Fraudulent claims pose a threat to the insurance industry – Yeboah-Asuamah

Chief Executive Officer of MiLife Insurance Company, Kwaku Yeboah-Asuamah, has expressed grave concern over attempts by some people to fraudulently obtain claims from insurance companies.

He said the threat of insurance fraud was becoming a major concern, which if not addressed, could put the entire insurance industry at risk.

Yeboah-Asuamah stated that, “Fraudulent claims divert resources meant for genuine cases, putting the entire system at risk."

“Let me be clear, fraud is illegal, and those involved could face severe consequences, including jail term."

“For example, we have encountered cases where professionals falsely reported the deaths of their parents, only for investigations to reveal the truth”, he told a gathering of teachers, as part of the company’s Customer Service Week celebrations in Kumasi.

Mr Yeboah-Asuamah pointed out that MiLife insurance company recognized the strong relationships built with customers over the years.

The customer service week was therefore to reiterate the company’s commitment to transparency, fairness and financial security.

He said the week-long celebration, which was under the theme “building lasting bonds” highlighted “the commitment of MiLife Insurance to partnerships, rooted in trust, integrity, and a shared vision for a brighter future”.

For the past five years, MiLife Insurance Company has celebrated the customer service week by sharing cakes, drinks, branded T-shirts, jerseys and books, with some selected schools across the country, and this year’s celebration involved teachers from the Bantama Presbyterian and other adjoining schools in the area.

Mr Yeboah-Asuamah pointed out that insurance was founded on the principle of pooling resources to protect one another, a tradition MiLife was proudly continuing to offer financial inclusion and freedom for many people.

Some of the teachers, who spoke with GNA commended MiLife Insurance for providing quality insurance services to its clients.