurance products.
The collaboration, greenlit under Ghana’s Insurance Act 2021, allows MyFIG to operate within the National Insurance Commission’s (NIC) regulatory sandbox, marking a milestone in the country’s push to modernize its insurance sector through technology.
Central to the alliance is the MyFIG Life Insurance App, now available on iOS and Android, designed to offer affordable, user-friendly policies while educating customers on financial planning. The app targets Ghana’s underserved insurance market, where low penetration rates persist despite growing demand for accessible financial safety nets.
StarLife CEO Kakra Duffuor-Nyarko emphasized the partnership’s goal to “simplify insurance for Ghanaians,” noting that digitizing services would help the company reach broader audiences with competitive pricing. “This isn’t just about selling policies—it’s about empowering people to secure their futures on their own terms,” she said during the signing ceremony in Accra. Her remarks echo a global trend of traditional insurers collaborating with tech innovators to streamline operations, from policy purchases to claims management.
MyFIG CEO Festus William Amoyaw framed the deal as a strategic leap toward democratizing financial services. “Life insurance isn’t a luxury; it’s a necessity. By partnering with StarLife, we’re breaking down barriers so every Ghanaian can protect their loved ones,” he said. The app allows users to compare plans, adjust coverage, and manage policies via mobile devices—a critical feature in a country where smartphone usage outpaces traditional banking access.
The move comes as Ghana’s insurance sector gradually embraces digital tools to combat low uptake, historically hindered by complex paperwork and public skepticism. Regulatory reforms, including the NIC’s sandbox program, aim to foster such innovations while ensuring consumer protections. However, challenges remain, including uneven internet connectivity and financial literacy gaps, which could affect the app’s reach in rural areas.
Industry observers highlight the partnership as a test case for insurtech’s potential in West Africa. “Collaborations like this could redefine how insurance works in emerging markets,” said a fintech analyst familiar with the region. “But success hinges on making technology feel human—not just flashy.”
The signing event drew officials from the NIC, German development agency GIZ, and local fintech leaders, signaling broader institutional support for Ghana’s digital finance ambitions. For now, the spotlight remains on MyFIG and StarLife to prove that life insurance—often viewed as a cumbersome product—can thrive in the palm of a hand.
