True leaders, it is said, emerge in times of crisis. Same can be said of businesses and corporate organizations that have, since 2020, operated in very challenging circumstances. Through it all, the Enterprise Group has been strong, stable, and consistent in giving our stakeholders, employees, shareholders, customers, and the communities in which we operate their desired advantage.
Within the context of the COVID-19 pandemic with all its attendant challenges, The Enterprise Group committed to three very specific and clear objectives, which we have stuck to:
- To protect our people;
- To be there for our customers; and
- To give back to our communities.
It is in showing commitment to these objectives and principles that we have remained strong across all our subsidiaries while expanding into other markets and risk management portfolios at the same time.
Protecting Our People
Our people remain the pillar on which our advantage as market leaders is anchored and their wellbeing of prime importance. To ensure that our people are safe while serving our customers, we provided all needed logistics that enabled our staff to comply with the national protocols outlined by Government. In addition, we changed our work mode and adopted a more agile and flexible work routine to minimize the exposure of our staff to the pandemic.
Be there for Our Customers
All digital channels were activated and reinforced to ensure our cherished customers could still reach out to us during the difficult period. For our heroic Healthcare workers, we went a step further and waived their Life Insurance premiums for a specified period so that they would have the peace of mind to help the nation fight the pandemic on the frontlines. Despite the disruption to our normal office operations, we continued to deliver high levels of service to our customers, with most of our staff working remotely, and continued to assure our cherished customers of our preparedness to walk with them during the period.
Giving back to our community
The Group supported the fight against the spread in diverse ways. We were the first in the country to donate testing materials to the Noguchi Memorial Institute to improve their testing capabilities. In addition to this, the Group donated patient care consumables to the Ridge Hospital in Accra. Finally, the Group provided a Life Insurance policy for approximately 2,000 front-line health workers, with a total sum assured of GH¢20 million. Beyond this, we have completed a modern three-story classroom block for the Bishop’s Mixed JHS, Accra at a cost or GH¢2.5 million.
Students and parents of the school were also taken through a financial literacy program to help them achieve financial freedom. Enterprise Group also responded to the call for assistance from the following institutions for specific projects: Ga Mashie: Support with Disinfection Units for Ga Mashie. 5 Infantry Battalion – Burma Camp: Rehabilitation of their cookhouse.
Keeping our Group Strong
Throughout the pandemic, we have proven the strength of our balance sheet, the agility of our people and the timeliness of our digital strategy, all of which helped us to quickly adapt to new ways of serving our customers and protecting our employees.
Our General Insurance business saw a significant growth in Gross Premium income & underwriting profits in the year 2021. This achievement during the Covid-19 pandemic earned Enterprise Insurance the number one spot in the Non-Life Insurance Industry in terms of Gross Premium production & Claims Payment.
Our Life Insurance business showed an impressive growth in Premium income as well as increase in Value of New business (VNB) written. This performance was on account of improved operational efficiencies and customer value enhancement initiatives undertaken in the individual life side of the business.
Enterprise Trustees, our Pensions business focused on improving service delivery to customers. The business continued to deliver on their pledge to offer more convenient platforms for members to carry out transactions. This business continued its impressive growth driven by a significant growth in Assets Under Management and an improvement in customer satisfaction, as measured by the Net Promoter Score.
The Properties subsidiary which is primarily focused on internal Corporate Real Estate Services (CRES) in addition to managing our portfolio of Investment Properties, embarked on and executed several key projects.
Transitions, our Funeral Business, also saw growth in its overall business operations fueled by the introduction of new digital initiatives as well as convenient channels & customer solutions.
Digital Transformation
The Group invested in digital transformation across marketing, social media, e-commerce, customer touch points and employee productivity. This helped us to become data-powered, develop new business models, and deliver more personalized products and services for our customers. We have provided our customers with further opportunities do business with us from the comfort of their smart devices, from arranging private funerals, making payments for pensions contributions, renewing policies through to processing claims, all from their mobile phones.
Babs, our mouthpiece for digital self-service, is also available on WhatsApp (0554001924), the Enterprise Advantage App and our website: www.myenterprisegroup.io.
New Markets & Portfolios
During the past couple of years, Enterprise Group has made significant inroads into the West African markets with Enterprise Life opening offices in The Gambia and Nigeria. In 2021, Enterprise Group Plc, acquired Acacia Health Insurance, bringing to six the number of subsidiaries owned by the Group. This latest addition to the Enterprise family gives the Group a firm footing to commence activities in the health insurance space and also completes our mantra of providing our customers their desired advantage from cradle to grave.
What the future holds
As many economies around the world begin to recover from the brunt of the pandemic and with the intensification of vaccination efforts by countries, we expect more opportunities in different areas of both the global and local economies. Enterprise Group will continue to invest in technology to improve on our customer engagements. To become more customer-centric, we have made it a priority to embed ourselves in the customer’s journey. The future holds much promise for the Group, and we are confident in continuing to deliver value for our shareholders and customers, while taking the Group to greater heights.
