In Ghana’s corporate environment, few young leaders, who are enterprising, stand out for their remarkable contributions to the growth and transformation of their industries. One such personality is Mrs. Boatemaa Barfour-Awuah, the Managing Director of Star Assurance, who plays a fundamental role in steering her company towards excellence.
Under her leadership, Star Assurance has cemented its position as one of Ghana’s leading insurance providers, offering innovative solutions that cater to the needs of individuals and businesses. Her commitment to innovation, customer satisfaction, and industry growth has set a new benchmark for leadership in the insurance sector.
With an extensive background in finance and insurance, Mrs. Barfour-Awuah has brought a wealth of experience to Star Assurance, driving its strategic vision and operational efficiency. Her leadership has been instrumental in expanding the company’s reach, enhancing service delivery, and fostering a culture of trust among clients.
Mrs. Boatemaa Barfour-Awuah walked The Vaultz Africa through her remarkable journey of leading Star Assurance as one of the budding business elites, charting the next business front in Ghana.
“I am Boatemaa and I lead our dynamic team in providing innovative non-life insurance solutions to our clients and the insuring public. In this role, I’ve had the privilege of steering strategic initiatives that have significantly enhanced our performance across key metrics—particularly in customer satisfaction, efficient claims settlement, and stakeholder engagement.
Our progress is a direct result of a clear focus on digital transformation, business intelligence, and cross-functional collaboration. Under my leadership, Star Assurance has embraced innovation and operational excellence as core drivers of sustainable growth within the general insurance sector.”
Academically, Mrs. Boatemaa Barfour-Awuah holds two Master’s Degrees along with several professional certifications that support her work in both strategy and digital innovation. she also serves on multiple boards, contributing to governance and strategic oversight. On her personal beliefs, she strongly believes in harmonizing career growth with family life, and she continuously strive to set an example of what’s possible when passion, purpose, and balance align.
Overview of Ghana’s Insurance Industry Over the Last Decade
Assessing Ghana’s general insurance industry over the past decade, Mrs. Barfour-Awuah stated that the industry has undergone a remarkable transformation—one marked by regulatory strengthening, increased public awareness, and a renewed focus on innovation and customer experience.
A key catalyst, according to her, has been the proactive role of the National Insurance Commission (NIC), particularly with the passage of the Insurance Act 2021. This legislation has significantly enhanced the regulator’s authority, enabling it to enforce higher standards, promote market stability, and strengthen consumer protection frameworks.
Additionally, there has been a noticeable shift in public perception and awareness of insurance as a financial safeguard. This has contributed to increased demand across various product lines and has attracted more insurers and brokers into the market. The resulting competition has elevated industry standards, improved service delivery, and encouraged customer-centric innovation.”
Undoubtedly, Mrs. Barfour-Awuah pointed out that technology has also played a pivotal role. Insurers are increasingly leveraging digital platforms to streamline claims processes, improve operational efficiency, and offer more personalized, accessible experiences to policyholders. This integration of technology is not only modernizing the industry but also expanding its reach to previously underserved demographics.
Together, these developments are reshaping the landscape of general insurance in Ghana—making it more dynamic, inclusive, and responsive to the evolving needs of the modern consumer, she noted.
Recognizing the exciting developments in the insurance industry currently that has the potential to disrupt the sector, the insurance maven indicated that one of such developments is the digital transformation taking place across the entire insurance value chain.
From policy purchase to claims settlement, digital platforms, mobile applications, and online self-service portals are reshaping how insurers engage with clients. These tools are not only enhancing operational efficiency but also elevating the customer experience by making insurance more accessible, responsive, and transparent.
“Microinsurance is another critical development, particularly in Ghana, where a significant portion of the population operates within the informal sector. By designing affordable and flexible insurance solutions, we are gradually bridging the protection gap and fostering greater financial inclusion.”
Moreover, she opined that as digital ecosystems expand, the risk landscape is evolving— making cybersecurity become a top concern. This presents a growing opportunity for insurers to develop tailored cyber insurance products to address emerging threats.
Barriers Confronting the General Insurance Industry
Mrs. Barfour-Awuah disclosed that one of the most pressing challenges facing Ghana’s general insurance industry is the persistently low penetration rate. She noted that despite the sector’s growth potential, a large portion of the population—especially within the informal economy—remains uninsured. This is largely due to limited awareness, perceived inaccessibility, and affordability concerns surrounding insurance products.
Trust remains a major barrier as well. Negative past experiences with claims—particularly delayed settlements and lack of transparency—have contributed to widespread skepticism. For many potential policyholders, these issues have overshadowed the fundamental value insurance provides, hindering adoption and renewal rates.
“Another significant challenge lies in inefficiencies within claims management systems, which not only affect customer satisfaction but also undermine the industry’s credibility. Streamlining these processes is essential to restoring public confidence and reinforcing the industry’s role as a reliable safety net.”
Additionally, the limited financial capacity of many local insurers restricts their ability to underwrite large risks independently. This has led to an overreliance on foreign reinsurance, which not only exposes the industry to currency volatility but also contributes to consistent foreign exchange outflows, impacting overall economic sustainability.
The Managing Director of Star Assurance stated that to overcome these challenges, the industry must prioritize education, public awareness, innovation, financial inclusion, and stronger collaboration with regulators to rebuild trust and unlock the sector’s full potential.
She further noted Insurance companies should initiate targeted campaigns to inform the public about insurance benefits. “Policies should be simplified for better understanding; Building trust and transparency is essential, which can be achieved by improving claims settlement processes and clarifying policy terms,” she added.
Leadership, at the Height of Challenges
Mrs. Barfour-Awuah noted that leading through the dual crises of the COVID-19 pandemic and the Domestic Debt Exchange Program (DDEP) demanded a blend of strategic foresight, agility, and “unwavering commitment to our people and purpose”.
During the pandemic, our immediate priority was safeguarding the well-being of our employees and customers. We swiftly implemented comprehensive health and safety protocols while equipping our teams with the tools and support needed to transition to remote work seamlessly.
“At the same time, we accelerated our digital transformation, investing in technologies that enhanced operational efficiency, minimized physical interactions, and ensured uninterrupted service delivery.”
Equally important was transparent and consistent communication. She disclosed that the organization engaged regularly with its employees, clients, and stakeholders—sharing updates, addressing concerns, and “reinforcing confidence in our resilience strategy”. This clarity of purpose and open dialogue, she said, helped foster unity and trust during an uncertain period.
She further noted that as the DDEP unfolded, Star Assurance adopted a proactive and disciplined financial strategy. This included rigorous cost management, optimization of internal resources, and diversification of its investment portfolio to reduce exposure and cushion the impact of the debt restructuring.
Our finance team conducted in-depth scenario analyses and adapted our financial planning models to remain agile and responsive.
“We also recognized the power of collaboration and strategic partnerships. By strengthening existing alliances and forging new ones, we created buffers that enhanced our operational stability and extended our reach, even in challenging times.”
Mrs. Barfour-Awuah noted that in an era marked by volatility and rapid change, successful leadership hinges on a few critical qualities—foremost among them is resilience. The ability to remain steady, focused, and solution-oriented in the face of uncertainty is what enables leaders to guide their organizations through turbulence with clarity and confidence.
Equally important is adaptability. Market cycles and macroeconomic shifts often demand quick pivots and recalibrated strategies. Leaders must be agile in their decision-making and open to innovation, while still maintaining alignment with long-term goals.
Expectations of Budding Business Elites Charting New Frontiers
Mrs. Barfour-Awuah, one of the budding business elites in the country, stated that as African Continental Free Trade Area (AfCFTA) opens new frontiers for cross-border trade and economic integration, the company’s vision is to position itself—and by extension, Ghana—as a leading player in Africa’s evolving insurance landscape. To do this, she disclosed that the company is pursuing a multi-pronged strategy focused on innovation, collaboration, and customer-centricity.
First, we are forging strategic alliances with insurers, reinsurers, and brokers across the continent. These partnerships are key to expanding our market reach, sharing expertise, and tapping into new customer segments, particularly in emerging African economies.
“Second, we are making significant investments in digital transformation. Our goal is to create seamless, technology-driven experiences across the insurance value chain—from onboarding and underwriting to claims management. By leveraging advanced digital platforms, we can enhance operational efficiency, reduce turnaround times, and meet the growing demand for accessible, online insurance solutions.”
Moreover, she noted that in alignment with AfCFTA’s framework, the company is also developing tailored insurance products that meet the unique needs of businesses and individuals operating within the regional market. From trade credit and marine insurance to SME-focused solutions, the company’s emphasis on niche markets and specialized offerings enables it to differentiate itself and deliver real value.
Lastly, we are strengthening the Star Assurance brand through targeted marketing and strategic communications that highlight our commitment to reliability, transparency, and customer-first service. We believe that a strong, trusted brand is critical to sustaining relevance and building long-term customer loyalty in an increasingly competitive environment.”
Considering the opportunities that AfCFTA presents to the Ghana’s insurance industry, Mrs. Barfour-Awuah, who is charting the next business front, averred that the AfCFTA presents a transformative opportunity for Ghanaian insurers to expand beyond domestic borders into a market of over 1.3 billion people.
As such, she recommended that one of the key strategies is product diversification, particularly in specialized insurance lines such as trade credit insurance, political risk coverage, and cyber insurance—products increasingly in demand within AfCFTA’s growing intra-African trade environment.
Moreover, she noted that AfCFTA offers an opportunity to establish regional reinsurance hubs, thereby reducing dependence on overseas reinsurers and retaining premium capital within the continent. Ghana is well-positioned to champion this shift, provided there is continued investment in regulatory alignment, talent development, and capital adequacy, she asserted.
Reimagining Economic Transformation
Mrs. Barfour-Awuah emphasized that today’s leaders must reimagine economic expansion through innovation, inclusivity, and sustainability to navigate the fast-evolving global marketplace.
According to her, a key priority is embracing digital transformation. Technologies like artificial intelligence (AI), blockchain, fintech, and automation must be leveraged to modernize business operations, enhance productivity, and unlock new economic opportunities. These digital tools serve as accelerators for expansion and impact, helping businesses scale efficiently.
Equally important is a strategic shift toward value-added industrialization. Instead of exporting raw materials, Ghanaian businesses must invest in local processing, advanced manufacturing, and scaled exports to increase global competitiveness. This approach will help retain value within the country and create sustainable employment opportunities.
Financial inclusion remains critical. Expanding access to banking, insurance, and credit—particularly for underserved populations—will stimulate grassroots entrepreneurship and economic activity. Additionally, leaders must leverage the African Continental Free Trade Area (AfCFTA) to position Ghanaian businesses for regional trade and collaboration, strengthening the country’s presence in Africa’s single market.
Mrs. Barfour-Awuah asserted that sustainability should be a non-negotiable factor in business strategy. Embracing green energy, ESG compliance, and climate-conscious business models will ensure long-term resilience according to her.
Government’s Role in Empowering Ghana’s Insurance Industry
Mrs. Barfour-Awuah, an astute player in the industry, intimated that the government has a pivotal role to play in creating an enabling environment that allows the insurance industry to thrive and compete on a continental scale. One powerful lever is the implementation of targeted tax incentives, particularly for insurance companies that are investing in technological innovation, digital infrastructure, and expansion into underserved or rural markets, she disclosed. These incentives can ease operational burdens, stimulate private investment, and accelerate product and service innovation—key drivers for positioning Ghana as a regional insurance powerhouse.
Equally important is the government’s role in advancing financial literacy across the population. Low awareness and widespread misconceptions about insurance remain major barriers to adoption. To address this, the government, in collaboration with industry stakeholders, should integrate insurance education into school curricula and national financial literacy programs. Public awareness campaigns, community outreach, and partnerships with media can also play a significant role in building public trust and demystifying insurance products.”
She indicated that by promoting education and incentivizing innovation, the government can empower the industry to scale more inclusively, enhance its global competitiveness, and ultimately support Ghana’s ambition to become a central node in Africa’s insurance ecosystem under the AfCFTA framework.
Future Trends and Innovations to Shape Ghana’s Insurance Industry
The insurance industry is on the brink of major transformation, shaped by rapid technological advancements, shifting customer expectations, and evolving risk landscapes.
According to Mrs. Barfour-Awuah, digital transformation will be at the forefront, with Artificial Intelligence (AI), Machine Learning, and Robotic Process Automation (RPA) revolutionizing claims processing, underwriting, and customer service. Insurers that leverage data-driven decision-making will gain a competitive advantage in efficiency and responsiveness.
Customer-centric innovation will also define the industry’s future. Consumers now demand flexible and tailored insurance solutions, leading to the rise of usage-based, on-demand models.
Additionally, the increasing reliance on digital platforms has heightened cyber risks. Cyber insurance will become essential, requiring insurers to develop robust protection strategies while securing their own systems.
Advice To Industry Players
Mrs. Barfour-Awuah hinted that to realize the vision of positioning Ghana as an leading insurance hub in Africa, the industry must collectively commit to rebuilding and sustaining public trust—arguably one of the most critical challenges it faces today.
Trust is earned through consistency, transparency, and accountability. Insurers must honor their commitments, especially around claims settlement, and ensure that customer interactions are marked by fairness and professionalism.”
Equally important, she said, is the need to make insurance more accessible and relevant to the broader population. This involves designing innovative, affordable, and inclusive products that cater to the unique needs of various market segments, including those in the informal sector.
Mrs. Barfour-Awuah further averred that technology is key to transforming Ghana’s insurance industry, with digital tools enhancing customer experience, transparency, and service delivery. Collaboration between industry players and regulators is essential to maintaining high compliance and ethical standards, she emphasized, also noting continuous service improvement through customer feedback will reinforce excellence.
Ultimately, Ghana’s success as an insurance hub will rely on balancing innovation with integrity, accessibility with accountability, and growth with genuine customer care, the insurance doyenne disclosed.
In her concluding remarks, Mrs. Barfour-Awuah, one of Ghana’s foremost budding business elites, noted that Ghana’s General Insurance industry is at a crucial juncture.
As leaders, we must show resilience, adaptability, and a commitment to creating a strong and inclusive sector. This will enable us to fully harness the industry’s potential and contribute significantly to securing the future of Ghana and Africa.
“In essence, the path forward for the Ghanaian General Insurance industry is rich with opportunities. If we harness our collective strengths, embrace change, and remain dedicated to our mission, we can redefine the future of insurance in Ghana and pave the way for a prosperous Africa. Together, we can achieve greatness.”