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Insurance companies must inspire confidence in sector

BY: Della Russel Ocloo
Mr Yaw Adom Boateng (in blue suit), MD of NSIA Insurance being supported by Mr Kofi Andoh (in grey suit), Deputy Commissioner, NIC, as well as Mr K. T. Dadzie, board member, NSIA Insurance cutting the tape to officially open the new office.
Mr Yaw Adom Boateng (in blue suit), MD of NSIA Insurance being supported by Mr Kofi Andoh (in grey suit), Deputy Commissioner, NIC, as well as Mr K. T. Dadzie, board member, NSIA Insurance cutting the tape to officially open the new office.

Insurance companies have been challenged to take the necessary steps to make the industry very attractive to people.

According to the Deputy Commissioner of the National Insurance Commission (NIC), Mr Kofi Andoh, enforcing strict rules on claims, which is the reason for insurance, would build confidence in prospective clients to do business with insurance companies.

Mr Andoh, who made the call in Tema last Wednesday at a ceremony to open a branch office for NSIA Insurance Company Limited, indicated that genuine and prompt payment of claims would serve as an incentive for people to enroll onto insurance schemes.

“Insurance companies would not need to overspend money on advertising if they get the basis right by strictly adhering to the claims payment principle”, Mr Andoh stated.

He also challenged NSIA Insurance to include marine insurance in its portfolio of services having seen the need to open a branch in the Tema community which is host to marine businesses.

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He said the insurance companies needed to apply best technology so that they would not be left behind in the insurance world.

Industry growth

Mr Andoh pointed out that the NIC was seeking new strategies to develop the insurance industry into one of the sustainable business sectors capable of creating opportunities for both companies and clients.

He, thus, tasked insurance companies to endeavour to engage more professionals so as to make insurance services attractive to prospective clients.

He commended NSIA Insurance for being the most prudently managed insurance company, adding that “the opening of the new branch in Tema should be a test case for how the company could bring insurance closer to the people”, he said.

NSIA

The Managing Director of NSIA Insurance, Mr Yaw Adom Boateng, indicated that the company which opened its operations in Ghana in 2010 presently render a range of services in both general insurance and non-life insurance services.

Highlighting on its rating reports, the MD stated that the strong capitalisation undertaken by the company had seen its solvency rating margin standing at 221 per cent while its statutory solvency also scored about 778 per cent which is far above the 150 per cent threshold set by the NIC as part of regulatory requirements.

Mr Boateng remained hopeful that the Tema office, which is to bring the company’s businesses closer to its clients, would provide the company the opportunity to render good service delivery to clients in the metropolis.