Old Mutual Ghana, a division of the pan-African Old Mutual investing, savings, insurance, and banking firm, has said that it intends to increase its presence in Ghana and the sector over the next five years.
Helen Amerley Amarquaye, Board Chair of Old Mutual Ghana, claims that this is a part of the company's efforts to increase financial inclusion and support the expansion and development of the insurance sector.
"Our objective is to be scaled and spread across the country," Ms. Amarquaye said in a statement following the company's courtesy call on the National Insurance Commission (NIC), the organisation responsible for overseeing the sector. We are a business with a strong focus on financial inclusion and a wealth of knowledge. Also, we have been in the Ghanian market for ten years, and for us, it's important to make sure we leverage our knowledge to expand size and attract new participants, she added.
She said that in order to remain competitive in developing areas, the company regularly monitors emerging trends.
"The insurance industry is continuously changing, so we've seen bancassurance and the advent of insure-tech, which stands for the use of technology to make insurance more accessible to a larger audience, and that's what we are, so we want to make sure that we're part of it," she continued.
Dr. Justice Ofori, commissioner of the National Insurance Commission, congratulated Old Mutual Ghana for always offering the most cutting-edge insurance products to it while also assisting in the expansion of the insurance industry for its clients.
Dr. Ofori also praised Old Mutual for being a legally compliant company and for having the required amount of cash on hand. He said that preparations are being made to instruct business owners on how to correctly comply with the new Insurance Act of 2021. The New Act serves as the legislative framework for the regulation and oversight of the insurance sector and replaces the Insurance Act, 2006 (724).
According to him, the new Act has a lot of information, so industry participants must be educated on how to apply it in order to defend policy, guarantee that they receive the proper goods, and get value for their money.
We want to work on the new Act as well. We will walk the industry through the Act and explain what is new and what can be anticipated from it so they may be directed appropriately. They have copies, but most people don't have the time to read, so we will provide training for them so they can understand it and follow its instructions.
Old Mutual's aim of giving customers the appropriate product at the right price is in line with the commission's purpose, said Albert Oko Dagadu, Head of Technical at Old Mutual Ghana.
It was intriguing to hear the commissioner state that safeguarding policyholders and making sure they receive the correct goods and get value for their money are their top priorities. Assuring our policyholders receive value for money is one of Old Mutual's core performance indicators, and he said, "Since I have been with Old Mutual, the value for money is extremely clear.
According to him, Old Mutual's objective is to launch new products while also strategically boosting annuity sales.
One of the key goals of Old Mutual Life to ensure our policy is that annuitants and retirees in particular have a guaranteed income for life and do not have to worry about their future income when they retire.
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