SIC Insurance is the process of launching an e-insurance product into its operations, the first of its kind in the insurance industry.
Mr. Max Cobbina, Chairman of SIC Insurance’s Board of Directors, revealed this at the company’s Annual General Meeting (AGM) in Accra last week.
The Chairman said the process will involve the use of Internet and mobile technology to process clients’ insurance requests online from the comfort of their offices, homes or anywhere they may be.
Importantly, motor insurance clients, the company’s largest portfolio, can renew their policies remotely without having to physically visit any SIC office or agents nationwide.
Clients can also initiate their claims processes. However, new and potential clients will have to visit SIC’s nearest office or agents to take up a policy before they can use the service in subsequent periods.
Mr. Cobbina disclosed that the company grew its gross premium income by 24.4% from GH¢64.04million in 2010 to GH¢79.69million in 2011.
Net Premium after reinsurance also grew by 30.5% from GH¢47.2million to GH¢61.6million in the year under review.
The company’s premium income growth has kept improving year after year. Over the past three years, premium income growth was -2% in 2009, rose to 13% in 2010 and then sharply to 24% last year. However, premium debt has been a major concern for insurers in Ghana.
Nevertheless, management of SIC Insurance was able to attain an 85% cash-collection rate for businesses written in 2011.
Profit before tax for the year under review was GH¢7.34million as against the GH¢8million realised in 2010, while shareholders’ funds (net assets) grew from GH¢83.5million in 2010 to GH¢86.4million in 2011, an increase of about 3%.
In addition, total assets increased by 10% from GH¢137.4million in 2010 to GH¢149.4million. Mrs. Doris Nkani, acting Managing Director of the company, indicated that the ‘SIC At Your Door Project’ -- started in March 2011 -- which carries the company’s services to the doorsteps of customers (either in their homes or workplace) earned GH¢3.1million and US$1.32million in premium income in 2011.
