SIC to go public

As part of efforts to consolidate its position in the insurance industry, the State Insurance Company(SIC), will soon launch its Initial Public Offer (IPO) to generate more capital to market attractive products across the West African sub-region.

To this effect, the company will offload 60 per cent of its general business and 40 per cent of its Life Company by the end of the year.

Peter Osei Duah, Managing Director of the company, disclosed this at the 6th triennial national delegates conference of the Association of State Insurance Company Agents (ASTOA) last week.

He said the company which is worth 60 million dollars will take advantage of the stock market to increase access to funding, expand programmes and undertake viable commercial projects.

"Additionally, it is expected to promote good corporate governance and practices, ensure ownership for agents, deal in innovative products and increase clientele," he said.

Mr Duah said the SIC will position itself to offer professional services to its clientele as royalties towards sustainable growth and development within the sub-region.

He mentioned net-working of offices throughout the country, renewal notices through text messages, travel insurance customer policy, inter-connectivity base for insurers and brokers to access their accounts with the company and instituting a new life company to venture the sub-region as some of the initiatives undertaken by the company to move it forward.

"With the introduction of the Eco due in 2009, the company is poised to compete with international insurance companies, attract partnerships and access funding to expand its activities to gird its loins for the task ahead," Mr Duah said.

He said the company was committed to ensuring that agents owned about 10 per cent of the shares since they will be playing critical roles in the company?s expansion programme and urged them to avail themselves for human resource development.

In an address read on his behalf, Togbe Afede XIV, Agbogbomefia of Ho Asogli, said that even though the increasing number of insurance companies in the country is good for the development of the nation, clientele must be wary of dubious ones, so as not to put the SIC into disrepute.

He urged the company to vigorously pursue education and sensitisation on the new Life Policy towards the development and growth of the insurance industry.

Mr Joseph Nayan, Deputy Regional Minister lauded the company for adequate and prompt payment of compensation and improving on the process of claim settlement.

He charged the agents to identify their unique roles and responsibilities to sustain the good public image of the company by being faithful and meticulous in their interaction with prospective clientele.

Mr E.H. Lartey Mingle, president of the association, assured the company of their preparedness to be part of the paradigm shift and appealed for support and cooperation.

Mr Francis Daineku, Registrar of Ho Polytechnic, who chaired the function advised the company not to relent in their efforts to sustain their leadership status in the insurance industry.

The conference which was on the theme: "The Agent and the New SIC" deliberated on corporate planning in SIC and its affects on agency administration, travel insurance, claims - motor and non motor and the new Life Company.