The Ghanaian insurance industry, like other arms of the financial services sector, is a bit of an enigma. It has been in existence, in some form, from the pre-colonial era, “when insurance business was transacted through foreign trading companies who acted as chief agents of insurance companies in the United Kingdom and elsewhere.”
However, it remains in its nascent stage as its growth has been stunted, mostly by macro-level socio-economic factors beyond the control of players within its space. Over the course of the past decade, however, spurred on principally by increasing globalization and a faster rate of adoption of technology, the industry has grown in leaps and bounds.
Hollard Ghana
The growth has been industry-wide, however, crucial to it has been the geometric progression of Hollard Ghana. Formerly Metropolitan Insurance Company Limited (MET), the company was acquired by the Hollard Group of South Africa in 2015 and has taken the operations of the firm up several notches.
Within that time frame, Hollard Insurance Ghana has chalked up a number of successes. Its financials have made remarkable reading in terms of Gross Written Premium in the industry as well as consistently achieving double-digit growth in revenue. For the last three years, Hollard has achieved the exclusive accolade as Top Employer of the Year by the prestigious Top Employer Institute.
Products
While the business initially divested itself of life insurance business, the current leadership has overseen a relaunch of the group’s life insurance business, Hollard Life. The business has applied a unique sales model and innovative products that are making the business increasingly popular with customers.
Hollard’s catalogue is replete with products in its General and Life portfolios. Under its General business it provides personal line insurance solutions such as Personal Accident Insurance, Travel Insurance, Motor Insurance, Home Insurance, among others.
There are also well-designed insurance solutions for businesses and other commercial entities to cover their properties and liabilities to which they are exposed. Hollard offers Assets All Risks Insurance, Fire Insurance, Burglary Insurance, Motor Insurance, Marine (Cargo and Hull) Insurance, Business Interruption etc.
Their offering in Liability Insurances include: Public Liability, Product Liability, Director’s & Officers Liability, General Liability, among others.
Other products available for businesses include Goods-in-Transit Insurance, Business Interruption Insurance, Money Insurance, Fidelity Guarantee Insurance, Professional Indemnity Insurance, Customs and Surety Bonds and Engineering Insurances such as Contractors All Risks Insurance, Erection All Risks Insurance, Plant & Machinery Insurance, Electronic Equipment Insurance among others.
Hollard’s expertise in other specialized areas such as Stevedore and Shore Handling Liability Insurance, Business Travel Insurance, Tournament-Centric Hole-In-One Insurance for golfers etc are unmatched in the Ghanaian insurance industry.
Hollard’s renowned Life catalogue includes the Adepa Family Plan, with the recently announced ‘Adepa Three’ – ‘Adepa wo Fie’, ‘Adepa Goal Save’, and ‘Adepa Saving Plan’.
Hollard Life’s flagship product, the Adepa Family Plan is designed not only to provide funds to ensure a befitting farewell to departed family members but also to replace income lost to the family as a result of death of the bread winner.
Adepa Wo Fie Plan is a bundled funeral Policy that provides automatic cover for a Policyholder and their nuclear family. For clients who are looking forward to saving an amount of money (savings) at their own discretion, Adepa Savings Plan got you.
Hollard Life also has an investment product called Adepa Goal Save Plan. This investment guarantee product allows a contribution towards the attainment of a predefined goal amount. There is also the Purple Employee Plan and Credit Life Protection Plan.
Key partnerships
Aware of the crucial role of strategic partnerships in driving insurance penetration, Hollard Ghana has expanded its list of partnerships with key corporate institutions. This includes VIVO Energy Ghana; bancassurance partner banks such as Absa, FNB, Stanbic and affinity partners, like Atlantic Phones and Altruist Technologies (MTN Device Insurance), as well as key retailers like Melcom.
Their Hollard2U office are spread across the country making their services easily accessible by all. Their reverence and appreciation of the role of insurance brokers in the market make them the brokers’ preference and they have consistently been voted among the broker’s preferred insurers. These partnerships have helped diversify Hollard’s distribution channels and improved insurance penetration in Ghana.
Claims Payment matters most in the insurance sector and Hollard is a trailblazer in claims payment, with customers expressing satisfaction with the company’s speed and care. Even more, the company’s vibrant brand is now more present and established as a challenger to the more conservative competitors.
Technology
Hollard Ghana’s forward-thinking approach is reflected in the priority it has given to technology as a driver of business. The company has been at the forefront of automation and has been an advocate of digitisation in the industry.
This has culminated in the launch of its groundbreaking initiative, the Artificial Intelligence (AI) powered Hollard ChatInsure. The ChatBot nicknamed ‘Araba’, the first of its kind in the industry, offers end-to-end services to existing and new customers as they are able to have Frequently Asked Questions answered, initiate, process, pay for and receive policy documents. It is currently hosted on WhatsApp and issues Home Insurance, with plans far advanced to expand onto other platforms and with more product offerings.
Management Team
Hollard’s reign of unparalleled excellence has been propelled by the hardworking and dedicated persons at the helm of affairs led by Group Chief Executive Officer, Patience E. Akyianu, with Daniel Boi Addo as its Managing Director for Hollard Insurance, and Nashiru Iddrisu, Managing Director for Hollard Life Assurance. With this calibre of seasoned professionals on its management team, it comes as no mystery, the success of the Group.
Awards and Recognition
As testament to its excellence, Hollard Ghana has garnered a plethora of key awards and recognition.
At the Chartered Institute of Marketers Ghana (CIMG) Performance Awards 2020, Hollard Insurance, a subsidiary of the insurance group, was adjudged ‘Insurance Company of the Year 2019’ in the Non-Life Insurance Category for its introduction of innovative products with ‘Araba Hollard, winning the ‘Product of the Year (Service) awards.
At the Ghana Insurance Awards (GIA), Hollard was voted as the Best Growing Company of the Year in the General Insurance Category, Commercial Line Insurer of the Year as well as the Marketing Initiative/Campaign of the Year-Insurance Category.
Furthermore, the Group CEO of Hollard Ghana, Patience Akyianu, was named the Marketing Woman of the Year and Woman of Excellence at the CIMG and GI Awards respectively.
Giving Back
Hollard Ghana is purpose driven. The company seeks to enable more people to create and secure a better future by delivering with excellence for its customers, partners, and community. They believe in doing well by doing good because insurance is a social good and an enabler of progress.
At the height of the ongoing pandemic, Hollard donated GH¢100, 000 to the COVID-19 Fund established by the government to finance efforts to curb the spread of the virus currently ravaging the world.
In line with the Group’s commitment to the larger society and in effort to help improve access and insurance penetration in the country, Hollard Ghana has undertaken several initiatives in this regard.
Hollard Life Asuurance, a subsidiary of Hollard Ghana donated to the children’s ward of the Tetteh Quarshie Memorial, Mampong as part of its activities to mark the first-year anniversary of its Life business.
Hollard Ghana, during its Customer Service Week 2020 besieged various tollbooths in Accra -Ayi Mensah, Pobiman, Dodowa, Ashiaman and Tema to pay the road tolls of over 20,000 motorists driving saloon, four-wheel drive and selected commercial vehicles.
To enlighten students on the intricacies of the insurance industry and promote innovation and entrepreneurship, Hollard rolled-out its maiden Tertiary Entrepreneurship Summit at the University of Ghana Business School, which was a large success and is expected to extend to other institutions of higher learning.
Physical Brand
Hollard’s brand is unconventional, and playful, aptly portraying the company’s approachable and quirky nature. Their predominant purple, and secondary colours orange, aqua and gold provide a vibrant canvas through which they relate using Ghanaian-inspired illustrations, photography and iconography. When they communicate, they want to give people something to smile about. In a world of worry and concern, Hollard says they make people happy because the company insures people, everyone and everything they love so they can go about their lives stress-free. They are serious when it matters most.
Moving ahead
As the world recovers from the pandemic, the role of insurers has gained even more prominence. Amplifying sentiments expressed by Hollard Ghana’s Group CEO, Patience Akyianu, Insurers, as the primary risk managers for all spheres of the economy must spearhead efforts aimed at building nation-wide resilience to economic shocks and drive the post-pandemic recovery process.
And if its track-record is anything to go by, we can expect Hollard Ghana to lead the charge and shows no signs of relenting in its drive for increased insurance penetration. Hollard Ghana has branches in Accra, Tema, Kumasi, Takoradi, Sunyani and Tamale and several other franchise offices dotted across the country. It is a member of the Chartered Insurance Institute of Ghana, Ghana Insurers Association (GIA), West Africa Insurance Companies Association (WAICA), and the African Insurance Organization (AIO).
