Ghana Life Insurance Holds Brokers Forum

Ghana Life Insurance Company, the longest existing indigenous Life Insurance Company in Ghana, has held a Brokers’ Forum at the Coconut Grove Regency Hotel in Accra.

The forum, which was under the theme: ‘Group Life, The Needed Incentive’, attracted insurance experts, chief executives of some brokerage and insurance companies, stakeholders and players of the Life Insurance industry.

The company also used the occasion to launch its innovative Life Insurance product, the ‘Ghana Life Group Life Line’.

Welcoming the participants to the forum, Mr. Ivan Avereyireh, Managing Director of Ghana Life Insurance Company, said, “After our rebirth in 2009, Ghana Life introduced into the Ghanaian market, with the approval of the National Insurance company, 9 new products which included our Group Life Insurance.

After rolling out the individual lines last year, we now find it appropriate to launch our Group Life Scheme which includes the Ghana Life Group Life, the Ghana Life Credit Life and the Ghana Life Mortgage”.

Mr. Kofi Andoh, Head of Supervision of NIC, who deputized for the Commissioner of Insurance, said, “A recent Financial Sector Assessment conducted by the IMF on the insurance industry reported that even though the number of insurance companies in Ghana grew by more than 200 percent between 2005 and 2009, insurance penetration only improved slightly from 1.16 percent to about 1.6 percent over the same period.

This raises a few but very significant issues. The first is that insurance companies are not breaking new grounds with respect to target markets, distribution channels and product innovativeness.

“Ghana Life was the first indigenous Life Insurance Company to commence operations in Ghana in the year 1980 as the United Ghana Life Insurance.

The company has gone through the various phases of growth and the National Insurance Commission (NIC) is happy to note the current phase of the company.

With the implementation of the Pension Act, we can only hope for better things not only for Ghana Life but the life sector and the entire Ghanaian population”, the message added.

“I find it quite innovative that Ghana Life is beginning to interact with the broking fraternity. This is because the broking companies have traditionally distributed Non-Life products.

It is therefore encouraging that Ghana Life is planning to use that channel”, the NIC chief’s message added.

Mrs. Alice Otoo-Ocran, Head of Group Scheme Marketing of Ghana Life Insurance took participants through the new Group Business Line, which included group insurance for employees, churches, schools and any other professional groups.

Mr. Sena Koby Nyame, an official of Ghana Life Insurance Company, also explained Ghana Life’s individual products such as Ghana Life Children Welfare Plan, Ghana Life Master Plan, Ghana Life Retirement Assurance Plan (RAP) and Ghana Life Funeral Plan to the gathering.

Some of the brokerage companies in attendance were KEK insurance Brokers, Edward, Mensah and Wood, Insurance Consultancies and Trans-national Insurance Brokers.

From Business Desk