First Insurance Company Limited, a life insurance underwriter, has paid an amount of GH¢204,000, 40 percent on a GH¢510,000 sum assured, in claims to a single policyholder.
The claimant who applied for a critical illness claim earlier this year, has been with the company since October 2019. However, after developing a critical illness in 2020 and subject to medical examination, the customer has received 40 percent on the sum assured amount of GH¢510,000 from the life insurer, a record figure in the company’s claims book.
“After assessment, we found the claim to be genuine and as a company that honours our promises to the client, we are paying GH¢204,000 to the claimant.
We believe in providing comprehensive cover for our customers and making sure that we are always there for them whenever the need arises,” says First Insurance’s Executive Director, Kwame Sarpong.
“If you look at when the policy started and the amount the policyholder is getting, in insurance terms, the claimant is getting much more than what was put in. And that is what we want to be known for,” adds Enoch Chokoto, Executive Head, Underwriting.
As a company, Mr. Sarpong said First Insurance was committed to prompt claims payment and that once all necessary documents are met, it takes a matter of days to effect payment.
Mr. Sarpong noted that life insurance penetration was still relatively low in the country despite its importance and that apart from insurers honouring claim promises, massive public education and sensitisation is needed to boost confidence among the insuring public.
With the advent of modern means of communication like the internet, specifically social media, he said more needs to be done by insurers and regulators in order to reach out to a critical mass of the population.
He further revealed that his outfit is currently working with stakeholders, including the media, to rollout public education programmes on the importance of buying the right life insurance policies.
