Chief Executive Officer of Donewell Insurance Company Limited, Seth Aklasi, has stated that the company has exceeded the National Insurance Commission’s minimum capital requirement of GHS 15 million.
According to him, the company has so far made GHS 23 million. He said Donewell is fully capitalized and has a clear objective of being among the first five General Insurance Companies in Ghana with a market share of over 10%.
He made this statement during the press launch of the 25th Anniversary Celebration of the insurance company on the theme: “25 years of Donewell: Enhancing Trust and Confidence.”
The objective of the 25th Anniversary is to celebrate innovation, give back to society, appreciate the support and loyalty enjoyed from all its stakeholders and celebrate the Ghanaian success story of the company.
He said: “In 2017, the company paid claims in excess of GHS 24 million out of premium income of GHS 36 million. These demonstrate our preparedness to meet our clients at their point of need.
Seth Aklasi also urged the general public to be cautious of unauthorized Donewell stickers given out by fraudsters. He pleaded with the regulator to use all channels to fight and sanitize the general business insurance industry.
According to him, anyone who wants a Donewell sticker should come directly to their offices and register with the company.
“Insurance is a pool therefore we actually require people to purchase insurance so that we create a pool from which we pay our colleagues but if people are buying fake stickers that are basically not traceable to anybody. They come to us only when they find themselves in crisis and that is when they get to know that those stickers are cloned,” he said.
Also, he cautioned that people must make time to read the terms and conditions of their insurance policies in order to get a better understanding of the company’s operations.
He said: “People buy their personal assets and they insure it yet they don’t go through the terms and conditions. We must sit down and go through it page by page to know what the terms and conditions as well as the policies are.”
According to him, the policies state clearly areas which the company will cover payments for as well as areas which it will not. Therefore, clients who fail to go through the 12-page document spur some misunderstandings.
On his part, Managing Director of Donewell Insurance Company Limited, Professor Ato Essuman admitted that technology is rapidly changing the world and to continue to do well, the company will adopt new technologies to identify consumer trends and client behavior.
He assured that Donewell Insurance Company Limited will continue to be hononourable and fair in its dealings to maintain the great corporate culture they have built.
Some activities expected to take place as part of the celebrations include a health walk and free health screening on the 14th of April. There will also be a symposium where industry players and experts will discuss: “Insurance in Ghana: Different perspective; The investor, Practitioner and the Regulator.
An awards night and dinner will also take place to reward deserving clients, brokers, agents and staff. The 25th anniversary celebration will be crowned with a thanksgiving service.