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The Ag. Insurance Commissioner, Mr Michael Kofi Andoh, has urged insurance companies to prioritise customer service as it is the lifeblood of any successful business.
According to Mr Andoh, ensuring the satisfaction of customers and partners would not only drive revenue but also foster trust and loyalty within the insurance and reinsurance space.
He made these remarks at the Ghana Reinsurance PLC’s 15th Cedants’ Awards night held under the theme: ‘Rising together, honouring partnerships and excellence in insurance.’
“The insurance industry has grown over the years with many people offering and demanding different service. It is, therefore important not to take customer service and satisfaction for granted,” he said.
“While value creation, a talented team and staff, innovation, equipment, facilities and resources, are undoubtedly crucial components of a successful business, it is important to recognise that all these factors ultimately revolve around the customer,” he added.
He reiterated the importance of partnerships which enables businesses to share expertise, open access to new markets, enhance innovation and cut costs.
“In the insurance industry, strategic alliances and partnerships have been deployed to break new grounds in the areas of distribution, product innovation, premium payment, strategic corporate social responsibility, among others,” he stated.
The National Insurance Commission (NIC), he said, had also taken steps to promote growth and development of the industry by currently working with some partners, including the Financial Sector Deepening (FSD) Africa and the United States Agency for International Development (USAID) on various projects.
“A big potential for the growth of the industry lies in reaching out to the micro, small and medium
enterprises which are largely excluded from the insurance market,” he stated.
The Ag. Managing Director at Ghana Re, Mrs Monica Amissah, said over the years, cedants have played a pivotal role in driving the growth of Ghana Re, thereby contributing to the advancement of the entire insurance industry.
“Together, we have tackled challenges, seized opportunities and upheld the principles of risk management, ensuring resilience and stability within the industry,” she noted.
She congratulated the award winners for their contributions to the growth of Ghana Re, and the insurance industry as a whole while calling on other companies to continue working hard, be innovative and form partnerships towards growth.
Several companies walked away with awards and recognition with the Cedant of the Year (General Business) going to SIC Insurance Plc, while Phoenix Insurance Co. Ghana was the first runner up with Sunu Assurances Ghana settling for the second runner up award in that category.
For the Cedant of the Year (Life Business), Metropolitan Life Insurance Ghana Ltd. won the topmost prize while Old Mutual Life Assurance Company Ghana and SIC Life Insurance Ltd. settled for the second and third positions, respectively.
