Multinational insurance firm Hollard International has officially entered the country’s life insurance sector with the launch of Hollard Life Assurance Company as a testament of their strong belief in the local insurance market.
Hollard Life enters the market with a totally different and innovative approach to service delivery that will help push the life insurance sub-sector to the next level.
Group CEO of Hollard International, Saks Ntombela, speaking at the launch event in Accra said the decision to branch into the life insurance business reaffirms the desire of Hollard Group to establish a significant presence in the broader West African market
He said in his remarks: “Since opening our doors, we have found the Ghanaian insurance market to be as vibrant and exciting as we had hoped; and the opening of the life operation represents a further confidence in the market’s promise.
“We are also excited because we see significant potential for growing the Ghanaian life insurance market.”
Hollard Life Assurance will be managed by a team of world-class professionals led by Mr. Nashiru Iddrisu as Managing Director; Dorothy Salifu as Head of Operations; Ladonna Boateng as Head of Group Business; Emmanuel Akwada as Head of Distribution; and Evans Asamoah as Head of Finance.
Mr. Ntombela said of the team: “We have managed to assemble a truly world-class team; one of the ideas underpinning our expansion out of South Africa is that the best people to run our African operations are local insurance people.
“People who understand local market dynamics and the impact of regulation or subtle changes to operating models; people who can operate nimbly and quickly without having to refer everything to the head office.”
According to a report by the Oxford Business Group, the Ghanaian life insurance market is expected to grow from the current level to more than GH¢1.6billion in 2019, while one in 10 Ghanaians currently have some form of insurance cover and there is a market penetration of around 1.2 percent.
The Group CEO added: “As a brand, we are able to take a long-term view and pursue sustainable opportunities, rather than chasing short-term gains in order to satisfy the market’s appetite for quarter-on-quarter growth.
“This has led us into new and exciting businesses which have earned us a reputation for innovation. From the way we design products to fulfil market-specific needs to the way we distribute them, we have been successful at finding new ways of doing things.”
Managing Director of Hollard Life, Nashiru Iddrisu, described the launch of the company as a “beautiful beginning with great expectations”. counting on the brand’s recognition for service innovation and as a pacesetter in every market it enters.
“We will leverage technology, innovative distribution channels and skilled professionals with the right pedigree to take care of all life risks—be it individual, family or corporate. This, we believe, will enable more people to create and secure a better future,” he indicated in his remarks.
Mr. Iddrisu further noted that the company will adhere to all statutory obligations to government – including tax payments and providing employment opportunities to young graduates – and assured competitors of healthy yet innovative competition.
“To the insuring public, our promise is to provide you with bespoke innovative solutions which will ensure adequate financial security and absolute peace of mind for you and your beautiful families,” he assured.
The Commissioner of Insurance, Justice Yaw Ofori, commended the Hollard brand for setting up another subsidiary in the country with the hope that its presence on the life market will enable the Ghanaian policyholder to benefit from its technical expertise and experience.
He said with a total premium volumes rate of about 23 percent, the market still remains largely untapped with much room for growth through the provision of products that are responsive to the needs of customers.
He said: “There is substantial scope for development of the Ghanaian insurance market; and despite the risks it comes with, companies must forge on and develop strategies to penetrate the economy.
“Supporting transparent and consistent business practices will increase trust for insurance among the public, leading to an increase in the uptake of insurance in the country for sustainable growth of the sector.”