Accra: For decades, Ghana's insurance industry has been viewed as complex and inaccessible, with penetration rates stubbornly low at around one percent of GDP. This perception has left many Ghanaians, especially those in the informal economy, without adequate risk protection. However, a shift is occurring as the industry embraces inclusion, digital solutions, and microinsurance to reach previously underserved populations.
According to Ghana Web, Activa International Insurance Ghana is at the forefront of this transformation. Founded in 2005 and acquired by ACTIVA Assurances in 2009, Activa has grown to be the 7th largest non-life insurer in Ghana. A key aspect of its strategy focuses on women entrepreneurs, who play a crucial role in the informal economy but have been largely excluded from traditional insurance models.
The Activ'Lady Program is a significant initiative by Activa to bridge this gap. Launched in partnership with the International Finance Corporation (IFC) and supported by the Women Entrepreneurs Finance Initiative (We-Fi), the program offers tailored insurance products for women. These products include Activ'Lady Boom for market traders, Activ'Lady Biz for MSME businesswomen, Activ'Lady Advisers for professional workers, and the Activ'Lady Angel App for millennials.
These products not only provide insurance coverage but also offer non-financial services such as maternity leave stipends, spousal loss support, national health insurance cards, and financial literacy training. As Berlinda Ofori, Deputy Commercial Sales Officer of Activa, highlights, understanding and trust are critical for women to engage with insurance services.
The introduction of INSUREFLEX, a flexible payment option, addresses another barrier by allowing premiums to be paid in installments. This innovation, combined with mobile money integration, enables customers to manage their insurance needs conveniently through digital platforms like WhatsApp and the MyActiva Mobile App.
Activa's investment in digital infrastructure, including an online platform and USSD codes for basic phones, ensures accessibility for all Ghanaians. The company's commitment to digital security is underscored by achieving ISO 27001:2022 certification for information security management.
Activa's efforts highlight a broader industry trend towards inclusivity and innovation, aiming to make insurance a viable option for all Ghanaians, particularly women in the informal economy who have long been underserved by traditional insurance models.