StarLife Assurance Partners with Figtech (MyFIG) to Revolutionize Life Insurance in Ghana

StarLife Assurance, one of Ghana’s leading life insurance companies, has announced a groundbreaking partnership with emerging Ghanaian insurtech firm Figtech (MyFIG) to digitally market and distribute life assurance solutions across the country.

This innovative collaboration follows regulatory approval under the Insurance Act 2021, which has admitted Figtech (MyFIG) into the National Insurance Commission (NIC) Sandbox Program.

The partnership marks a significant milestone in Ghana’s insurance industry, leveraging technology to enhance accessibility, affordability, and convenience for customers.

This first-of-its-kind digital alliance enables StarLife to offer tailor-made insurance solutions through the MyFIG Life Insurance App.

The app, available for download on both the Apple and Google Play stores, integrates advanced insurtech capabilities to provide users with a seamless experience in purchasing and managing life insurance policies.

The initiative is aimed at empowering Ghanaians with the knowledge and tools to make informed financial decisions for the future.

StarLife Assurance has consistently pursued digital transformation to enhance its service delivery, and this partnership is a strategic move to expand its market reach and offer customer-centric solutions in an increasingly digital world.

Speaking at the official signing ceremony in Accra, StarLife Assurance CEO Kakra Duffuor-Nyarko emphasized the company’s mission to simplify life insurance for Ghanaians.

“We aim to make insurance more accessible and convenient for all. Through this partnership with Figtech (MyFIG), we are taking another significant step in providing superior digital services that cater to the evolving needs of our customers at competitive pricing. This collaboration will be instrumental in expanding our reach and making life insurance more inclusive for all Ghanaians,” she stated.

Highlighting the role of insurtechs in the global insurance landscape, she added, “Innovative insurtech solutions are transforming how insurers interact with customers. By partnering with Figtech (MyFIG), we are harnessing the power of digital technology to provide seamless, efficient, and customer-friendly insurance solutions.”

Figtech (MyFIG) CEO and Co-Founder Festus William Amoyaw underscored the strategic significance of this partnership in advancing digital financial services in Ghana.

“We are excited to take this bold step in making life insurance products more accessible through digital platforms. Every Ghanaian deserves access to life insurance to protect their loved ones, and this partnership with StarLife allows us to fulfill that mission,” Amoyaw noted.

He further emphasized that customers will now have the flexibility to purchase and manage life insurance policies directly from their mobile devices, ensuring greater financial inclusion. “Our goal is to simplify life insurance and ensure that Ghanaians can secure their financial future effortlessly. Partnering with a reputable company like StarLife is a testament to our commitment to delivering innovative and customer-centric solutions,” he added.

The signing ceremony witnessed participation from key industry stakeholders, including representatives from the National Insurance Commission (NIC), GIZ, Figtech (MyFIG), and StarLife Assurance. The partnership is expected to set the pace for the digital transformation of Ghana’s insurance industry, ultimately improving penetration rates and ensuring financial security for more citizens.

As Ghana moves towards a more digitalized economy, the StarLife-Figtech (MyFIG) partnership stands as a beacon of innovation, shaping the future of life insurance through cutting-edge technology and customer-focused solutions.

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