SIC Boss Laments Poor Awareness On Insurance Matters


….As company sets new goal  

The Managing Director of the country’s pioneer insurance company; State Insurance Company (SIC) , has lamented over poor awareness on insurance issues among Ghanaians, saying people and families, are landing themselves in desperate situations as a result of this.

According to Stephen K. Oduro, the current 2.5percent insurance penetration in Ghana, is not good enough, adding something must be done about the sharing of student mattresses and other paltry items by the National Disaster Management Organisation (NADMO) after disasters.

He said victims of disasters could have a meaningful life, if they are adequately insured.

The SIC boss who disclosed this at a media interaction over the weekend, lamented how state vehicles and state buildings, were not insured to forestall any future hardships that the occupants and their dependents, might suffer in the event of a calamity.

He cited the Foreign Affairs Ministry, which was gutted by fire, saying had it been insured, it would have been rebuilt in record time.

Mr Oduro, disclosed that as market leader in the insurance industry, his company was doing so much to create awareness on insurance matters and also enhance coverage for the benefit of all, and emphasized that insurance, is a tool for social protection, which all must endeavor to do.

To this end, there have been recruitments into SIC, internal restructuring, interdepartmental changes, staff reorientation among others, to breath fresh air into a company which until recently was suffering from leadership vacuum.

These changes and additions are been done by a focus-driven management team and a dynamic board of directors, some of whom are experts in the industry.

The SIC boss mentioned the company would soon deploy state-of-the-art technology in reaching out to clients, as well as prospective clients.

This will be done through mobile phone devices, tablets and Point of Sale (POS Machines) for easy transactions. This will also be complimented by the quick claim payment by SIC.

In this regard, discussions are ongoing with the National Insurance Commission (NIC), the Ghana Police Service, the Ghana National Fire Service (GES) and Driver and Vehicle Licensing Authority (DVLA) to help collect data for easy verification, claim payments, as well as insurance fraud prevention.

Richard Adu-Poku, Deputy Managing Director in-charge of Finance and Administration, was hopeful of better days for the company, saying a lot is been done to enhance efficiency.

He mentioned that, the digitization programme being carried out by the company, would enhance efficiency, cut down paper work, while electronically preserve documents that need to be preserved.

Companies with the technical knowhow, are being engaged regularly by SIC to help maintain its enviable position as the market leader in the insurance industry.

These include; research and development, increased training to be customer-focused and customer-friendly.

General Manager Finance and Administration; Bernard K. Ameah, disclosed that despite the stiff competition from other companies, last year, SIC made a whopping GHS11 million as profit.

It was disclosed that SIC, has recruited some 150 new staff, while others are being let go. The new staff, are currently undergoing training to ensure that they properly deployed and incentivized for optimum performance and growth of the company.

Richard Afaglo, described SIC claim payments as the best in the industry.

He disclosed that, the company has long been into one-day claim payment, and maximum time of two weeks.


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