Insurers urged to increase insurance penetration through technology

Source: Ghana| Myjoyonline | Joy Business
Date: 10th-september-2017 Time:  2:27:45 pm

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Insurance companies in the country have been urged to embrace technology to deliver value-added services to customers.

This according to the Managing Director of Ghana Reinsurance Company Limited, George Mensah, would enable them to withstand the growing competition in the financial sector.

He made the call at the 8th Cedants Awards Night on the theme: ‘Embracing Technological Innovations for the growth of the Insurance Industry’ at the Kempinski hotel in Accra.

He underscored the need for insurers to take advantage of the growing trend in technology to remain relevant in the business environment.

This, Mr. Mensah stressed would help them address challenges and remain a step ahead of their competitors.

Citing Ghana Re as an example, he said they have connected their officers virtually within the company and this has helped staff no matter their location to work productively across organizations using a common IT infrastructure.

“We further consider the automation of our workflow as a key to moving towards a more digital environment to add value and improve customer service” he added.

In future, Mr. Mensah revealed they intended to put in place a secure and convenient way for storing and accessing its IT services through the ‘Cloud’ to place the company at the doorstep of their cherished clients.

He maintained that adapting quickly to the new technologies will give businesses the opportunity of interacting with business solutions that will drive their businesses whilst providing value for their customers.

But cautioned insurers on the need to set standards to ensure customers are not shortchanged whiles using technology.

Mr. Mensah advised the award winners to see it as a spring board to propel them to embrace technological innovations for the creation of new products, new distribution channels and innovative strategies to increase the rate of insurance penetration to an appreciable level.

Meanwhile, the event recognized and reward Insurance Companies which made notable contributions in the 2016 financial year’s performance towards the growth and profitability of the Company.

The Ghana Reinsurance Awards ceremony, “Cedants’ Awards Night” was established six years ago, to show appreciation to the local insurance companies for their diligent efforts, loyalty and support for Ghana Re and the industry as a whole.


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