The Chief Product and Services Officer of MobileMoney LTD (MML), Sylvia Otuo Acheampong, has called for a major shift in the design and delivery of digital insurance products, urging the industry to expand beyond traditional life coverage to better serve small and medium-sized enterprises (SMEs) and gig workers.
Speaking during a webinar hosted by the Microinsurance Network (MiN) in collaboration with the GSMA, Sylvia stressed that the current structure of mobile-enabled insurance leaves significant protection gaps across underserved segments of the economy.
The webinar formed part of a broader discussion on mobile-enabled microinsurance and featured the launch of a joint report titled “From Connectivity to Coverage: Scaling Resilience through Mobile-Enabled Microinsurance.” The report presents new evidence, market insights, and strategic recommendations on how mobile network operators, mobile money providers, technical service providers, and insurers can collaborate to close the protection gap through digital channels.
Life Insurance Dominance Leaves Protection Gaps
During the panel discussion, Sylvia highlighted that most insurance offerings distributed through mobile money platforms remain concentrated in individual life policies, limiting the relevance of these products to a wider customer base.
“About 95% of what we have as insurance products are individual and largely life insurance. There is a whole segment of SMEs and gig workers that are not adequately covered.”
Sylvia Otuo Acheampong
Her remarks point to a structural imbalance in product design, where convenience in distribution has outpaced innovation in coverage. While mobile money ecosystems have made insurance more accessible, the product mix has not evolved to reflect the risk realities of entrepreneurs, informal workers, and growing businesses.
For SMEs especially, risks extend far beyond life events. Businesses face operational disruptions, asset losses, liability exposures, and income instability, yet many remain uninsured or underinsured due to limited product options tailored to their needs.
Technology Channels Exist, Product Innovation Must Follow
Sylvia acknowledged the significant role mobile money platforms play in expanding access to insurance services. Digital channels such as USSD, mobile applications, and extensive agent networks have made it easier for customers to enroll, pay premiums, and receive claims.
However, she emphasized that distribution efficiency alone cannot drive meaningful adoption if products fail to address real customer priorities. “Anything that customers do not find relevant, they will not patronize,” she said.
Her comments reinforce a growing industry consensus that relevance is central to financial inclusion. Insurance products must align with how individuals and businesses manage risks, plan finances, and build resilience. Without this alignment, uptake will remain limited regardless of technological advancements.
Collaboration and Regulation as Enablers
Sylvia further underscored the importance of stronger coordination between regulators and industry players to unlock the full potential of embedded and contextual insurance solutions. Embedded insurance integrates coverage into everyday financial or commercial transactions, making protection seamless and intuitive.
Effective regulatory frameworks can accelerate innovation while ensuring consumer trust. Clear standards on disclosures, consent, and product suitability help create a safe environment for experimentation and scale.
Other speakers at the webinar echoed similar sentiments, highlighting the evolving nature of digital insurance and the need for new models to expand accessibility and sustainability.
Lessons from Early Digital Insurance Models
Richard Leftly, an independent consultant and industry expert, reflected on the early phases of digital insurance deployment. He noted that initial models relied heavily on free insurance products offered by mobile operators as incentives to influence customer behaviour, such as increased airtime purchases or mobile wallet transactions.
While these strategies enabled rapid customer acquisition and scale, long-term sustainability proved more complex.
He explained that converting users from free coverage to paid insurance products has remained a persistent challenge for providers, raising questions about product value perception and willingness to pay.
Regulatory Balance Critical to Sector Growth
From a regulatory standpoint, Teresa Nyatuka, Principal Officer for Planning at the Insurance Regulatory Authority, emphasized the need to strike a careful balance between innovation and consumer protection.
She noted that regulators play a central role in ensuring that digital insurance expansion does not compromise transparency or customer rights. Measures such as informed consent, clear product disclosures, and accessible complaint mechanisms are essential to building confidence in mobile-enabled financial services.
Her contribution highlighted how smart regulation can foster both trust and growth by creating safeguards without stifling innovation.
A Shared Vision for Inclusive Risk Protection
The webinar convened leaders from the mobile industry, insurance sector, development organisations, regulatory bodies, and digital finance practitioners. Discussions centered on how mobile technology can transform access to risk protection for low-income and underserved populations.
Grounded in the latest findings from the GSMA–MiN report, participants explored emerging business models, regulatory innovations, and enabling factors shaping the future of mobile-enabled insurance.
A common theme emerged. Expanding access requires more than digital pipes. It demands customer-centric product design, cross-sector partnerships, and regulatory frameworks that support experimentation while protecting users.
For SMEs and informal workers who form the backbone of many emerging economies, broader insurance coverage could strengthen resilience, stabilize incomes, and support long-term growth.
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