Life insurance penetration to deepen – ELAC chairman
Life assurance in the country has recorded a steady growth, with its contribution to total insurance premiums increasing from 10 per cent 10 years ago, to 40 per cent as of 2012.
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Life insurance, which is seen as a means of mobilising funds for long-term investments, is estimated to contribute about 3.6 per cent to the total productivity within the country, also known as Gross Domestic Product (GDP).
The Chairman of Enterprise Life Assurance Company Limited (ELAC), Mr Ken Ofori-Atta, said the development meant that more Ghanaians were now accepting life assurance. He added that with technology and innovation, ELAC had positioned itself to expand the frontiers of the life assurance sub-sector.
He was delivering a keynote address at the 2013 Sales Representatives Conference for insurance brokers. The conference is organised annually to enable management of the life assurance company to interact with brokers and also appreciate their efforts for the previous financial year.
This year, the company awarded the top 50 brokers who contributed significantly to their team’s sales to ELAC.
Speaking on Beating All Odds, Mr Ofori-Atta challenged the sales representative and brokers to be creative, develop a sense of purpose and believe in God in discharging their duties.
He said ELAC would work closely with the brokers to ensure that the company captured a greater chunk of the life business, which had a potential of about four million customers, from the current 250,000.
The Senior Manager in charge of Distribution at ELAC, Mr Francis Akoto-Yirenkyi, said within 10 years, life insurance had seen a jump by about 40 per cent and there was more potential for its growth.
He said ELAC had designed a number of activities, mainly training programmes, to equip its sales representatives and brokers to enable them to manage the challenges that came with scouting for life insurance business.
“Numerous programmes and activities have been lined up throughout the year and these include monthly sales clinics for all sales managers and branch managers, monthly branch meetings for all brokers and quarterly and half year reviews with all brokers,” Mr Akoto-Yirenkyi said.
The Executive Director of ELAC, Mr C. C. Bruce Jnr, commended brokers for contributing 15 per cent to the gross premium income of the company and bringing in 20 per cent of individual new business to the company.
“We appreciate and cherish the role brokers play in our business and we will support them to continue to add value to the company and our clients,” Mr Bruce said.
Mr Stephen Amemakakpor of KEK Insurance Brokers emerged the topmost broker for the third time running. He received a certificate, a plaque and an all-expense paid trip to the United Kingdom.
Messrs Isaac Danso Kumi, also of KEK and Enoch Quayson of Lordship Insurance Brokers emerged in the second and third places respectively.
Story: Samuel Doe Ablordeppey
