Top Five Insurance Companies Making Waves on the Ghanaian Market

Ghana’s insurance sector is at the forefront of fostering economic stability and resilience. As the country continues to progress, insurance companies are poised to play an even more significant role in safeguarding individuals, businesses, and communities.

Industry giants such as Enterprise Insurance, Hollard Insurance, SIC Insurance Company, Star Assurance Company Limited and Prudential Life Insurance Ghana have solidified their positions, offering a wide array of insurance products ranging from life and health to property and casualty.

Ghana’s insurance industry operates within a well-established regulatory framework overseen by the National Insurance Commission (NIC) ensures that insurers comply with standards and best practices, promoting transparency and consumer confidence. Beyond financial protection, these insurance companies are actively involved in community development initiatives.

ENTERPRISE INSURANCE LTD

ENTERPRISE INSURANCE LTD, a subsidiary of Enterprise Group PLC since its establishment in 1924 delivers top-notch insurance services to valued clients and supports the businesses of their stakeholders. From the National Insurance Commission (NIC) 2023 second quarter (Q2) report, Enterprise Insurance leads with a market share of 14.0%. Enterprise Insurance has been a leading insurer in Fire, Marine, Motor, Home, Travel, General Accident and Specialized Insurance solutions. 

Over the years, the Enterprise Group PLC has consistently demonstrated a commitment to supporting vulnerable populations in society. Among other initiatives undertaken by the group, Enterprise Insurance recognizing the pivotal role of the Ankaful Psychiatric Hospital in providing mental healthcare, presented a newly refurbished male ward to the hospital to promote awareness, combat stigma, and enhance healthcare delivery for individuals with mental health conditions.

Again, in collaboration with the Kokrokoo Foundation’s Project 100, the Enterprise Group initiated a project focused on acquiring 100 incubators to distribute to needy hospitals across the country, contributing to the critical mission of saving preterm babies. A donation of USD 20,000 was made specifically for the acquisition of two incubators, for the Keta Hospital in the Volta Region.

With its commitment to supporting the community and other sustainable Corporate Social Investment programs, the group donated an essential relief item worth GHS50,000 to Citi TV/Citi FM to assist victims affected by the recent water spillage from Akosombo and Kpong Dams. Enterprise Group consistently upholds its mission, ensuring that everyone it engages with receives their desired advantage.

HOLLARD INSURANCE

Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance, is known for its innovative approach to insurance and customer service. Hollard Ghana seeks to provide unique and customer-friendly solutions, leveraging technology and modern business practices, it holds 11.0% of the Ghanaian insurance market share. The company introduced the Customer Experience Centre and a toll-free number to deliver premium services to Ghanaians.

The implementation of the new toll-free number means that all previously existing Hollard Insurance and Hollard Life telephone numbers are directed to the toll-free contact point. The Hollard INSURE PACK offers instant Motor Insurance in a box. The Insure Pack enables customers to effortlessly scan and activate their policies through Araba Hollard on WhatsApp. 

Insurtech, a fusion of “insurance” and “technology,” leverages technological advancements to enhance cost-effectiveness and efficiency within the insurance sector. This innovative approach explores opportunities for insurance companies to provide tailor-made policies by harnessing data from interconnected devices. Through Insurtech, these firms can align product pricing with the behaviours and preferences of prospective customers, paving the way for a more personalized and responsive insurance experience.

Hollard Life has collaborated with Asoriba, Africa’s foremost church technology service provider. Together, they have introduced a groundbreaking platform that allows church members to contribute electronically to their congregations. Hollard has teamed up with Africa’s top e-commerce platform, Jumia to digitally sell insurance, aiming to enhance accessibility for a wider audience. The JumiaPay is a platform for Ghanaians to purchase Hollard’s general and life insurance products online.

SIC INSURANCE PLC

SIC Insurance Plc, one of Ghana’s largest indigenous general insurers with a market share of 7.8% in the Q2 of 2023, SIC has implemented various initiatives and policies aimed at improving customer experience, advancing social responsibility, and enhancing technical operations. Some of these include MeBanbɔ Life Insurance, meaning “my protection” in Twi, which is a micro-insurance product specifically designed for the underserved market in Ghana, ensuring accessibility for all. Utilizing USSD technology, MeBanbɔ provides tailored packages with varying amounts to cater to diverse needs.

Customers can easily sign up for MeBanbɔ through their mobile phones and conveniently pay their premiums using mobile money. HUGinsure is a specialized risk assessment entity dedicated to evaluating and mitigating risks linked to the funding of social impact organizations, including NGOs, social enterprises, and impact investors. Its objective is to facilitate the mobilization of additional capital for social good, fostering improved outcomes for beneficiaries. SIC Insurance stands out as a vibrant and forward-thinking brand dedicated to exceeding customer expectations through an unmatched commitment to exceptional customer service and a streamlined, hassle-free claims procedure to provide customers with a uniquely satisfying experience, setting us apart in the insurance industry.

STAR ASSURANCE COMPANY LIMITED

Star Assurance Company Limited stands as a prominent non-life insurance company in Ghana, aspiring to emerge as the predominant, reliable, and value-driven insurer in the West African insurance market.

The insurance company provides a diverse range of products and services tailored for both personal and business customers. These offerings include motor insurance, fire and allied perils insurance, travel insurance, home insurance, and general accident insurance. They hold a market share of 10.6%, the Star ChatInsure, the first of its kind in Ghana, redefines insurance by providing customers with a unique blend of convenience, affordability, and security. The service enables customers to purchase home and home contents insurance seamlessly through WhatsApp chat, available at any time.

The Fidelity Guarantee policy, one of its offerings, is crafted to shield employers from potential acts of infidelity or fraud by certain employees. It reimburses the insured employer against all direct pecuniary losses incurred due to any acts of fraud or dishonesty committed by employed staff. Engineering and Construction Insurance is a specialized business insurance product designed to address the distinct needs and risks of the engineering and construction industry, encompassing contractors, subcontractors, consultants, and suppliers. The Company has twenty (20) branch offices in nine (9) of the sixteen Star and continues to produce an innovative product that revolutionizes the specific needs of its customers.

PRUDENTIAL LIFE INSURANCE GHANA

Prudential Life Insurance Ghana is undeniably making a significant impact in the Ghanaian market with the introduction of numerous policies in recent times. The insurance company launched the Mekakrawa microinsurance policy, to aid Ghanaians in securing their futures by offering financial protection against life’s uncertainties. The Mekakrawa microinsurance policy covers the subscriber and one dependent against various risks, including death (accidental and natural), total permanent disability, and critical illness. With a clear mission, the company is dedicated to empowering individuals to seize life’s opportunities and navigate uncertainties with confidence.

Prudential Life Insurance places a paramount emphasis on the well-being of Ghanaians. Through the Prudential Actuarial Support System, students are honored with the Ghana cedi equivalent of $500, in addition to the reimbursement of exam fees and study notes for two years post-graduation. However, students who excel exceptionally have the chance to secure apprenticeships with the organization. Prudential Life Insurance Ghana in partnership with Ghana’s premier and leading comprehensive funeral services provider, Lashibi Funeral Homes launched the Dignity Farewell Plan to assist Ghanaians in planning funerals with ease, ensuring dignity for the deceased and comfort for the bereaved. The company also provides an extensive array of packages, encompassing the Pru Wealth Plan, Ultimate Hospital Cash Plan, Ultimate Educational Support Plan, and Prudential Travel Insurance Plan.

In summary, the aforementioned Insurance companies are contributing to education, healthcare, and environmental sustainability projects to strengthen the bond between insurers and the communities they serve.

By: Esther Adwoa Gyanwah Karikari / Instinct Business Magazine

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