Brolly, a Ghanaian insurtech startup together with Bolt, is offering driver insurance in Ghana under the Allianz umbrella. Prior to the collaboration, more than 2,000 ride-sharing drivers participated in the startup’s pay-as-you-go auto insurance solution pilot. This service lets drivers pay premiums on a daily or weekly basis. But thanks to this cooperation, Bolt drivers no longer need to use various platforms to acquire insurance, it can now be done within the Bolt driver app.
Bernard Braah, the CEO of Brolly said “Since we began Brolly a year ago, we saw that ride-sharing drivers were naturally attracted to our way of making premium payments.”
Brolly’s underwriting partnership with Allianz allows it to take a cut out of every policy that is sold on its platform. Braah added that the startup chose Allianz because it aligned with Brolly’s goal of continent-wide expansion, as Allianz is present in more than a dozen African countries.
Africa is the continent least protected by insurance; the sector only contributes 3% of the continent’s GDP, which is less than half the global average. The penetration rate for insurance in Africa is 2.8%, the lowest for any continent. For many Africans, the cost of annual insurance premiums makes it an unaffordable luxury.
With 4,000 customers now, Brolly started out collecting payments on a monthly basis but then added daily and weekly payments to better accommodate small company owners and ride-hailing drivers’ revenue schedules.
After life insurance, motor insurance makes up the second-largest portion of Africa’s insurance market. Though most insurance firms do not physically inspect cars before insuring them, some customers can submit damaged autos for insurance. In order to fight this, Brolly used artificial intelligence by removing false claims through the use of picture and video recognition technologies. Using this technology, the startup confirms claims and makes sure they line up with the images that clients provide for underwriting.