Insurance broker, Olea M&G Insurance Brokers Limited, has launched a digital platform that enables the public to buy insurance at the comfort of their homes and offices.
The platform, mybestquote.com, allows price aggregation and at the same time, a marketplace where prospective buyers of retail insurance lines could compare products of the various insurance companies to inform their choice.
“As players in the insurance industry, we cannot survive in this technology-driven world, if we fail to innovate by catching up with the times we are in. We at Olea M&G have never ceased to look for new ways to evolve. We are making insurance available to Ghanaians not only from Monday to Friday but 24/7 wherever internet is available,” said Stephen Kwarteng Yeboah, Olea M&G’s Managing Director.
The innovation is a partnership between Olea M&G and Best Quote Ghana Limited and is licensed by the National Insurance Commission (NIC).
In terms of safety and security, he said the platform has undergone all regulatory checks and security tests.
The platform was launched by the Deputy Commissioner of Insurance, NIC, Michael Kofi Andoh, who noted that it will take innovations like mybestquote.com to bring insurance closer to the general public and improve insurance penetration.
“It gives me much joy to see Olea and M&G taking this initiative as a broker to help paddle this boat towards the land of an increased insurance penetration rate,” Mr. Andoh said.
Products currently offered on mybestquote.com include; motor insurance, travel insurance and property insurance. Meanwhile, there is a USSD platform that can be accessed via the shortcode *920*97#. The platform only offers motor insurance but there are plans to introduce more services.
Mr. Andoh further commended the operators of the platform for their innovation and ingenuity, noting: “Have no doubt in your mind as having the support of the Commission in this regard. Our doors are always open and we would continue to support such significant initiatives from industry stakeholders.”
He stated that the Commission has over the years undertaken various steps such as an increase in the number of compulsory insurances, the introduction of motor insurance database, and the yet to be introduced marine insurance database, all geared towards increasing insurance penetration rate in the country from the current one percent to an appreciable level, adding that the onus lies with industry players to discover innovative ways to improve insurance coverage.