THE Commissioner of the National Insurance Commission (NIC), Mrs Nyameke Kyiamah, has commended the management of the Enterprise Life Assurance Company (ELAC) for contributing immensely to the development of the insurance industry in the country.
According to her, the hard work and innovative strategies adopted by the management of ELAC had spurred the company on to become the second biggest life company and one of the three specialist life insurance entities in the country.
"ELAC has, over the past eight years of its operations, shown tremendous growth from the initial 16th position in premium income to become the second biggest life company in the country as of 2009," Mrs Kyiamah stated.
In a speech read on her behalf at the 2010 Top 100 Sales Representatives’ Conference of the company in Koforidua last Friday, Mrs Kyiamah said, "The NIC appreciates your great contribution to the development of the insurance and life industry in Ghana."
The event, which was on the theme, “The career sales rep — A Force for change", was used to reward 20 topmost sales representatives who distinguished themselves and contributed to the growth of the company.
As part of their reward, the best five sales representatives, with Miss Gifty Quao being adjudged the overall best, were given a sponsored trip to South Africa with some spending money.
"With the coming into force of the new insurance law, there has been tremendous focus, resulting in 16 life companies in the country, as against three in 2002,” Mrs Kyiamah stated.
According to her, the NIC would soon harmonise the training requirements for the sales teams of various life insurance companies to improve the quality and image of the sector.
"This, we believe, will encourage individuals to make a career out of this job," she added.
The Executive Director of ELAC, Mr Cleland C. Bruce Jnr, said in spite of the financial constraints faced in 2009, the company had achieved successes, growing by 57 per cent of its gross premium over that of the previous year.
"While active policy holders grew by 36 per cent, benefits payment to our clients increased from GH¢2.8 million to GH¢4.6 million," he said, adding that the company's 2009 performance could not have been achieved without continuous patronage by its clients.
He hinted that his outfit would soon introduce a number of innovative technological facilities, such as an interactive website and the use of mobile phones that would allow clients to check and monitor their premium growth.
A resource person, Mrs Catherine Ablorh, who is the Eastern and Volta Zonal Manager of the Graphic Communications Group Limited, advised sales representatives to help change the poor perception the public currently had of life assurance ownership in the country.
The Omanhene of the New Juaben Traditional Area, Daasebre Oti Boateng, urged insurance companies to diversify their business activities to enable them to take advantage of the insurance market potential in the country.
"You can accomplish this by coming up with innovative policies and opening up to your customers to instil a sense of ownership in them," he stated.
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