Ghana’s first insurance broker, Olea M&G Insurance Brokers Limited, formerly known as Marine & General Brokers Limited, has officially launched a digital platform where insurance transactions can easily be done.

‘Mybestquote.com’ which was launched in collaboration with Best Quote Ghana Limited, is a price aggregator platform where prospective buyers of retail insurance lines could compare products of most of the Insurance Companies with a click of a mouse and decide where to buy from.

The event took place at the Alisa Hotel on Friday, April 30, 2021.

The Managing Director of Olea M&G Insurance Brokers Limited, Stephen Kwarteng Yeboah, at the event explained that the platform was necessary in order to stay relevant in this era of technological advancements.

He said, “As players in the Insurance industry, we cannot survive in this technology-driven world, if we fail to innovate by catching up with the times we are in. We at Olea M&G have never ceased to look for new ways to evolve.”

Citing some examples of the company’s previous efforts in the digitalize their works, he added, “It was, for this reason, we entered partnership with Olea Insurance Solutions to join 22 other countries in Africa to become Africa’s largest independent insurance broking network. We have again set the pace by introducing a Unique Broking software with extranet features in our market. Our clients this year will have access to their policies via our VEOS software and online motor fleet IT tools.”

According to Mr. Yeboah, this innovation forms part of strategies to reduce the cost of servicing retail clients.

The Deputy Commissioner of Insurance, Michael Kofi Andoh, on his part, urged other insurance companies to emulate the steps of Olea by coming up with creative ways of doing business.

“Despite the efforts of the Commission, the onus also lies on all of us, as stakeholders in this industry to help paddle the boat towards an appreciable insurance penetration level. If you are wondering how you would achieve this, my first and foremost suggestion is to consider discovering innovative ways of doing business,” he highlighted.

According to him, this is the only way by which these insurance companies can distinguish themselves from competitors in and outside of Ghana.

Mr. Andoh further pledged the Commission’s commitment in supporting “such significant initiatives, from all stakeholders in the industry”.