Leverage technology to deepen insurance penetration – Titus Glover

Insurance companies in the country must take advantage of technology to deepen the penetration of insurance, which currently stand at less than 2 percent of Gross Domestic Product (GDP), Daniel Nii Kwartey Titus Glover-Deputy Minister of Transport, has said.

Speaking at the second annual Ghana Insurance Awards, which came off last Friday at the Kempinski Hotel, Accra, Mr. Glover, pointed out that with a growing middle-class, who are well-versed in technology, insurance companies will be better served using the medium to reach this growing class.

“We need to take advantage of technology. Without technology we are lacking in life. Therefore, to the industry players who are here this evening, I am sure you are applying the right technology to make sure that you’ll be guided. Data collection is very key, so when you have the data combined with technology there’s a lot of things that we can do,” he said.

The night saw a total of 44 companies and individuals honoured at the Ghana Insurance Awards’ second edition, which seeks to promote growth of the insurance industry through progressive competition, innovation and adherence to the highest professional standards. The event had much pomp and pageantry, and was enlivened with comedy and music as nominees sat at their various tables looking expectant and with suspense written all over their faces.

Mr. Glover, in his address, noted that not many passengers of commercial vehicles know they are entitled to compensation if the vehicle they are travelling in has an accident. Therefore, he noted that the ministry will push for all claims entitled to passengers should there be any accident.

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Although the Motor Vehicles Act (1958) makes it mandatory for any motor insurance policy to cover the financial liability of third-parties who are harmed through accidents involving the insured, he said he has realised that not every passenger is aware that he or she is entitled to some compensation should anything happen.

“When people get injured in an accident and survive, they thank God and move on,” he stated. As a result, he said, the ministry will soon commence an arrangement that makes it compulsory for all long-distance vehicle operators to take the names and addresses of all passengers on board the vehicle at all times.

Award winners

Emerging Brand of the Year, Heritage Energy Insurance; Emerging Brand of the Year (Private Health Insurance Category), Ace Medical Insurance; Promising Company of the Year (Insurance Category), Best Assurance Company; Promising Company of the Year (Private Health Insurance Category), Vitality Health Insurance; Product Innovation Award (Private Health Insurance Category); Cosmopolitan Health Insurance (Cosmo Care); Product Innovation Award (General Insurance Category); Sunu Assurance (Ezibuy); Product Innovation Award (Life Insurance Category); Prudential Life Insurance (Prudent Life Plan); Customer Care/Service Award (Insurance Category); Saham Life Insurance; and Customer Care/Service Award (Private Health Insurance Category), Acacia Health Insurance Company; Best Growing Company of the Year (Private Health Insurance Category), and Metropolitan Health Insurance.

Others are ICT Leadership Award (Insurance Category), Enterprise Life Insurance; Indigenous Insurance Company of the Year, Starlife Assurance; CSR Leadership Award (Private Health Insurance Category), Premier Health Insurance; CSR Leadership Award (Insurance Category), Allianz; Best Growing Brokerage Firm of the Year, Safeguard Insurance Brokers; Marketing Initiative/Campaign of the Year, Enterprise Insurance Company (Same Day Claim Payment); Young Achiever Award, Achumile Majija (Prudential Life); Unsung Hero Award, Daniel Gyasi Nyarko (Nationwide Medical Insurance); Commercial Line Insurer of the Year, Enterprise Insurance; and Personal Line Insurer of the Year, Glico General Insurance; Bancassurance Leader Award, Standard Chartered Bank; Mobile Insurance Leadership Award, Bima Ghana (Milvik); Re-Insurance Company of the Year, GN Reinsurance; Claims Initiative Award, Vanguard Assurance; Major Loss Awards, Star Assurance; and Brand of the Year (Private Health Insurance Category), Premier Health Insurance.

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The rest are Indigenous Company of the Year (Private Health), Glico Health Insurance; ICT Leadership Award, Nationwide Medical Insurance; Good Corporate Governance Award, Prudential Life; Best Insurance Group, Glico Group; CEO of the Year (Private Health Insurance), Nancy Ampah, Nationwide Medical Insurance; Best Performing Company of the Year (Life Insurance Category), Starlife Assurance; Best Performing Company of the Year (General Insurance Category), Donewell Insurance; Private Health Insurance Company of the Year, Nationwide Medical Insurance;

Brand of the Year (Insurance Category), SIC Insurance; CEO of the Year (Life Insurance Category), Elizabeth Wyns Dogbe –SIC Life; CEO of the Year (General Insurance Category), Solomon Lartey –Activa International; Entrepreneur of the Year, Rev. Dr. Kwaku Frimpong (Loyalty Insurance); General Insurance Company of the Year, Enterprise Insurance; Life Insurance Company of the Year, Enterprise Life; Woman of Excellence, Jacqueline Benyi (Enterprise Life); Leadership Excellence Award, Beatrice Amponsah (Cosmopolitan Health Insurance); Special Recognition Award, Insurance Personality of the Year, Aretha Duku; and Lifetime Achievement Award, Daniel Afriyie (Claims Limited).

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