By Buertey Francis BORYOR
Management of Business & Financial Times (B&FT), Africa’s leading provider of business information, paid a courtesy visit to First Insurance Company Limited in Accra, marking the beginning of a new relationship with the insurer.
The visit, led by B&FT’s CEO, Dr. Godwin Acquaye, aimed to foster collaboration and explore ways to amplify coverage of the insurance company’s activities.
The CEO, accompanied by key members of the B&FT team, including the Director of Operations – Dr. Daniel Anim Prempeh and the Human Resources Manager – Rhoda Mensah-Ankrah, expressed the publication’s commitment to maintaining a strong relationship with First Insurance.
He highlighted potential areas for business cooperation, particularly in leveraging B&FT’s platforms to educate the public about the benefits of insurance.
“The B&FT is committed to using its platforms to educate the public about the benefits of insurance and support First Insurance’s mission to increase insurance penetration in Ghana,” Mr. Acquaye emphasised.
During the meeting, Mr. Kwame Sarpong, Executive Director of First Insurance, shared valuable insights into the insurance industry and emphasised the critical role insurance plays in securing financial stability for individuals and families.
He said that his company, established in 2016, has been at the forefront of introducing innovative insurance solutions to the country’s market.
Mr. Sarpong drew parallels between his company’s approach and the success of global giants like Amazon, noting that just as the latter transformed online shopping by making it convenient and accessible, First Insurance aims to simplify and demystify insurance for the country’s citizens.
“We want to make insurance as easy as buying something online. People should be able to understand its value and access it without hassle,” he said.
He also stressed the importance of education in driving insurance penetration in the country, which currently stands at a low 1.2 percent. He believes that through consistent public education and awareness campaigns, more citizens will recognise the importance of insurance in safeguarding their futures.
“Insurance is not just about protection; it’s about creating wealth and securing the future for generations to come,” he added.
Furthermore, Mr. Sarpong cited examples of successful insurance companies like Berkshire Hathaway, which is one of the biggest in the world but not well-known by many people. He said the key to their success is providing real value to customers. “It is not just about advertising a lot, it is also about delivering what people need and building trust,” he added.
The First Insurance Executive Director also highlighted the transformative power of life insurance, using the example of John D. Rockefeller, one of the wealthiest individuals in history who used it to build his wealth.
“Life insurance is a tool for creating generational wealth. It’s not just about protecting your family; it’s about setting them up for a prosperous future,” he explained.
The partnership between the two companies marks a significant step toward bridging the insurance gap in the country and empowering more individuals and businesses to secure their futures through insurance.
