In that regard, the company has unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

They include a Digital Commissions Platform, a WhatsApp ChatBot, a Web, Mobile and USSD platform and a Digital Reward System.

Celebration

Addressing a ceremony to mark the anniversary on Tuesday, May 17, 2022, the Managing Director of the company, Mr Ernest Frimpong said his outfit was also looking forward to expanding its branch and agency network to all the 16 regions of the country.

He further disclosed that the company owned by Frimps Oil Company Limited would begin the construction of its head office later this year.

He also acknowledged the contribution of staff, clients and partners towards the success and profitability of the company over the last three years.

He also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission's minimum capital requirement of ¢50 million.

"The Ghana insurance market is a highly competitive and dynamic marketplace," Mr Frimpong said.

"There is a dichotomy, on the one hand, the market is characterised by innovation, on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative, we need stronger cooperation among ourselves for the benefit of our industry".

The Commissioner of Insurance, Dr Justice Ofori commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

"Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today," he said.