Prudential Life Insurance Ghana, a leading Insurance Company has commemorated its 10th Anniversary in Ghana with the commitment to create more value for customers, employees, shareholders, and communities.
The commitment was made by the Acting CEO, Jane Mingle when she spoke at the launch of the 10th Anniversary celebration of the company last Friday, July 12, 2024.
According to Mingle, “the success built in the last decade is deeply linked to the loyalty and support of our customers. To this end, the company will continue to take proactive steps towards creating a sustainable, inclusive, and responsible future for our customers, people, shareholders, and the larger community. This is the way to stay sustainable.”
Early days and partnerships
Prudential plc which is over 175 years old globally entered the African market through the acquisition of the Express Life Insurance in Ghana in May 2014, and birthed Prudential Life Insurance Ghana. The company started in a small office in Kokomlemle, Accra and gradually increased its presence to 10 branches operating in five regions with 150 staff and over 3700 agents.
It has four bank partnerships (Fidelity, CalBank, Zenith and Standard Chartered), the highest for any insurance company, giving it a combined access to over 3 million customers in over 200 branches across the country. Other partnerships fuelling Prudential’s success is brokers (KEK, Riscovery, Supreme, Ceris, Alpha, Tristar, Midas, Willis Towers Watson, Safety Insurance etc.), financial institutions (Petra), TSPs (BIMA, TURACO), Telcos (Telecel, AT, MTN), fintechs (Korba, ITC) and a funeral home (Lashibi Funeral Home).
Prudential is noted for its innovation and creating products that are customer centric and inclusive; namely “Mekakrawa” (micro) and “PruWealth” (endowment) policies. It was the first to introduce a “Never Lapse” policy in the industry and a term policy that returns 100% of premiums at maturity when there is no claim. The endowment plan offers five years of free insurance after policy maturity.
Sustainability impact
Madam Jane Mingle specified that in line with the company’s purpose to be “partners for every life and protectors for every future,” sustainability is intrinsic to Prudential Life’s business. She said, “The company’s renewed sustainability strategy underpins our commitment to deliver enduring value across three key pillars: simple and accessible health and financial protection, responsible investment, and sustainable business practices.”
She reiterated that Initiatives like the COVID-19 Relief Fund, Climate and Health Resilience Fund, Safe Steps Road Safety Campaign, as well as funding the construction of the Kpando Tokpor Resettlement Centre exemplify Prudential’s dedication to building resilient communities. All these initiatives have been supported by the Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa.
Prudential Life also promotes financial literacy through programs like Cha Ching, Prudential Actuarial Support System (PASS) and Sika Sukuu; empowering both children and adults with essential financial skills. Through its annual Tree Planting activities, it has invested over 17,000 seedlings including 2000 mangrove seedlings to save Ada Foah Obane’s Ramsar site.
Business Innovation
The Board Chair, Karen Akiwumi-Tanoh recounted how the teamwork between the founding board, chaired by Prof. Agyeman Badu-Akosa and Management team lead by Mr. Emmanuel Mokobi Aryee devised a strategy that created a well-diversified distribution channel, recruiting top class talents and setting up a strong back-office operating structure that set the company up for growth year on year.
She added that the adoption of a unique Agency model, securing multiple partnerships and the implementation of a strong governance and compliance gave Prudential the spark needed to be relevant in the industry and move up from the 10th position in 2014 to the 4th position in 2020 in the market. “We have redefined our purpose and mission and have a clear and simple strategy to take us through the next phase of the journey and soon to the number one position.
Business Growth
The acting Commissioner of the National Insurance Commission (NIC), Kofi Andoh stressed that Prudential Life is “a worthy example of a multinational that has brought best practices from their experiences around the globe to the benefit of the Ghanaian market.”
He said their innovation and hard work has seen their gross premium increase from GHC 11.7 million in 2014 to GHC 412 million as of 2023. Total assets have also grown from GHC 50.6 million to GHC 668.6 million as of 2023.
According to Mr. Andoh, Prudential’s success story although remarkable is not surprising as the company prioritizes compliance with local laws and the adoption of international standard best practices. It also has a very strong governance and risk management regime which incorporate anti-bribery, corruption and a robust anti money laundering control and procedures.
Future Potential
The CEO for Prudential Africa, Emmanuel Mokobi Aryee stressed that despite the achievement of the last decade, “this is just the beginning of Prudential Ghana’s full potential.”
He commended the team for being that only insurance company in Ghana affiliated with the Million Dollar Round Table (MDRT), a global association that recognises top performing life insurance agents with high ethical conduct and professionalism.
The Chief Commercial Officer, Dorothy Tsidi gave highlights of the key activities for the yearlong celebration. These include PruRide and PruWalk; an annual Cycling and Walking event to promote health and wellness and PruCares; a legacy sustainability project.
Prudential Life Insurance Ghana is noted for its customer-centric, innovative and sustainability approach to business. It is therefore poised to cement its position as a leader in Ghana’s insurance industry within the next decade.
