Morkporkpor Anku, GNA
Accra, Oct. 11, GNA – Management of UT Life
Insurance on Wednesday announced the rebranding of the company to miLife
Insurance Company Limited.
The rebranding consisted of a new corporate
brand name, a new identity, slogan and renewed focus.
Mr. Kwaku Yeboah-Asuamah, the Chief Executive
Officer (CEO), miLife Insurance, speaking at the event, said the rebranding
reflected both the evolution of the Company as well as its vision for the
He said as the business environment witnessed
significant changes, “we cannot remain static; we must be responsive to
the exigencies of the time.”
He said with a forthright commitment to
innovation and excellence, the Company could not but position itself to help
customers realise their dreams through simplicity and affordability of service.
Mr. Yeboah-Asuamah said based on thorough
research and understanding of the industry, their new identity was formed to
deliver the best for their customers.
“After all, it is our customers, who
ultimately drive our brand value,” he added.
The CEO said the singular focus of the new
brand was in putting the customers at the heart of the business by making
purchasing and owning insurance simple, affordable and more accessible.
He said “this strategic rebranding
reaches the bedrock of our business and has provided a North Star for process
improvement, product refinement and a better customer experience.”
Mr. Yeboah-Asuamah said miLIfe insurance
offered customers a new experience, which would help them fulfil their ultimate
goals and ambitions with relative ease and peace of mind.
He said the team at miLife were focused on
opening up accessible life insurance, by taking the complexity out of the
purchase and owning insurance for all.
On the minimum capital requirement for the
insurance industry, Mr Yeboah-Asuamah said the Company was committed and ready
to meet the requirement, when the regulator finally makes the announcement
later this year.
He said the Company had stakeholders, who were
ready to inject and pump more resources into the Company, adding that,
currently they have four times the amount to meet the requirements.
Mr. Raimund Snyders of Leapfrog Investments,
said the Company was happy to partner the management of UT Life to rebrand the
He said Leapfrog invests in emerging markets
across the world, where they see opportunities to investment and improve on
that country’s economy.
He said Leapfrog sees wonderful opportunities
in the Ghanaian market and would support government in the development of the
market, adding that, they see a responsible regulator and a healthy economy.
Mr. Seth Ashong, Head of Insurance
Supervision, National Insurance Commission, said later in the year, the
Commission would announce a new capital requirement for the industry.
“When announced, it will set out the
modalities and guidelines on how to meet these requirements,” he added.
He said the Commission decided to delay the
announcement of the requirement to enable the Bank of Ghana to clear the
Banking system before the insurance industry takes its turn.
He called on management of miLife insurance to
continue serving their customers effectively and better, to encourage people to
have confidence in the industry.
He said all the measures being put in place by
the regulator was to improve the market and to enable players to deliver on