Enterprise Life Insurance Company Limited has introduced a new funeral finance product targetted at Ghanaians who would have otherwise been excluded from general insurance coverage.
The product, Funeral Finance Plan Unlimited, was designed after detailed and extensive research on what constitutes value for all customers in the market.
Speaking at the product’s launch in Accra, the Chief Executive Officer of Enterprise Group, Keli Gadzekpo, said the product was developed in response to market demands.
“This product was designed, priced and packaged in response to feedback gathered from our customers and the general public. We introduced the original product, Funeral Finance Plan, almost 20 years ago as an industry first.
“As positively as it has been received by the public, we have over the years modified the product in keeping up with the changing times. The product that we have today is truly ground-breaking and it is a first on the market,” Mr. Gadzekpo added.
Managing Director of the company, Jacqueline Benyi said: “Our customers are the reason why we are in business; without them and for what they do for us, there would not have been any company called Enterprise Life,” she said.
She explained that Enterprise is not oblivious to the fact that clients’ experience is the new differentiator – providing a huge competitive edge in business.
As a result, she said, Enterprise Life Plan gives the insured the desired advantage because of the company’s wealth of expertise in the insurance business.
She said the Funeral Finance Plan Unlimited product allows customers who sign onto it to include a 100 percent premium refund, a two-month premium holiday in January and September, and cash back benefits among others.
Meanwhile, Commissioner of Insurance at the National Insurance Commission (NIC), Justice Yaw Ofori who spoke at the event, attributed low insurance penetration in the country to unattractive packages.
Mr. Ofori therefore urged Life insurers to do more in attracting prospective clients.
“There is a need for us to be innovative in our products as players in the insurance sector. Customer needs and demands keep changing each and every day. We need the right attractive products to engage them and deepen insurance penetration,” he advocated.