SIC & GP As Partners

The State Insurance Company (SIC) and the Ghana Post Company (GP) on Tuesday launched a collaborative effort through which SIC customers could renew their Motor Insurance Cover in various post offices in the country.

Under the deal prospective customers can pay their premium and pick up their completed motor insurance certificates and stickers at the designated post offices in three days. The pilot phase of the project would, however, be limited to some post offices in Accra, Tema, Kumasi and Sekondi-Takoradi.


In a speech read for the Minister of Finance, Mr Yaw Osafo-Maafo to launch the product, he said despite the significant growth experienced in the insurance industry in the past years, companies continued to face numerous challenges.


These included high levels of premium debts, especially in the non-life sector, which has significantly affected companies' cash flows, making it difficult for them to settle claims.


This, according to the Minister, had not helped to carve a very good public image for the companies and emphasised the need for them to chart new growth strategies with focus on customers to enable them to compete internationally.

Mr Osafo-Maafo said the Ministry would continue to protect the interest of policyholders and asked the management of SIC to extend their unique service to other regional offices.


The Managing Director of SIC, Mr Peter Osei-Duah said a key objective of the company was to map out strategies for maintaining good customer relations that would enable it to serve customers better by making insurance products easily accessible. "It is in pursuit of this objective that a partnership agreement with Ghana post has been reached," he said.


Mr Osei-Duah further explained that the frustrations customers went through to have their insurance covers renewed would be eliminated since they could do so at a designated post office near them. "The ultimate objective is to make SIC more efficient, customer responsive and more profitable."


The Managing Director of Ghana Post, Mr Isaac Adu-Boahene said the new service would not only benefit the motoring public by avoiding inconvenience but would also reduce time spent in the renewal of their policy. He said a series of training programmes had been organised for frontline staff at designated post offices to give the officers an insight into operations of the scheme.