Dreamoval, a lead Fintech entity in partnership with Star Assurance, has introduced ‘Kowri Protect’ – an innovative insurance initiative to provide cover for micro, small and medium-scale enterprises (MSME) who use the platform to protect their investments as well as deepen insurance penetration.
This special insurance product, which is tailored for business clients, partners and merchants who use the Kowri digital platform to transact business, covers both life and non-life portfolios – including fire, theft, health, and other unforeseen disasters with free premiums on the first subscription.
According to the parties, the initiative is aimed at ensuring that most of these businesses which are usually without any protection in case of any unforeseen disaster have a cover that can cushion and help rebuild the business.
It also aims at increasing the current very low rate of insurance penetration in the country, especially among the informal sector and MSM sector described as the backbone of the economy.
Chief Executive Officer of Dreamoval Claud Hutchful mentioned that the Kowri platform was developed to provide digital financial services, enable businesses to own a private portal to process payment using various electronic means, and also transact business, but the ‘Protect’ aspect is an added service that would enable clients to access insurance at an initial free cost to their business.
“The core promise behind our solutions is to eliminate complexity and focus on the larger things, so business owners can focus on growing their businesses and revenues. Since we have solved the problem of tracking and reconciling payments and ensuring revenue assurance, we started to tackle the next major business headache – business continuity. With repeated cases of business owners losing everything due to floods and fire, we knew we had to find a way to minimise that risk from merchants’ shoulders,” he said.
The CEO further indicated that the Kowri Protect insurance cover package depends on the industry and size of the business, and could insure as high as GH₵50,000.
He added that Star Assurance has proven to be the perfect partner for innovation as both firms share common values of eliminating complexity and eschewing anxiety.
Chief marketing officer (CMO) Charles Kollo mentioned that most businesses do not have the required insurance coverage because it is always perceived as an upfront cost while others just do not know how to go about it, hence, the extra layer of protection it is offering to merchants will always secure the continuation of their activities.
CEO of Star Assurance Boatemaa Barfour-Awuah mentioned that her outfit is committed to using innovation to deliver customer satisfaction, and sees the partnership as a perfect opportunity to further enhance its operation.
She reiterated that the product is a tailor-made solution with various benefits for the merchants.
“It will include covering businesses against flood, fire, explosions, and other acts of God. The staff of these businesses will also receive cover from injury, permanent disability, and even death; and the product even extends to cover customers of the businesses while they are on the business premises,” she said.