H.Insured: Transforming insurance in Ghana through creativity for a brighter future

Elorm Paul Senah Ameho is a Brand and Design Specialist at Hollard Ghana.

By Elorm Paul Senah AMEHO

Insurance is critical to any economy, providing individuals and businesses with financial protection and peace of mind. Like other countries, Ghana’s insurance industry has been evolving, but it has immense potential to benefit from creativity. By embracing creative thinking and innovation, Ghana’s insurance sector can enhance its product offerings, accessibility, and overall impact.

The Current Landscape

According to the NIC Report 2021, “the insurance industry’s cumulative average growth rate over the last eleven years is 25%. While this growth trajectory is commendable and makes the insurance sector one of the fastest growing sectors in Ghana, with consistent growth year on year, the insurance industry’s total assets remain very low. At the close of 2021, the total assets of the financial sector stood at GHS 259bn, with the insurance sector contributing only 4% of the total assets of the financial sector”. Traditional products and distribution channels characterise Ghana’s insurance industry.

While these conventional methods have merits, more is needed to meet the evolving needs of Ghana’s diverse population. Many Ghanaians, especially in rural areas, remain underserved by insurance, and there is a lack of awareness about its benefits.

How Creativity Can Make a Difference

  1. Tailored Products: Creativity can benefit Ghana’s insurance industry by designing and offering more tailored insurance products. Insurers can create more relevant and affordable policies by analysing different customer segments’ unique risks and needs. For example, agriculture insurance could be customised for small-scale farmers, helping them mitigate the financial impact of crop failures due to adverse weather conditions.
  2. Technology and Accessibility: Embracing technology can significantly enhance insurance accessibility. Mobile-based insurance applications and digital payment platforms can simplify purchasing, making it easier for individuals, even in remote areas, to buy insurance policies. Creative collaborations with fintech companies can drive these innovations. Hollard Ghana has done well in this area by collaborating with Fintech companies like Cassava to launch MeBanbo, a microinsurance product for the underserved market.
  3. Education and Awareness: Creativity can play a vital role in increasing insurance awareness among the population. Insurance companies can develop engaging and culturally relevant educational campaigns that help demystify insurance concepts and highlight the tangible benefits of coverage.
  4. Microinsurance: Developing products tailored to low-income individuals’ needs and income levels can significantly expand Ghana’s insurance reach. Creative thinking can lead to designing microinsurance plans that provide essential health coverage and other critical aspects of life.
  5. Data Analytics: Harnessing the power of data analytics and artificial intelligence can help insurers better understand customer behaviour and preferences. Creative data-driven insights can inform product development, pricing strategies, and risk assessment, ultimately leading to more customer-centric solutions.

Challenges and Considerations

While creativity can bring significant benefits to Ghana’s insurance industry, it’s essential to acknowledge the challenges and considerations:

  1. Regulatory Environment: Innovations in insurance often require regulatory adaptations to ensure consumer protection and industry stability. Collaborative efforts between insurers and regulatory bodies are crucial for fostering a creative and compliant environment.
  2. Cybersecurity: As insurers embrace digital solutions, they must prioritise cybersecurity to protect sensitive customer information and maintain trust.
  3. Cultural Sensitivity: Creative initiatives should be culturally sensitive to resonate with Ghana’s diverse population. Understanding local customs and traditions is essential for effective communication.


The insurance industry in Ghana is poised for transformation through creativity and innovation. By reimagining products, embracing technology, and fostering awareness, insurers can extend their reach and provide valuable protection to more Ghanaians. Creative thinking and a commitment to addressing the population’s unique needs can pave the way for Ghana’s brighter and more inclusive insurance future. As the industry evolves, it has the potential to become a cornerstone of financial stability and resilience for individuals and businesses across the nation.

The writer is a Brand and Design Specialist at Hollard Ghana.

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