ETAP, an insurtech that creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana – the first of its kind in Ghana – enabling the startup to process claims, collect premiums and provide other innovative auto insurance products and services to consumers and businesses in the Ghanaian market.

In collaboration with Hollard Insurance Ghana, a leading provider of non-life insurance products, ETAP is poised to transform the insurance landscape in Ghana by introducing fast, fair and rewarding auto insurance for cars, trucks, motorcycles, tricycles and other vehicles. Taking advantage of Hollard’s extensive experience and deep local knowledge of the market, the two companies will join forces as ETAP-Hollard to deliver 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.

Insurance penetration in Ghana currently stands at approximately 2 percent. However, despite this relatively low penetration rate, Ghana’s insurance market is viewed as having substantial growth potential. Factors such as increasing financial literacy, economic growth and regulatory reforms are expected to drive higher insurance adoption in the coming years. The National Insurance Commission (NIC) of Ghana has also been active in promoting insurance awareness and enforcing regulations aimed at improving the credibility and stability of the insurance sector, which is expected to boost penetration over time.

ETAP’s entry into the Ghanaian market means consumers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents via the startup’s game-changing app. Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. Businesses can manage up to 1,000 vehicles in their fleet, enabling them to streamline insurance processes, oversee driver performance rewards and monitor driver behaviour in real-time on one seamless platform. Since launching in 2022, thousands of individuals and businesses have trusted ETAP to manage the insurance of their vehicles.

Ibraheem Babalola, CEO and Founder of ETAP, said, “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, yet the potential for growth is immense. With this expansion, we are not just launching a product; we are creating new opportunities, fostering financial inclusion, and contributing to the development of a more secure future for Ghanaians.”

​​Commenting on the announcement, Daniel Boi Addo, Managing Director of Hollard Insurance, described the partnership as a significant step forward, underlining its potential to promote sustainable and inclusive growth in the insurance sector. “Receiving the operational license from our regulator is a testament to our commitment to innovation and customer satisfaction. Partnering with ETAP allows us to deliver tailored insurance solutions while rewarding responsible driving. Together, we are building a better future for mobility insurance in Ghana, with endless possibilities for sustainable growth.”

About ETAP

ETAP is an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa. ETAP is inspiring behavioural change on Africa’s roads and has gamified the driving experience, using advanced telematics to monitor driving behaviour and rewarding drivers with Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.

Starting with auto insurance, ETAP enables drivers to buy insurance in 90 seconds and complete claims in 3 minutes or less. They also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs.

For more information, please visit: www.etapinsure.com

About Hollard Insurance

Hollard Insurance, a subsidiary of Hollard Ghana, combines its deep local knowledge of the market, having previously operated in Ghana for 25 years as Metropolitan Insurance, with the world-class expertise of an international insurance brand in 18 countries worldwide. With feet firmly planted on Ghanaian soil but headquartered in South Africa, Hollard delivers innovative insurance solutions customised to the unique risks Ghanaians face. Hollard offers various general insurance products, including personal accident, motor, business, travel, home, and more.