Financial strategist charges insurance companies to be innovative

Head of Financial Services, Strategy and Operations at KPMG, Robert Dzato is calling on insurance companies and banks in the country to be skilled, professional and innovative in their line of work.

Speaking to the media at the 3rd Annual Bancassurance & Alternative Distribution Channels Conference Ghana 2017 at the Peduase Valley Resort on Thursday, September 14, Mr. Dzato said the time has come for insurance companies to innovate products that will suit their customers.

According to him, most customers complain of products being sold to them saying it doesn’t really give them the solutions they want. He entreated companies to step up their game in the business so they can satisfy their customers and also increase the number of people who register for insurance policies in the country.

“Customers are saying to us, look I don’t want things that is one size fits all products. I want products and solutions personalised to me......We definitely need to innovate on products.......some product innovation would be crucial but even more importantly is the service experience and insurance companies and banks as well need to put service experience at the heart of what they do” he stated.

Mr Dzato said in order to predict the products their customers would be interested in, it is better to segment them and also understand their needs.

“Bearing in mind that there are a number of people moving into the middle class, is crucially important that you segment your customer segment and that means that you need to understand them to be able to predict them. And you could leverage data and analytics to do that, that’s the way of the future”, he said.

It is reported that Ghana and Nigeria remain low in terms of insurance penetration in Africa.