By Elliot WILLIAMS
Best Assurance Company, an indigenous non-life insurance business has bounced back to the cutting edge of Ghana’s insurance market with the imminent introduction of its Worldwide Travel Insurance policies to Ghanaians.
The new policies – most of which offer worldwide cover – are being offered through a collaboration between Best Assurance and Mapfre Assistencia, a Spanish company specializing in insurance assistance services including vehicle protection and lifestyle solutions which operates through 33 offices globally, with 1,250 corporate partners.
While Best Assurance will underwrite the insurance policies for Ghanaian clients travelling abroad, Mapfre, will effectively serve as both the service provider and the reinsurer of the risks booked by the Ghanaian insurer through the travel insurance policies it sells.
To this end Mapfre will take up 70% of the clients risks assumed by Best Assurance . It will also necessarily be responsible for claims management, since any claims arising and subsequent services will arise outside Ghana.
Mapfre’s role in these regards guarantees Best Assurance’s travel insurance policy holders of excellent service while abroad.
The company has put in place the necessary agreements and arrangements with suppliers and providers of requisite services such as aircraft, transport companies, ambulances and nursing homes as well as other services required to maintain the management of medical and other assistance for travelers with maximum levels of efficiency and effectiveness.
Products benefits under the new Travelers Policy offered through Best Assurance are delineated along several lines: Traveler, Pearl, Family and Economy, which provide cover worldwide and are denominated in United States Dollars; and Europe, which as its name suggests is limited to Europe and is denominated in Euros.
Products under the policy include personal assistance, including the dispatch of medication; medical transportation and repatriation; medical expenses incurred abroad; and repatriation of the mortal remains of a deceased policyholder.
Non-medical cover can be extended for problems arising with the policyholder’s luggage; reimbursement of cancellation expenses of a trip; departure delays; and the curtailment of a trip due to serious family matters.
Add to these cover for personal accidents; personal liability; and the replacement of policyholder’s passport and driving license by emergency documents.
Coverage can be provided over 365 consecutive days (one year) maximum, or 180 consecutive days (six months) maximum. Inevitably there are limits on the amount of compensation or level of service offered for each type of travel insurance product, and there are even special plans for students that are deliberately more easily affordable to suit their financial circumstances.
Mapfre has the pedigree and operational capacity to ensure that Best Assurance always delivers on the genuine claims made by its travel insurance clients when abroad.
The company is a market leader in Spain itself where it had market shares of 13.7% and 7.8% respectively for non-life and life insurances in 2024. It was also the 6th largest European insurer and the 3rd largest insurance group in Latin America in 2023,
Mawdy Worldwide Digital Assistance is the Assistance Unit of the Mapfre Group. It specializes in digital distribution models with partners and companies from various sectors – including Ghana’s insurance industry – providing globally acclaimed services and solutions.
The partnership with Best Assurance in Ghana holds immense potential. The strength of Best Assurance lies in the company’s dedication to customer service and the unwavering commitment to treating customers fairly.
