Products boldly seeking the attention of micro, small and medium enterprises (MSMEs) are hard to find. Will the returns justify the effort to promote products targeted at the grassroots foundation of our economy? Is the action not better directed to larger businesses? One may ask.
To answer this – it’s all about the purpose of engagement. When a trustworthy brand like Hollard partners with Ghana Enterprises Agency (GEA) to better the lives of MSMEs, one can be sure the inspiration is to enable better futures. The two have partnered to offer MSMEs an attractive offer of financial security through their exciting new policy tailored to suit small and micro-business needs; Asomdwee Insurance!
Yet, it’s not a simple process to attract the attention of MSMEs for their benefit. Here are indications for how Hollard and GEA are making MSME lives better:
First, establish the why
Unemployment hinders development. The lack of economic structures to support job creation and business growth has rendered jobless, most youthful populations like Ghana. Some may resort to low paying white-collar jobs that barely meet their needs with few blue-collar alternatives. In comes entrepreneurship as a viable solution that many in Ghana have found refuge.
A refuge (entrepreneurship) that is fraught with many challenges on the path to business growth. As with all challenges, there’s a solution to help these people deal with risks associated with operating a business in Ghana. With a purpose to enable more people to create and secure a better future, Hollard is in the business of easing worries by providing risk mitigation for people and their businesses. Big or small.
Second, get down to basics: Know your MSMEs
Research from the Ministry of Trade and Industries titled National micro, small and medium enterprises (MSME) policy, 2019 revealed that the MSME sector employs more than 80percent of the workforce and generates 70percent of the Gross Domestic Product (GDP) in Ghana. One cannot undermine the role of MSMEs in the health of Ghana’s economy since they contribute to national development by absorbing many vulnerable groups, including women, youth, and low-skilled workers.
MSMEs contribute to the nation’s economic development and sustainability goals of achieving zero poverty. They dominate the industrial landscape of the country as well as exhibit potential in accelerating wealth creation and poverty reduction. Despite its immense contribution to national development, MSMEs lack support to survive the risks they face. For instance, there are high numbers of fires recorded in markets nationwide every year. Some of these businesses fail after facing devastating setbacks.
Third, craft an impactful product offering that aligns to the four marketing Ps: Product, Price, Promotions, and Place!
Nature of Product
Hollard’s new PRODUCT, Asomdwee, created in partnership with GEA, is a tailored insurance product for MSMEs in Ghana to secure businesses. The comprehensive product has both life and non-life insurance elements. Asomdwee, which loosely translates as “peace of mind”, covers growing enterprises’ property, public liability, and life insurance.
The combo product offers three tailor-made insurance packs at unbelievable PRICES that work for MSMEs. Depending on the size and nature of business, they are bronze, silver and gold, with premiums as low as GH¢360, GH¢910 and GH¢2,310 for coverage as high as GH¢300,000. The MSME is covered no matter the company’s size, whether big or small. In addition, all Asomdwee policyholders get to benefit from permanent total disability, critical illness, death, burglary, public liability, and fire & allied perils at flexible premiums, regardless of the package.
The visual outlook in the PROMOTIONS of Asomdwee is excitingly presented in the two brand colours with simple to read information. The promotions acknowledge that MSME owners have little time to spare. However, it is relatable because it shows examples of small businesses in action, e.g., a smiling dressmaker.
Claiming is simple
The claims process for Asomdwee is very seamless. No need for small business owners to waste time in long queues or fill out cumbersome forms. Valid claims are paid promptly without any delays. The MSME owner needs to submit the required documents.
Sign-up without stress
Asomdwee is sold directly to MSMEs in their PLACES; they frequent their critical contacts at GEA. No need to go far. The off-the-shelf MSME insurance product is available to registered business owners at all Hollard Offices nationwide and GEA regional secretariate offices at Greater Accra, Eastern, Central, Ahafo and Bono. They can reach representatives on 03020237872 /0302220966 or GEA representatives in the ff regions below:
- Greater Accra – Anthea Ohene, 0266419444
- Eastern Regional Secretary – Isaac Nimako, 0243178475
- Central Regional Secretary – Nora Fleischer- Djaleto, 0555253884
- Ahafo, Bono & East Regional secretariat – Vanessa Asomea -Takyi, 0244977163
Finally, you’re good to go. Make MSME lives better!
It is about the measures for MSMEs to survive unexpected adverse events like fires, personal and family accidents, and funerals. Or natural disasters such as earthquakes or floods. These measures go a long way to support workers’ families when MSMEs close temporarily due to incidents.
With Asomdwee insurance, MSMEs can be assured of professional services and prompt claims payment with minimal premiums to secure their business. It is worth it to sell a product that enables the better future of MSMEs! Hollard Ghana and GEA have MSMEs covered!
