Business News of Sunday, 2 July 2017
Insurance operators are being urged to improve processing of claims to improve insurance penetration in Ghana.
That is an advice by the Chief Executive Officer of Saham Life Insurance, Gifty Ama Fiabe-Alabi.
Misconception about insurance is blamed for low penetration rate in Ghana.
The African Insurance Organisation report revealed Ghana has one of the lowest regional insurance penetration rate of less than 2 per cent.
“Improve upon claims handling and processing, because claims benefit is the only way the clients get to experience what insurance is about and appreciate it so Improving on it and making clients expectation delightful
And meet the actual need means Increase in confidence will also increase patronage and thereby increasing penetration’, she said.
Speaking at the handing-over of renovated recreational centre for students of Kumasi Technical University, Mrs Fiagbe-Alabi says there is potential to reverse the trend.
There are also concerns about the relationship between insurance awareness and penetration.
Chief Operations Officer of Saham Life Insurance, Frederick Adotey Saka says stakeholders must intensify education.
Mr. Adotey Saka spoke to Luv Biz at the inauguration of a renovated TV Room for Kumasi Technical University at a cost of 50,000 Ghana cedis.
‘As part of giving back to society and our stakeholders who are the reason for our existence and have been very supportive, the Salam Group readily agreed to assist Kumasi Technical University who are beneficiaries of Life and General Insurance products get a TV room’, she said.
Officials say it is part of giving back to society and stakeholders for being supportive as well as educate students on the need for insurance.
Kumasi Technical University is a beneficiary of the company’s Life and General Insurance.
Acting Vice –Chancellor, Professor Asiamah Yeboah was appreciative of the project.