Business News of Wednesday, 13 June 2018
Source: Xodus Communications
The maiden Ghana Insurance Awards an initiative and trademark of Xodus Communications Limited would be held at the prestigious Kempinski Gold Coast Hotel in July 2018. Nominations are now opened and extended to 27th July 2018.
The Awards Night will provide a spectacular occasion for insurance industry players to come together to celebrate and network, while rewarding achievement and leadership in various key areas.
The Ghana Insurance Awards will be a platform to honour top class performance, professionalism, and innovation across the Ghanaian insurance industry, and promote the growth of the industry through progressive competition, innovation, and the adherence to the highest professional standards.
According to the Events Director, Richard Abbey Jnr, The Awards Night will provide a spectacular occasion for insurance industry players to come together to celebrate and network, while rewarding achievement and leadership in various key areas.
Xodus Communications are credited with organising of the Forty under 40 Awards, Ghana Manufacturing Awards, Ghana Auto Awards and Ghana Oil and Gas Awards.
The Awards will have categories for life and non-life companies, re-insurers, banking institutions, brokerage firms and others intermediaries, health insurers, actuarial firms and other insurance service providers.
ICT Leadership Award
This award focuses on leadership in the use of modern technology in business and administrative processes. Entrants must show evidence that the application of new information and communications technology has enhanced the quality, efficiency and cost-effectiveness of its business administration, and impacted on customer service.
Insurance Brand of the Year
The panel will be looking for entries that: Demonstrate – within the context of an overall brand strategy – how their organisation has used a range of techniques to improve market share, enhance customer loyalty, raise awareness or break into new markets, be that in the business-to-consumer or the business-to-business area. A successful brand strategy could include the use of data analytics to identify a customer segment to target; social media to better connect with specific consumers; more traditional medium such as print, radio or television marketing; or a successful sponsorship deal It will be particularly important to demonstrate the achievement of results against targets
Young Achiever of the Year
Open to anyone working in the insurance industry aged 35 or attained 35 at the time of making entry. The person must make significant strides in their professional development over the past year
CSR Leadership Award
The panel will be looking for a company or project that: Can demonstrate how they have embraced the principles of business sustainability within their operations Examples could include promoting social inclusion, sustainable communities and/or wellbeing. The initiative could be national or local project and should demonstrate a coherent and integrated approach. Shows evidence of the delivery of policies in action.
Customer Care Award
The panels will be looking for entries that: Have clearly demonstrated an excellent level of customer care backed by clear standards and validated monitoring of performance. Proof of the impact of an innovative customer care strategy on retention levels and client satisfaction. Eligibility:
Lifetime Achievement Award
This special award will be presented to an individual who has made an outstanding contribution to the success of the insurance industry through their illustrious career. This award cannot be entered, but is chosen by the panel in consultation with the wider industry.
Mobile Insurance Leadership Award
This Award goes to any insurance or other company which has innovatively targeted the insurance market in Ghana especially the low-end customers who cannot pay high premiums on the mainstream insurance product can do so through the mobile phone device. Such a firm must have shown clear prompt payment of claims. Client testimonial will be a big plus
Broking Innovation Award
Entrants should demonstrate a combination of some or all of the following:
• How they have responded to the demands of consumers with a product/scheme/ offering relevant to their needs
• Evidence of any special value-added services or support
• Evidence of product and/or service innovation in the context of profitable growth
• How a broker used marketing/technology/social media to increase penetration and maximise the potential of the product/scheme/offering
Claims Initiative of the Year
This award would be given to the life or non-life insurance company, or broking firm, who has demonstrated unmatched leadership as far as claim handling/facilitation, is concerned. Relevant metrics here would include:
• Claim processing and settlement time
• Claims education to policyholders
• Use of modern tools and technology to improve claims experience for policyholders
• Verifiable policyholder/clients testimonials would be relevant
The Major Loss Award
The recipient would be the life or non-life insurer who settled a non-routine claim in good time, and with unmatched professionalism and other metrics. Examples might be single incidents that give rise to a large and complex claim, or an incident that gives rise to multiple claims in a single location (e.g. a major flood, storm).
Non- Life Insurance Company of the Year
The panel will be looking for a company that can: Demonstrate a commitment to meeting customer needs and delivering a high quality of service across all of its activities as part of a broad strategic vision. A proven track record of success in terms of innovative and profitable expansion, either in existing, or into new, markets.
A business that delivers consistent service in terms of underwriting and claims across all lines of its business.
Life Insurance Company of the Year
This award honours the leading life insurer of the country with overall leadership in revenues, business model effectiveness for the fiscal year. The company should have demonstrated leadership in product portfolio, broad-based customer growth, and achieved significant market share growth at the same time keeping a sharp focus on overall profitability in the life business.
Bancassurance Leader Award
The Bancassurance Leader award recognizes the efforts of an insurance company in forging strong bancassurance partnerships.
The award-winning insurance company will have developed bancassurance as a significant distribution channel and leveraged it to achieve extended market reach, creation and distribution of innovative products and better engagement with the bank’s customers, making it a win-win situation for both, the bank and the insurance company.
Product Innovation Award
This award seeks to honour a life or general insurer that has launched an innovative product setting the benchmark in terms of fulfilling an unmet customer need in the domain. The product innovation, besides being an industry first, should have been well received by the target audience. The Awarding Board, through this award complements the product development thought-leadership of the recipient.
Best Growing Company
The panels will be looking for a company that can: Demonstrate a commitment to meeting customer needs and delivering a high quality of service across
A proven track successful record of steady growth and profitable expansion Should have demonstrated leadership in product portfolio and achieved visibility in the market at the same time keeping a sharp focus on overall profitability of the business
Re-Insurance Company of the Year
Awarded to the stand out reinsurer, the Board will be looking for a company with a strong performance who is considered to have helped grow the market, while other key criteria will be new products launched or evidence of excellent client relationships – responding quickly to clients, addressing clients’ needs, etc.
Health Insurance Company of the Year
The category is all about recognizing the high levels of professional standards consistently achieved by intermediaries. Organizations, whether large or small, often have complex health care and budgetary needs for their global employees. They rely on those with years of experience successfully operating in today’s intricate, international environment to help them take the best possible care of their employees. We are looking at health care intermediaries and private medical insurers who have health and wellness support and protection available to handle any eventuality.
CEO of the Year
This special award will be presented to a CEO of an insurance company who has made an outstanding contribution in the last 12 months through the advancement of the company that employs him or the wider insurance industry.
The winner will be someone who has led a profound change within a business through strategic vision and/or successful merger or acquisition; or has helped the wider sector through his engagement with stakeholders, regulators and politicians to effect a notable change that boosts the industry’s standing in the eyes of the public and insurance market. This award will also consider the outstanding contribution the CEO has made to the success of the insurance industry through his career.
The event is scheduled to take place on 27th July at 6pm.