Nigerian fintech startup ETAP, known for its innovative solutions aimed at increasing insurance adoption across Africa, has received a landmark operational license from Ghana’s National Insurance Commission (NIC). This authorization, the first of its kind for an insurtech firm in Ghana, enables ETAP to independently process claims, collect premiums, and offer a variety of auto insurance services directly to Ghanaian drivers.
Since its launch in April 2022, ETAP has provided flexible auto insurance plans that range from daily to quarterly subscriptions, tailored to the unique needs of individual drivers. Utilizing machine learning, the startup creates personalized risk profiles to determine optimal premiums, offering discounts to drivers who demonstrate safe driving habits. To promote safer driving, ETAP gamifies the driving experience through telematics technology, allowing users to earn “Safe Driving Points” which can be redeemed for rewards like retail vouchers, fuel discounts, and entertainment tickets.
With its recent expansion into Ghana, ETAP has formed a strategic partnership with Hollard Insurance Ghana, a major player in the country’s non-life insurance market. Together, they will operate as ETAP-Hollard, combining ETAP’s technology-driven approach with Hollard’s market expertise to deliver seamless and accessible insurance solutions. This collaboration is expected to streamline policy management, accelerate claims processing, and provide personalized services for Ghanaian drivers.
Ghana represents a promising new market for ETAP, with relatively low insurance penetration but significant potential for growth. By introducing its digital-first insurance model, ETAP aims to enhance financial inclusion and contribute to a more secure, insured future for Ghanaians.
