StarLife Assurance

What StarLife Assurance does

StarLife Assurance Limited Company is an indigenous Ghanaian life insurer founded in October 2005 under the Insurance Law 2006 (Act 724), making it the first life assurance company separated as a composite company in Ghana. The company offers a broad portfolio of individual products (Child Lifeline Plus, CashBuilder Plus, Ultimate Protection Plus, Family Protection Plan, WealthMaster Plus, Personal Pension Plan, Supreme HomeCall Plan, Esteem HomeCall Plus), corporate and group products (Employee Security Plan, Keyman Plan, Loan Protection Plan, Mortgage Protection Plan, Group Welfare Scheme, My Clique Plan), and specialized offerings (Bancassurance, Brand Assurance, MeDaakye micro-insurance with premiums starting at GHS 50/month, and Diaspora Insurance). It serves retail customers, families, SMEs, large corporates, low-income segments, the Ghanaian diaspora, and affinity groups such as the Ghana Pentecostal and Charismatic Council (GPCC), with claims paid of GHS 687,024,291 in the 2024/2025 financial year underscoring its claims-paying scale.

The company is built on a cloud-based insurance platform with proprietary technology components, including a custom robotic process automation (RPA) system capable of reading handwritten proposal forms, developed with Enterprise Computing Limited, that reduced manual underwriting from 85.4% to 7.09% while raising smart underwriting to about 93%. Layered on top are AI and machine learning capabilities used for underwriting decisions and customer analytics, a digital client onboarding and premium-payment portal, and an insurtech distribution partnership with Figtech (MyFIG) approved under the National Insurance Commission Sandbox Program. The platform underwrites both individual and group life, endowment, pension, and micro-insurance products.

StarLife generates revenue primarily through recurring life insurance premiums collected monthly, quarterly, or annually across individuals, groups, and corporate customers. Distribution is multi-channel: a direct sales force of Sales Executives operating door-to-door and through branches, 27 physical branches covering all 16 regions of Ghana, bancassurance through more than 20 banks and rural community banks, employer and affinity group partnerships, and digital self-service. The company is a subsidiary of Star Assurance Group, sits as the second-largest life insurer by market share and the largest by assets in Ghana, and is led by CEO Kakra Duffuor-Nyarko, Ghana's first female actuary.

Name

StarLife Assurance

Legal name

StarLife Assurance Limited Company

Website

https://starlifeassurance.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

StarLife Assurance is an indigenous Ghanaian life insurance company, subsidiary of Star Assurance Group, that sells individual, group, micro-insurance, and diaspora life products through 27 branches, 20+ bank partners, employer schemes, and digital channels including a MyFIG insurtech partnership.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

Keywords

• Life insurance products
• Group insurance plans
• Micro-insurance policies
• Bancassurance services
• Funeral insurance coverage

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices27 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Individual Life Insurance Premiums: Recurring premium payments from individual policyholders for life assurance products including term life, endowment, whole life, and pension plans. Premiums collected monthly, quarterly, or annually through branch visits, account debit, source deductions, online payment, and mobile money.
2. Group Corporate Insurance Premiums: Premium revenue from corporate clients for group life, employee security plans, keyman insurance, loan protection, and group welfare schemes. B2B channel through direct sales force and bancassurance partnerships.
3. Funeral and Protection Plans: Term funeral policies providing lump sum payments for death of policyholder or spouse. Products include Supreme HomeCall Plus, Esteem HomeCall Plus, and Diaspora Insurance. Annual or quarterly renewable.
4. Micro-insurance (MeDaakye): Low-premium micro-insurance products starting from GHS50/month targeting low-income segments for financial inclusion. Covers death, disability, and business protection.

Pricing tiers

Go-to-market motion4 records

Distribution channels8 records

Marketing channels8 records

Core offering

StarLife Assurance is a Ghanaian life insurance company that designs, prices, and underwrites individual and group life assurance products covering death, disability, critical illness, funeral expenses, retirement income, and micro-insurance needs. It distributes these products through its own sales force, 27 branch network, bancassurance partners, employer group schemes, and a digital client onboarding platform, and settles claims against the policies it issues.

Product overview

StarLife Assurance is a leading indigenous Ghanaian life assurance company offering a comprehensive portfolio of individual, corporate, and special insurance products. The company operates as a platform with multiple product lines including: Individual Products (Child Lifeline Plus, CashBuilder Plus, Ultimate Protection Plus, Family Protection Plan, WealthMaster Plus, Personal Pension Plan, Supreme HomeCall Plan, Esteem HomeCall Plus), Corporate Products (Employee Security Plan, Keyman Plan, Loan Protection Plan, Mortgage Protection Plan, Group Welfare Scheme, My Clique Plan), Special Products (Bancassurance partnerships, Brand Assurance, MeDaakye micro-insurance, Diaspora Insurance), and Digital Platforms (Digital Client Onboarding, Digital Premium Payments). The company has integrated technology platforms for online policy purchase and premium payments, and has partnered with Figtech (MyFIG) for digital distribution.

Differentiator

Problem solved

Functional benefit

Products and services

• Child Lifeline Plus
• CashBuilder Plus
• Ultimate Protection Plus
• Family Protection Plan
• WealthMaster Plus
• Personal Pension Plan
• Supreme HomeCall Plan
• Esteem HomeCall Plus
• Employee Security Plan (Group Life)
• Keyman Plan
• Loan Protection Plan
• Mortgage Protection Plan
• Group Welfare Scheme
• My Clique Plan
• MeDaakye (Micro-insurance)
• Diaspora Insurance

Quantifiable outcome

• GHS 687,024,291 claims paid in 2024/2025
• +5 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

17 partnerships are on record, tiered core, secondary and minor.

• MTN GhanacoreGTM or Marketing Partner · 19 May 2025Strategic partnership with MTN Ghana for SMEGA 2025 Awards, providing GHS 100,000 insurance coverage (life insurance + business protection) for each award winner. Partnership aims to deepen financial inclusion and support SME resilience by transforming award recognition into practical risk protection.
• Figtech (MyFIG)coreTechnology or Integration · 5 February 2025Partnership with Ghanaian insurtech startup Figtech (MyFIG) to digitally market and distribute life assurance solutions through the MyFIG mobile app. Approved under National Insurance Commission Sandbox Program. Enables customers to purchase and manage life insurance through smartphones, improving affordability and accessibility.
• Roverman ProductionssecondaryGTM or Marketing Partner · 23 December 2024Partnership for Festival of Plays at National Theatre (December 2024 - January 2025). StarLife promotes Ultimate Protection Plan through theatrical performances, educating attendees on life insurance importance while supporting Ghanaian arts and culture.
• Enterprise Computing Limited (ECL)coreTechnology or Integration · 8 March 2023Technology partner for development and testing of RPA bots for automated data extraction from handwritten insurance proposal forms. ECL developed the handwriting recognition system that reduced manual underwriting from 85.4% to 7.09%.
• Ghana Pentecostal and Charismatic Council (GPCC)coreStrategic or Co-development PartnerLife insurance and employment partnership with GPCC presenting opportunity to bridge financial inclusion gap due to increased accessibility. GPCC Assure Policies protect church members. Also collaborated on breast cancer screening for 547 women across 6 regions.
• GCB BankcoreChannel Partner/ Reseller/ DistributorBancassurance partnership enabling sale of life insurance products through GCB Bank branches across Ghana.
• Access Bank GhanacoreChannel Partner/ Reseller/ DistributorBancassurance partnership for distribution of life insurance products through Access Bank's nationwide branch network.
• CBG BankcoreChannel Partner/ Reseller/ DistributorBancassurance partnership for life insurance product distribution through CBG Bank branches.
• OmniBSIC BanksecondaryChannel Partner/ Reseller/ DistributorBancassurance partnership for life insurance distribution through OmniBSIC Bank.
• Rural and Community Banks (Multiple)secondaryChannel Partner/ Reseller/ DistributorPartnerships with multiple rural community banks including Yaa Asantewaa, South Akim, Okomfo Anokye, Odotobri, GA Rural, Enyan Denkyira, Fiaseman, Dangme Rural, Capital Rural, Bond, Awutu Emasa, Atwima Rural, Ahantaman, Amenfiman, and Amanano for micro-insurance and basic life product distribution in underserved areas.
• MyFig (Brand Assurance)secondaryChannel Partner/ Reseller/ DistributorBrand Assurance partnership for curated life insurance solutions tailored to MyFIG user base.
• Ego TicketsminorChannel Partner/ Reseller/ DistributorBrand Assurance partnership for tailored life insurance solutions for Ego Tickets customers.
• Owner ServicesminorChannel Partner/ Reseller/ DistributorBrand Assurance partnership for curated life insurance solutions for Owner Services client base.
• Life HealthcareminorChannel Partner/ Reseller/ DistributorBrand Assurance partnership for tailored life insurance solutions for healthcare sector clients.
• SpectraminorChannel Partner/ Reseller/ DistributorBrand Assurance partnership for curated life insurance solutions for Spectra customers.
• DoorMaster GhanasecondaryGTM or Marketing PartnerStar Assurance provides insurance backing for DoorMaster Secure+ security doors, covering homeowners against fire, burglary, and flood. Product launched as Ghana's first security doors with built-in insurance protection.
• National Insurance Commission (NIC)coreOthersRegulatory oversight body for insurance industry in Ghana. StarLife operates under NIC regulation and participated in NIC Sandbox Program through MyFIG partnership.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Enterprise Life Assurance (Ghana): One of the leading direct life insurance competitors in Ghana, offering individual and group life, savings, and pension products to similar urban and corporate customer segments. Direct rival for bancassurance, employer group schemes, and retail life customers in the same Ghanaian market.
• SIC Life Insurance (Ghana): State-affiliated Ghanaian life insurer offering individual and group life products with nationwide branch reach. Directly comparable as a long-standing domestic life insurance player competing for the same policyholder pools and corporate group schemes.
• Vanguard Assurance (Ghana): Ghanaian composite insurer providing life and non-life products including group and individual life. Competes head-to-head with StarLife for corporate group schemes, bancassurance partnerships, and retail customers in Ghana.
• Metropolitan Life Insurance Ghana: Ghanaian life insurer focused on group schemes, credit life, funeral cover, and pension products. Directly comparable in product mix (especially micro-insurance and funeral cover) and target segments including low-income and informal-sector customers.
• Glico Life Insurance (Ghana): Ghana-based life insurer under the Glico Group offering individual and group life products including savings and pension plans. Comparable in product mix and target customers, particularly for endowment, pension, and funeral products.

Broad incumbents

• Prudential Life Insurance Ghana: Subsidiary of Prudential plc offering life insurance, savings, and investment-linked products in Ghana via agency and bancassurance. Comparable as a globally-backed life insurer pursuing the same emerging-market middle-class and group segments.
• Hollard Insurance Ghana: Composite insurer in Ghana (part of Hollard International) offering life and general insurance products including group life and credit life. Comparable for bancassurance and employer-sponsored life products, but broader in non-life offerings.
• Old Mutual Ghana: Pan-African financial services group with a substantial life insurance and asset management operation in Ghana. Overlaps with StarLife on individual life, group schemes, and pensions but operates a wider portfolio across multiple African markets.
• Allianz Life Insurance Ghana: Ghanaian arm of a global insurer providing individual and group life products including savings-linked plans. Competes in the same retail and bancassurance channels but with global brand and broader product reach.

Regional players

• AXA Mansard Insurance (Nigeria / West Africa): Leading West African life and general insurer based in Nigeria offering individual life, group life, and savings products. Comparable as a regional peer pursuing bancassurance and digital distribution in West Africa's insurance market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/starlifegh
• Facebookweb.facebook.com/starlifeassurance
• LinkedInlinkedin.com/company/starlife-assurance
• Instagraminstagram.com/starlife_assurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about StarLife Assurance