The Future of Insurance Podcast – Festus Amoyaw

Co-Founder & CEO, Fintech & Founder, InsurTech Ghana

Season 6, Episode 1, June 4, 2024

Guest Bio

Festus William Amoyaw started his career with Amex International Incorporated, a contractor for the USAID in Ghana Trade & Investment Reform Programme, Increased Private Enterprise Performance (IPEP) Component Project as a Market Research and Business Development Assistant. He subsequently worked in an indigenous Ghanaian Financial Institution, HFC Bank (Republic Bank), as a Credit Analyst focusing on Small and Medium Enterprises.

Highlights from the Show

  • Festus started working about 3 years ago on the issue of people in Africa having enough financial protection for retirement or to protect their families, and penetration rates of traditional life insurance products are very low
  • Africa has seen the adoption of mobile payments, even on feature phones instead of smart phones, but that’s largely not moved into financial services spending so much as general consumption
  • All of this lead him to co-found Figtech, which is a platform to manage your insurance protection
    • Life insurance is sold by individuals in Africa, but these agents don’t tend to stand behind or support the policies after they’re sold, so consumers struggle with basic things like updating their address (which requires going to the insurance company’s office to change it in person)
  • There are changes needed in the insurance market and regulation of it to see more penetration of insurance
    • Some regulators have been creating more flexible paths for startups and new players to enter the market and grow
    • For example, creating digital distribution licenses
    • They’ve also allowed for creation of microinsurance that comes along with or is embedded into other products, like insurance you get when you buy more airtime minutes for your mobile phone
  • Figtech was part of the first regulator-organized startup competition three years ago, and that experience helped spark Festus to push to create an insurtech community in Ghana, starting InsurTech Ghana
  • They’ve been working with other InsurTech communities around the world, and started the first ever InsurTech Ghana conference in 2023, which they’re holding again this year
  • Africa is where a lot of new ideas of coverage and ways to protect people are being developed, and we would be smart to foster and watch what’s happening there as a source of possible future product innovation ideas for the global insurance market

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Thank you to our sponsor

This episode is brought to you by The Future of Insurance book series, part of the Future of Insurance thought leadership series (future-of-insurance.com) from Bryan Falchuk.

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