The future growth of the country’s insurance industry will depend on how well companies embrace digital payment solutions to meet the rising expectations of policyholders for convenience and seamless service.
Since the insurance industry thrives on trust, reliability, speed and customer experience, policyholders today expect more than just protection; they also want digital access and convenience at every point of contact.
The Senior Accounts Manager at digital payments company, PayAngel, Jennifer Tenge, who made these assertions, said the future of the insurance ecosystem would be heavily reliant on technology and digitalisation.
Speaking at the ninth Ghana Insurance Awards in Accra last Saturday, she stated: “Companies that will succeed in the coming years are those that can deliver an excellent digital experience to their customers.”
Awards
The Ghana Insurance Awards, now in its ninth year, recognises excellence and leadership across life and non-life insurance companies, reinsurers, brokerage firms, health insurers, actuarial firms and other service providers in Ghana's insurance industry.
The awards were organised annually by Xodus Communications, founders of the Forty Under 40 Awards.
Ms Tenge cited an example of a customer buying a policy at night and completing payment instantly through a secure link, card or mobile money, without needing to make a visit or a phone call, as how technology could transform the customer experience in the sector.
She said the same applied to claims, which could be paid directly into a customer's mobile wallet or bank account without delay, adding, “These are not future possibilities, but services already being used by some of PayAngel's corporate clients.”
Collaboration
Ms Tenge congratulated the nominees and winners at the ceremony and encouraged industry players to keep exploring how technology could improve the customer experience, describing the partnership between PayAngel and Xodus Communications as one that would continue to grow.
She further called for stronger collaboration among financial institutions, insurers and regulators, saying no single organisation could drive Ghana's digital transformation alone, and that real progress required industry players to embrace innovation while maintaining trust and using technology ethically.
Recognition
The Founder and Chief Executive Officer of Xodus Communications, Richard Abbey Jnr, said the awards were instituted to recognise stewardship, innovation and adherence to standards within one of the most regulated sectors of the economy.
He explained that the categories had expanded over the years to include recognition for indigenous and up-and-coming insurance companies, alongside established industry leaders, in a bid to spur healthy competition and product innovation across life, non-life, health and brokerage segments.
Abbey Jnr also highlighted the growing collaboration between banks and insurers as a channel for deepening insurance penetration in Ghana, saying many people only come to appreciate the value of insurance after experiencing loss.
He cited his own experience of a car accident that cost him a substantial sum to fix as an example of why the product matters.
He thanked PayAngel and other sponsors for their continued support of the awards.
