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Diversify your businesses– GLICO Group CEO to insurance companies

The Chief Executive Officer of GLICO Group, Edward Forkuo Kyei, has urged insurance companies to diversify their businesses to still be relevant despite the impact of the COVID-19 on the Ghanaian and global economy.

Speaking at the 4th Webinar series on the effect of COVID-19 on Corporate Ghana and the Insurance Industry, Mr Kyei indicated that the Coronavirus pandemic has crippled the Ghanaian insurance industry, it has also spawned businesses which insurance companies could tap to remain in business and boost their revenues.

Seasoned insurers across the country were present to discuss the present and future prospect of the insurance company in Ghana.

They are the Deputy Commissioner of the National Insurance Commission, Mr Michael Kofi Andoh, the Managing Director of Enterprise Insurance Company Limited, Madam Ernestina Abeh, and the Chief Executive Officer, GLICO Group- Mr Edward Forkuo Kyei,

Others are;the Chief Executive Officer (CEO) of Nationwide Medical Insurance, Mrs Nancy Ampah, the Managing Director, WAPIC Insurance Ghana, Mr Adedayo Arowojolu and the Vice President of the Insurance Brokers Association of Ghana who is also the CEO of KEK Reinsurance Brokers (Africa) Limited, Mr Shaibu Ali.
Mr Kyei in his address opined that insurance companies could venture into establishing vehicle repairs companies to attend to their policyholders’ vehicles.

He further said that insurance companies would retain control of the repairs of customers’ vehicles and maintain a high level of service delivery to customers, adding that this would also help them to reduce the cost of operations and generate additional incomes to improve their revenues.

CEO of GLICO Ghana stressed that COVID-19 has paved way for the use of various technologies to conduct virtual meetings, which are as effective as face-to-face meetings.

“These turbulent times may very well be the turning point that will drive transformational change across the insurance industry,” he said.
Chief Executive Officer of Krif Ghana Limited and Editor of the Integrity Magazine, Reverend Kennedy Okosun, urged insurance companies to do more in building trust with its stakeholders.

“In this COVID-19 era, a well-developed insurance industry is a requisite necessity in the efforts to improve the stability of the financial markets and protect individuals and businesses from losses in these difficult times of the COVID-19 pandemic.
Paa Kweku Eshun|Talksafrica.com

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