Figtech Group

What Figtech Group does

Figtech Group, operating under the brand MyFig, is a Ghana-based digital insurance marketplace founded in 2021 and headquartered in Accra. The company targets individual consumers in Ghana and offers a mobile application (iOS and Android) plus a web platform through which users can browse, compare, and purchase life insurance policies from multiple domestic insurers, including StarLife Assurance and Enterprise Life Assurance. The value proposition is to lower friction in policy selection by aggregating offerings that are traditionally sold through agent-led channels in the Ghanaian market.

The underlying technology consists of a consumer-facing mobile and web application layered over a cloud-hosted marketplace, with no disclosed proprietary AI, machine learning, or algorithmic underwriting components. Distribution is supported through digital marketing channels including social media and content publishing, evidenced by an active blog through March–April 2025.

The business model is a commission-based marketplace: MyFig earns referral or brokerage commissions from partner insurers on policies sold through its platform. The company reports a headcount of 1–10 employees, no disclosed external funding rounds, and operates exclusively within Ghana. Revenue is therefore a direct function of the number of policies transacted and the commission structure negotiated with carrier partners, with supply-side concentration risk given the small number of disclosed insurer relationships.

Name

Figtech Group

Legal name

Figtech Limited

Website

https://myfigtech.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Figtech Group (dba MyFig) is a Ghana-based digital insurance marketplace, founded in 2021, that lets individual consumers in Ghana compare and buy life insurance policies through a mobile and web platform, earning commissions from partner insurers.

Ownership category

akta.pro rank

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

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

Revenue model

1. Insurance Product Distribution: MyFig operates as a digital insurance broker/marketplace, earning commissions or transaction fees from partner insurance providers for policies sold through the platform. The platform connects customers with licensed life insurance providers and facilitates policy purchases.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

MyFig is a cloud-native digital insurance marketplace platform that connects Ghanaian consumers to life insurance, investment, and pension providers. Through its iOS, Android, and web interfaces, the platform enables users to browse policies from partner insurers (StarLife Assurance, Enterprise Life Assurance), compare coverage and premiums in real time, receive instant quotes, and complete end-to-end policy purchases without agents or paperwork.

Product overview

MyFig is a unified mobile and web platform serving as Ghana's first digital insurance broker. The core product, the MyFig app, provides a digital marketplace where users browse policies, compare coverage and premiums from partner insurers (StarLife Assurance, Enterprise Life Assurance), receive instant quotes, and purchase life insurance entirely online. The platform is built as a cloud-native proprietary system designed to interface securely with partner insurers, enabling real-time policy comparison and end-to-end digital policy purchasing.

Differentiator

Problem solved

Functional benefit

Products and services

• MyFig App Digital insurance marketplace mobile and web platform that enables Ghanaians to browse life insurance policies, compare coverage and premiums from partner insurers, obtain instant quotes, and complete end-to-end policy purchases without agents or paperwork.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• StarLife AssurancecoreChannel Partner/ Reseller/ DistributorLeading life insurance provider in Ghana offering products including Child Lifeline Plus, WealthMaster Plus, and Employee Security Plans. Partnered with MyFig to distribute their life insurance products through the digital marketplace platform.
• Enterprise Life AssurancecoreChannel Partner/ Reseller/ DistributorPart of Enterprise Group, offering Funeral Finance Plans, Executive Plus Plans, Akwantupa, and Family Income Protection. Partnered with MyFig as a life insurance provider on the digital broker platform.

Scale indicators2 records

Recent moves1 record

Expansion highlights4 records

Emerging players

• Turaco: Ugandan insurtech that partners with carriers to distribute affordable life and health products to emerging-market consumers via mobile; comparable in targeting underpenetrated African life insurance via digital-first distribution.
• Lami Technologies: Kenyan insurtech providing APIs and digital infrastructure for insurance product distribution across Africa; comparable as an Africa-focused insurtech intermediary though with a more B2B/API orientation than MyFig's B2C marketplace.
• Casava (formerly known as Surebase): Nigerian insurtech offering embedded digital insurance products distributed via partner platforms; relevant comparator in West African digital insurance distribution, though more microinsurance-tilted than MyFig's life focus.
• BIMA (Milvik): Mobile-first microinsurance provider operating across Africa and Asia, partnering with mobile operators and insurers to distribute life and health products; overlaps with MyFig in digital distribution of life cover in emerging markets.

Regional players

• CompareGuru: South African insurance comparison platform; operates the same multi-carrier online brokerage model as MyFig but in a different African geography with deeper insurance penetration.
• Hippo.co.za: South African online insurance comparison and brokerage platform; competes on transparency and side-by-side policy comparison, similar in product experience to MyFig though serving a more mature insurance market.

Direct peers

• Coverfox: Indian digital insurance brokerage that aggregates life and health products from multiple carriers for comparison and online purchase; directly analogous marketplace model to MyFig in an emerging-market context.
• PolicyBazaar: India's largest online insurance aggregator and broker; operates a digital marketplace comparing multiple life and general insurers with embedded policy purchase, the same core model as MyFig but at massive scale in India.

Others

• Star Assurance / Enterprise Group parent ecosystem: Enterprise Group is the parent of Enterprise Life Assurance, a MyFig partner; included as ecosystem context rather than a competitor, illustrating the small set of Ghanaian life carriers that anchor MyFig's marketplace.

Broad incumbents

• Lemonade: US-listed AI-native digital insurer that has built proprietary underwriting and a mobile-first purchase flow; relevant as a benchmark for digital-first insurance UX but differs in being a carrier rather than a multi-carrier broker like MyFig.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Gh_Myfig
• Facebookfacebook.com/FigtechInc

Revenue estimate

Valuation estimate

Number of profiles

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 Figtech Group