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GLICO looks at ECOWAS market as it starts set of 25 years journey

BY: Enoch Darfah Frimpong

GLICO Life Insurance Company Ltd (GLICO Life), a life assurance company, is poised to increase its local market and spread its tentacles to the West Africa sub-region, the Deputy General Manager of Corporate Affairs and Marketing, Nana Efua Rockson, has said.

She said the company, a trailblazer in the life assurance industry in Ghana, was ready to extend its footprints across the sub-region where it would replicate its success stories chalked in Ghana over the last 25 years since it started operations.

“The next phase of GLICO will see us go international. We have started exploring the West African sub-regional market and by next year we will start operations in one of the neighbouring countries,” Ms Rockson told the GRAPHIC BUSINESS.

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The company is currently climaxing year-long activities marking its 25th anniversary celebration, which is under the theme: “25 years together in business: Our Customers; Our Focus”.

GLICO Life believes its customers had been the fulcrum of the company’s success and therefore recognises them in its silver jubilee.

The Managing Director of GLICO Life, Mr Edward Forkuo Kyei, said in an interview that “twenty-five years in the life of an indigenous Ghanaian company is no mean achievement; we say ‘Ayeeko’ to Ghanaians for having kept faith with us and believing in our products and services.”

He added that the company was moving on with a renewed conviction to improve on its services, operational delivery and efficiency as well as its prompt claim payments, saying “clients should watch out for the difference.”

CHARTING THE PATH

GLICO Life, which began operations in 1987 as Gemni Life Insurance Company Ltd, started at a time when the life assurance market in the country had not developed and coming after the political disturbances and economic instability, a lot of people placed value in where their next square meals would come from, rather than saving for a rainy day.

The story of GLICO LIFE is therefore one of perseverance, commitment to duty, dedication, loyalty and belief in God.

Mr Kwame Achampong-Kyei, the stalwart behind GLICO Life, left his high profile insurance job in Britain to set up the life insurance business, in the belief that “a man cannot sit on another’s sun and shine”.

So, he decided to walk into the dark and light up his own lamp by returning home to start a company and contribute to the economic development of his country.

Today, GLICO LIFE has grown from a single business unit specialising only in life insurance, to a Group of companies with six business enterprises, comprising GLICO Life, GLICO Financial Services Ltd, GLICO General Insurance Company Ltd, GLICO Healthcare, GLICO Properties Ltd, and GLICO Pensions Trustee.

The unpopularity of life products at the time it started compelled GLICO Life to sell hybrid products the company termed “Living products”, which combined investment with life policy so the holder can enjoy some benefits while alive.

“This product allows the holder to pay premiums monthly. It caught on well with the greater segment of the public, including the informal sector such as traders, merchants and market women, who got some benefits after six months of paying premiums,” Mrs Rackson said.

INSURANCE PRODUCTS

The GLICO Group, has over 55 insurance products. However, the Life business boosts of trailblazing specially-designed products such as Universal Life and Endowment Policies, Employees’ Pension Plans and Annuities; the GLICO End-of-Service Benefit (ESB) and GLICO Education Endowment Policy (GEEP.

GLICO LIFE was the first insurance company to develop and introduce a micro-insurance product (Anidaso) for rural dwellers and low-income earners with the assistance of Care International.

“We believe that innovation is linked to performance and customer trust and therefore our ability to stay competitive and ahead of the market has largely depended on our ground-breaking strategies and internal management expertise,” the Managing Director of GLICO LIFE, Mr Edward Forkuo Kyei.

ICT AND SYSTEMS

GLICO LIFE has weathered the storms to bring insurance to the door-steps of clients. The services extend throughout the nation by an extensive network of branches, area and agency offices located in all regional capitals, major cities and towns in Ghana.

To drive value creation, GLICO LIFE has upgraded its ICT infrastructure and equipment throughout the organisation. The computerised online services enable the company to meet customer service functions and satisfy clients’ needs speedily and efficiently across the country.

CORPORATE SOCIAL RESPONSIBILITY

Even before corporate social responsibility became an integral part of business operations, GLICO Life had shown the way, giving back to the society in diverse ways. The company’s CSR activities are mainly geared towards sports, education, health, social welfare as well as community development and protection.

It is public knowledge how the company had over the years, consistently provided insurance cover for Ghana’s contingents who participate in various international sporting events, a vital contribution that helps to boost their morale to win honours for our country. 

The most current one was the sponsorship of the Black Stars for 2012 Africa Cup of Nations Tournament. It also offers covers for journalists, the latest being for the Graphic stringers who covered the just-ended general elections.

THE FUTURE

Going forward, GLICO wants to improve its operational efficiency, particularly with the segment of its clientele whose premiums are deducted at source, and has consequently invested heavily in information and communications technology and systems.

With over 100,000 customers and over 500 sales force across the country, GLICO has also networked its offices to the wide and local area networks with which it hopes to bring convenience and comfort to its customers. Presently, GLICO LIFE has over 21 agencies, branches and area offices in all 10 regions of Ghana.

GLICO will also introduce more living products in the coming months and increase its market share in the life insurance market in leaps and bounds. GB

Story by Samuel Doe Ablordeppey