Previous Mutual Ghana, a subsidiary of pan-African funding, financial savings, insurance coverage, and banking group, Previous Mutual, has mentioned its plans throughout the subsequent 5 years is to broaden its footprint throughout the business and Ghana.
In line with Helen Amerley Amarquaye, Board Chair of Previous Mutual Ghana, this kinds a part of the group’s effort to enhance monetary inclusion in addition to contribute to the expansion and improvement of the insurance coverage business.
Talking after the corporate paid a courtesy name on the management of the Nationwide Insurance coverage Fee (NIC), the business’s regulator, Ms. Amarquaye mentioned: “Our focus is to get scaled and broaden throughout the nation. We’re an organization targeted on monetary inclusion and we’ve got a complete lot of experience. Now we have additionally been within the Ghanian marketplace for 10 years and for us it’s ensuring that we use our experience to create extra scale and produce extra folks on board,” she mentioned.
She additionally acknowledged that the group is consistently maintaining with present traits so as to be aggressive in rising markets.
“The insurance coverage sector is consistently evolving so we’ve got had bancassurance and likewise the inflow of insure-tech which suggests the usage of know-how to make insurance coverage extra accessible to a wider viewers and that’s what we’re we need to be sure that we’re a part of it,” she added.
Commissioner for the Nationwide Insurance coverage Fee, Dr. Justice Ofori praised Previous Mutual Ghana for its consistency in offering probably the most revolutionary insurance coverage merchandise to its prospects, whereas additionally contributing to the event of the insurance coverage market.
Dr. Ofori additionally recommended Previous Mutual for being a compliant enterprise and assembly the brand new minimal capital requirement for insurance coverage companies. He acknowledged that plans are within the works to coach business individuals on the best way to correctly adjust to the brand new Insurance coverage Act of 2021. The New Act, which replaces the Insurance coverage Act, 2006 (724), serves because the authorized instrument for the regulation and supervision of the insurance coverage market.
He acknowledged that the brand new Act is wealthy in content material, thus the necessity to educate business gamers on its implementation and finally defend coverage and be certain that they get the appropriate merchandise and derive worth for cash.
“We additionally need to work on the brand new Act. We’re going to take the business by means of the Act and allow them to know what’s new and what ought to be anticipated from the Act in order that they are often guided accordingly. They’ve copies however usually folks gained’t get time to learn so we’re going to have some coaching for them in order that they’ll admire it and likewise abide by what it says,” he mentioned.
Albert Oko Dagadu, Head of Technical at Previous Mutual Ghana, reiterated that Previous Mutual’s aim is aligned with the fee’s aim of offering purchasers with the appropriate product on the proper worth.
“It was fascinating to listen to the commissioner point out that high of their precedence is defending coverage holders and making certain that they get the appropriate merchandise and derive worth for cash. And at Previous Mutual, one key metric is making certain that our coverage holders get worth for cash and since I’ve been with Previous Mutual, the worth for cash could be very obvious,” he mentioned.
He acknowledged that Previous Mutual’s aim is to introduce new merchandise, and as a strategic drive, pushing annuity gross sales.
“The target is to make sure that annuitants and retirees particularly have a assured revenue for all times and would not have to fret about their future revenue once they retire and that’s one predominant targets of Previous Mutual life to make sure our coverage holders get the worth they require on our merchandise,” Mr. Dagadu defined.