Ghanaian insurtech startup, Brolly, has partnered global ride-hailing company, Bolt, to offer insurance solutions exclusively in Ghana, with Brolly seeking to provide ride-hailing drivers with convenient daily premium payments.
Backed by finance and insurance firms, Techstars and Allianz, Brolly, prior to its collaboration with Bolt, had successfully piloted its pay-as-you-go auto insurance solution, allowing drivers the option to pay premiums daily or weekly.
This initiative was tested with over 2,000 ride-sharing drivers, setting the stage for Brolly’s partnership with Bolt. Through this collaboration, Bolt drivers in Ghana can now seamlessly access insurance directly within the Bolt driver app, eliminating the need for multiple platforms.
Brolly’s CEO, Bernard Braah, spoke on the insurtech’s premium payment model to ride-sharing drivers. Its pay-as-you-go approach aligns with the income patterns of drivers, making insurance more accessible and adaptable to their financial realities. The partnership with Allianz, a global insurance giant with footholds in over 12 African countries, positions Brolly for continent-wide expansion.
Africa’s insurance penetration is significantly below the global average at just 2.8%, Brolly aims to address the protection gap. The insurance sector contributes a mere 3% to Africa’s GDP, making affordability a key challenge for many individuals. Brolly, which currently boasts 4,000 users, has been proactive in adapting its payment structures to accommodate the income patterns of ride-hailing drivers and small business owners.
Braah, formerly the general manager of Unique Insurance, stressed the importance of flexible payment options in making insurance services more accessible. Brolly initially started with monthly payments but introduced daily and weekly payments to better align with the financial realities of its target audience.
Motor insurance holds a significant position in Africa’s insurance market, ranking as the second-largest contributor after life insurance. However, fraudulent claims and challenges with physical inspections have been persistent issues.
Brolly has begun tackling this by integrating artificial intelligence, leveraging image and video recognition technology to verify claims. This innovation ensures that claims align with the visuals submitted by customers during the underwriting stage, enhancing transparency and combating fraudulent practices. As Brolly and Bolt pioneer this transformative partnership, they are poised to redefine the insurance landscape for ride-hailing drivers in Ghana, providing a model that combines accessibility, flexibility, and technological innovation.
