Mr Edward Forkua Kyei, Managing Director of GLICO Life?on Tuesday?disclosed that A life insurance policy products, especially funeral policy, has grown to be popular in Ghana.
“With these kinds of products, which we classify under insurance and investment, clients have a pay-out with a time so they really see real gain from their deduction,” he stated.
Comparing the present trend to previous years, he stated that, everyone is knowledgeable and recognize the key benefits of procuring those product selection.
Mr Kyei, stated within the maiden edition of “Claims and Underwriting Klinic,” that in spite of the rush for life products the nation’s insurance penetration, was below two per-cent and called on companies to teach people to the ought to buy insurance products.
The meeting, organised from the Technical Committee of the Ghana Insurers Association in Accra, seeks to produce the capacity of insurance technical personnel and claim evaluators to discharge their duties effectively and efficiently.
It was to help update the information of personnel on modern trends, threats, and share tips to have the capacity to sustain the market while clients receive the rightful services.
Mr Kyei noted which the operational purpose of insurance in Ghana was not the same as other countries, clarifying that; “if we group private as well as the National Health Insurance and even Social Security and National Insurance Trust as other countries do, then insurance penetration might be on top of the 2 main percent.”
He said when anyone take insurance products including accident, fire and illness seriously, it could help address many challenges people face in america and may n’t have to call for government support.
Touching to the objective with the Klinic, the GLICO Managing Director said the had recorded certain instances of policyholders, who had tried making false claims, therefore, the will need to constantly share ideas and strategize with other companies to stem the practice.
“The approach to procuring a plan or assessing an incident has changed. Today individuals are always online, willing to buy a policy they usually want it asap, so there is definitely the really need to constantly change our operations to satisfy their requirements, while reducing risk.
“Claims and underwriting works hand-in-hand. Simply because a compensation claim is done on what may be written. If it’s not done correctly, an inappropriate writing may lead to an inaccurate claim can deplete a company’s fund, thereby denying individuals that have genuine claims to make,” he noted.
Mr Nda Ahale Polley, the official of GIA noted that, within the GIA’s intentions to increase the confidence within the public in the insurance industry, it had introduced the Ghana Insurance Industry Complaint Management and Advice Bureau (CMAB).
The set-up, he stated, ended up being handle complaints from policyholders as well as the public in accordance with GIA’s three-tier complaints management and self-regulatory regimes.