The Commissioner of Insurance, Justice Yaw Ofori, has said that the life insurance market in Ghana is currently undergoing fierce competition with the entry of multinational life assurance companies.

He said the pressure on firms to be more efficient, innovative and find new ways to demonstrate their value and relevance, has, therefore, never been greater. 

“It is in these current competitive market conditions that most resilient and innovative companies will excel and these competitive times, therefore, demand every ounce of tenacity, skills and creative thinking, to succeed,” Mr Yaw Ofori said Wednesday, August 21, at the National Sales Conference of SIC Life Assurance Company Limited held in the Volta Regional capital, Ho. 

He said, as the regulator, the NIC has been driving innovation and improvements in the life insurance industry by issuing directives and guidelines such as the market conduct rules for microinsurance and mobile insurance, to ensure that an enabling environment is created to encourage novelty and development for the growth of life insurance business. 

Mr Justice Yaw Ofori also said the National Insurance Commission, through the Ghana Insurance College, has designed an agency refresher program for existing licensed agents which is free for the first 1,000 agents to register. The Commission he added, has also outdoored an agency certification program for license application for new agents.

The Managing  Director of SIC Life, Rev Dr Mrs Elizabeth Wyn Dogbe, said reported that the company in February 2018, instituted a three-year strategic plan to guide its operations and to position it to be the leading and most trusted brand in its field of play.

SIC Life conference

“Management believes that the welfare and continues improvement of the sales is paramount to the success of our company and in fact, any life insurer who ignores its sales force is sure to fall unless they are set up for something else, “ she said.

The Volta Regional Minister, Dr Achibald Yaw Letsa, commended SIC Life for adherence to the laid down rules, procedures and guidelines. The credibility of SIC Life is undoubtedly unquestionable, and this has put the company on a high pedestal of excellence which is unassailable by other competitors in the market, he stated.

SIC Life conference

He, however, regretted the low level of insurance penetration in the country which he noted, is as a result of the lack of understanding and a better appreciation of the numerous benefits of insurance.

In order to address this challenge, insurance firms must accelerate their efforts in insurance education and promotion for people to understand the usefulness and benefits of the concept of insurance policies, he advised. 

“Unfortunately, there is the perception that some individuals have had challenges with accessing insurance claims and their situations might have discouraged others from going in for the policies. This does not augur well for the image of the insurance sector. In this regard, there is the urgent need for the sector to work hard to reverse this negative perception if it does exist,” Dr Letsa said.

SIC Life conference