Enterprise Life Insurance Company, Ghana’s largest premium income earning company, has held its 20thAnniversary Thanksgiving Service for the establishment of the most innovative Life Insurance Underwriter in the country at its cooperate head office last week.
The thanksgiving ceremony was attended by dignitaries from the insurance sector: including the Deputy Commissioner of Insurance; Managing Directors of Insurance Companies; Head of Supervision at the NIC, Stella Jonah; the Insurance Brokers Association of Ghana (IBAG) president; The CEO-Ghana Insurance Association; and former and existing staff of the company.
Stella Jonah, Head Supervision-NIC, speaking at the service indicated that Enterprise Life has seen growth following its establishment 20 years ago. She said just as a mother watches her offspring grow, the Commission has noted the growth and resilience of Enterprise Life over the years.
She said Enterprise Life, after a few years of being established, witnessed passage of the Insurance Act 2006, Act 724. This became a significant milestone in the insurance sector because, among several groundbreaking legal provisions, Act 724 proscribed composite insurers, which was common then, and required Life and Non-Life Insurance Businesses to be separated.
Importantly, too, it led to a relicencing process that resulted in the number of Life Insurers on the market almost doubling.
This would not have been possible without good leadership, clear vision and tenacity. According to her, Life Insurance has evolved over the years and gone through several phases of growth. Importantly, too, the advent of digitalisation, innovation – and recently green insurance – has also presented a whole new set of market challenges and customer demands. She also pointed out that in trying to meet the needs and demands of clients while staying compliant with regulatory requirements, things can get complex.
She assured staff that the Commission will continue to introduce and implement policies in its bid to build a strong and sustainable insurance market that will look forward to the future insurance sector.
Lena Adu Kofi – outgoing President of IBAG, speaking at the programme said, undoubtedly, after two solid decades of remarkable impact in insurance industry and the nation at large: “The successes of the Enterprise Life brand over the years are highly commendable.
“We at IBAG applaud you for the tremendous effort, and particularly on your usual appreciation for your desire to grow our businesses – from which you have sought to partner, encourage and empower many Insurance Brokers to venture into and excel in the Life Insurance space.”
More importantly, she indicated that many IBAG members have improved and continue to benefit from Enterprise Life’s innovations, technical support and recognition given through award schemes for Brokers.
Indeed, the Former Managing Director, C.C. Bruce, and other top management staff who started the company 20 years ago were awarded.
