Loyalty Insurance is resilient enough to withstand market uncertainties

The Loyalty Insurance Company is expanding and shoring up resources to have an enduring foothold in Ghana’s insurance industry.

“We are resilient enough to withstand market uncertainties which are bound to come. We do not want to be taken by surprise. But in the midst of all these changes, we will ensure our client’s security and comfort, Mr Oppong Ababio, Executive Director, Loyalty Insurance Company, told the Ghana News Agency.

He said the Company was anticipating sweeping changes in regulation, asset backing policy and minimum capital for insurance companies sooner or later and that "we are prepared".

According to him, the Insurance regulator would soon come heavily on companies which lack liquidity and struggle to pay claims and warned that a lot of things would change in the financial sector after the collapse of the seven banks although the full effects were yet to be felt.

He informed that Loyalty was investing heavily in Information Communication Technology (ICT) to achieve easy access and speed up claim processing.

“ICT used to be part of business but now it is business in itself and we using it to reduce the human interface to the barest minimum. We believe that clients should be able to access vital information in the comfort of their homes and in fact anywhere, “he said.

Mr Ababio indicated that Loyalty had created value for policy takers through sound business practices and principles.

“Our clients have a reason to hold on to their policy. They see the need to have the insurance for unforeseen events. And even when that time comes, they can readily access what they signed on to.

Mr Michael Abbiw, Head of Marketing, said, “We have developed a market oriented company where systems put in place ensure customer needs.”

According to him, the use of social media and an interactive website were some of the ICT tools used to give clients access to services.

“We understand the today’s person. We know his needs. We do not sit in our offices and expect clients to walk to us.”

He called for the education of the general public on the need to take insurance policies for protection and investment adding that so many businesses and individuals had suffered great losses because they failed to take insurance policies.