The following post was originally published on microensure.com.

This July , five years after its inception, MicroEnsure Ghana achieved one of its greatest successes: it crossed the milestone of insuring one million Ghanaians, a remarkable achievement considering it was serving just 40,000 lives in 2010.

Beginning operations in 2007, MicroEnsure Ghana has held its place as Ghana’s first and largest microinsurance intermediary. Currently, 94.6% of Ghanaians, over 23 million people, have no insurance coverage. With one third of the population living on less than $2 a day, there is an acute need for protection from life’s risks, something that microinsurance provides for this segment of the population.

MicroEnsure has provided this protection through steadily expanding its coverage in Ghana. As MicroEnsure Ghana has effectively responded to the great need for, and untapped potential of microinsurance in Ghana, it has established its position as the fastest growing insurance intermediary in West Africa.

Crucial to MicroEnsure’s growth in Ghana are its innovative products and successful partnerships. MicroEnsure Ghana has partnered with mobile phone companies and microfinance institutions to create innovative products that have made this impressive growth possible:

• Tigo Family Care Insurance is a product that provides free life insurance to Tigo subscribers based on their Tigo airtime usage each month. As more Tigo airtime is used, more life insurance is earned, up to a maximum of US$500. Policyholders have had the option of enrolling in Xtra-Life, paying just $0.50 a month to double their insurance benefits.
• The Obra Pa product combines credit life, funeral, property, permanent disability insurance and credit health (hospitalization cover) into one package policy covering borrowers and insured family members during their loan terms, all for an affordable one-off premium paid at the beginning of the loan term.
• The savings-linked insurance account is a product that provides insurance incentives for bank savings. From minimum deposits as low as $25 saved in an account, free life insurance is earned; the more a depositor saves, the more insurance earned, up to a maximum of $1,000 plus interest.

In a country where more than nine out of 10 Ghanaians live without the benefits of insurance, reaching one million lives in Ghana in just five years of operations is a huge step forward. As Christina Doe, the Business Innovations Officer for MicroEnsure Ghana explains, “As more Ghanaians are covered by and experience the benefits of insurance, the more they will become sensitized about insurance, to the extent that when the covered poor face life’s risks, the impact of those risks will be low due to the safety net provided by insurance. MicroEnsure Ghana has reached one million lives. Get ready for the next million!”