Ghana Post and Star Microinsurance services have collaboratively launched a new product for low income earners called Abusua Nkyemfa.

Launched in Accra on Friday, 14th June, 2013 at the head office of Ghana Post, the agreement spells out that Ghana Post is to provide counter space and supervisors at selected post offices to sell insurance policies to Star Microinsurance clients. The latter will also have the primary responsibility to administrate the policies.

According to Communications Minister Dr Edward Omane Boamah, in an address read on his behalf by Mrs. Charlotte Morgan-Asiedu, Director of Human Resource and Development of the Ministry, the advent of new and emerging technologies, sets the stage for Ghana Post to take advantage of opportunities to re-assess itself as a major player and promoter of economic development of the country.

He noted that “Strategic partnerships focus on developing external relationships that will lead to new business development and collaborative will to bring an instant competitive advantage to businesses to expand into new markets.

“The ministry will provide the necessary support that will upgrade Ghana Post to the level of an effective development tool for rendering service to the entire polulace”, he assured.

The Managing Director of Ghana Post, Mr. Abdulai Rafui also stated that “In the last couple of years, the company has been making strategic moves aimed at transforming its fortunes, despite stiff competition and the introduction of technology into postal operations.

One of such moves, he noted, is the formation of “partnerships and alliances to move our business forward. It is under this score that Ghana Post is collaborating with Star Microinsurance Company for the provision of microinsurance products to the low income group of our society”.

On her part, the Executive Director of Star Microinsurance, Afua Boahemaa Donkor said, ” Microinsurance is insurance that caters to the needs of the informal sector. Unlike the traditional insurance, Microinsurance provides affordable premiums which are collected more frequently and distributed through a variety of channels that are accessible to the informal sector”.

“Today, we are here to launch a New Partnership between Ghana Post and Star Microinsurance Services Ltd. For us to enter into a partnership we look out for certain qualities;

1. Infrastructural reach of the proposed partner
2. Availability of a good payment platform
3. And their Operational ability

Star Microinsurance recognized all these three essential qualities in Ghana Post which has about 350 offices across the country and 300 agencies creating a massive network.

They have a unique payment platform, the cash post, which has nationwide acess; they also have partnered with other organizations making their experience in working with other third parties a rich one”, the Executive Director added.

The short but impressive ceremony was chaired by Mr. Oppong Yeboah, Executive Vice Chairman of Star Life Assurance. In attendance were Mr. George Addison, Managing Director of Star Life Assurance, Mr. Nicholas N.Y. Dery, Director-Postal Policy of the Ministry of Communications and other high profile officials from the two organizations and business partners.