Dr Justice Ofori, Commissioner of Insurance at the National Insurance Commission (NIC), has advised insurance companies to be loyal to their client to retain them for growth.
He said globally, with Ghana being inclusive, insurance underwriters faced rising challenge in retaining their customers due to the sameness in most insurance products.
The Commissioner, in a speech read on his behalf by Madam Stella Jonah, Senior Manager, Office of the Commissioner, NIC, at the launch of Allianz Insurance’s “Allianz Cares” promotion in Accra, said insurers must, therefore, prioritise the nurturing of their clients to earn their trust and confidence to sustain growth.
The promotion, launched by Allianz Insurance, a subsidiary of Allianz Group, aims at rewarding customers of the company who have purchased a motor, home or personal accident insurance with branded Allianz first aid kits.
It also aims at raising awareness on the importance of first aid, with the promo running from September 17, 2021 to March 31, 2022.
Dr Ofori said: “As we all know insurance is the delivery of a promise in the future. The growth of an insurance company is therefore hinged on the trust and confidence of clients and to sustain this growth, the insurer must endeavour to meet the risk needs of clients through innovative ways, one of which is to nurture loyalty and retention, by meeting or exceeding the policyholder’s expectations”.
He added that: “Retaining customers and building customer loyalty is good for any insurance business in terms of the cost of managing accounts and the opportunity for referral business”.
He noted that increase in population, rising incomes and the relatively low insurance penetration rate in Ghana meant that huge growth opportunities existed in the Ghanaian insurance market, saying insurers must develop strategies to “break the glass ceiling, since we all know that insurance is sold and not bought”.
Dr Ofori said the NIC was focused on strengthening solvency, protecting policyholders’ interest and creating an enabling environment that encouraged the development of products that responded to customers’ needs.
He urged insurance companies and intermediaries to ensure strict compliance with the Insurance Act 2021 (Act 1061), the Solvency and Governance Frameworks, and the Directives and Guidelines, to achieve growth.
He commended Allianz for the initiative and was optimistic the promo would significantly improve public safety and bring long-term returns to the company.
Mr Darlington Munhuwani, Chief Executive Officer, Allianz Insurance said as a customer centric brand that had operated in Ghana for over ten years, the voice of customers was key in product features and services.
Mr Munhuwani explained that the COVID-19 pandemic had disrupted lives, both personal and businesswise, and that as a caring brand, it was committed to keeping its customers and communities safe.
He said the promotion, therefore, was a confirmation of the company’s dedication to the wellbeing of customers.
“We go through our daily lives knowing that health risks can occur- yet many don’t have first aid kits in their cars and homes. It’s time for every Ghanaian to own a first aid kit, and this is our contribution to this campaign. This will help save lives in emergency situations,” he added.
Madam Ekua Asemani-Oku, Head of Operations, Allianz Insurance, said building and maintaining strong customer relationship remained a priority for the company.
She urged customers to take full advantage of this promo by purchasing a motor, home or personal accident insurance package from any of its offices in Accra, Kumasi, Tema and Takoradi.
Globally, Allianz Insurance operates in more than 70 countries. In Africa, the company is present in 12 countries and accompanies clients in 49 markets with 2,908 employees.
In Ghana, Allianz Insurance has operated since 2009, providing a wide range of products and services, including Motor, Home, Marine, Assets to Cyber Crime insurance.
Source: GNA