GLICO, the one-stop shop for insurance and financial services in country, has been adjudged ‘The best insurance Group’ in Ghana at the recently-held 2nd Ghana Insurance Awards.
Two subsidiaries of the GLICO Group also received awards. GLICO General was adjudged ‘The Personal Line Insurer of the Year’, while GLICO Healthcare was declared ‘The Indigenous Insurer of the year–Private healthcare’.
The GLICO Group has its genesis as Gemini Life Insurance Company, acronym ‘GLICO’, which started operations in Ghana during 1987. With a sustainable business philosophy propounded by its founder, Mr. Kwame Achampong-Kyei – which is “to bring insurance to the doorstep of every Ghanaian household” – GLICO in 2003 embarked on the expansion of allied services to offer more value for its policyholders and to grow each service offering’s portfolio.
In 2003, it birthed GLICO Capital Ltd. to offer investments advice and services for its expanding policyholders. Around the same time, the National Health Insurance, Act 2003 (Act 650), was promulgated and it took advantage of the opportunity to bring quality health insurance services to its policyholders by forming GLICO Healthcare Ltd.
With long-term investments gained from life insurance premiums, GLICO formed GLICO Properties Ltd. in 2006, to take advantage of the appreciating value of land and landed properties in Ghana so as to return to Ghanaians higher investment returns on policies at maturity. Then in 2006, the National Insurance Act 2006 (Act 724) was enacted to separate insurance businesses into life and non-life. GLICO seized the opportunity to form GLICO General Ltd. to offer non-life insurance services to its policyholders. And, finally, promulgation of the National Pensions Act 2008 (Act 766) enabled GLICO to move its pensions and welfare portfolios to form GLICO Pensions Trustees Ltd. in 2010.
Today, the then-Gemini Life Insurance Company is registered as GLICO Life Insurance Ltd. – focusing only on life insurance policies. A separate GLICO Group Company has also been registered to support the growth and expansion of GLICO as a group, in providing a one-stop insurance and financial services to Ghanaians while adding value to each service offering. One thing that has remained consistent with GLICO throughout its expansion phases has been its promise “we cushion you for life” that is actualised in its prompt claim payment; a firm foundation on which the GLICO brand is built.
Asked what this award means to GLICO, the Group Head, Corporate Affairs & Marketing, Nana Efua Rockson excitedly stated: “It’s amazing to build a company and a brand that commands presence. However, maintaining it sustainably requires out-of-box thinking and strategic moves in today’s technologically-driven and customer-centric world. We are not sitting on our oars, and we will continue to offer value to our clients”. She continued by saying: “This award is dedicated to all our customers, partners, stakeholders and to all Gliconians”.
The GLICO Group Chief Executive Officer, Mr. Forkuo Kyei, remarked on the news of the award that: “This is quite opportune, because it couldn’t have come at a better time than this. GLICO is restructuring and positioning itself to take advantage of synergy to offer far better services to Ghanaians”. He further added: “Thank you to all who made it happen, and to Ghanaians for believing and supporting a home-grown business throughout three decades and counting”.
The Executive Chairman of GLICO Group, Mr. Kwame Achampong-Kyei, had this to say: “Congratulations to the GLICO team for continuous hard work and assiduousness; and to all our customers, thank you for trusting GLICO to cushion you for life”.
Significantly, every company in the GLICO Group is among the leaders in their categories, and continue to churn out innovative services and policies that offer financial solutions to Ghanaians. In a time of uncertainty, one can always trust GLICO to cushion them for life; because they have a blueprint garnered over thirty years to do just that. It is therefore not a surprise that GLICO was adjudged ‘Best Group in the Insurance Industry’.