Quality Insurance Company is celebrating 30 years of operation in Ghana. Its main goal is to rebuild public trust. This is the company's biggest challenge. This comes as many Ghanaians still do not see the importance of insurance. They often wait until something bad happens.
Cecil Ribery, General Manager of Operations, spoke about this issue. He highlighted deep skepticism. This doubt hurts insurance uptake in Ghana. Low awareness and worries about paying claims also impede sector growth. The company is now focusing on quicker claims processing. It is also introducing practical products. These are designed with customers in mind.
Ghana's insurance sector faces low penetration. Mistrust and poor understanding of policies drive this. In 2023, insurance penetration in Ghana was around 1.6%. This is according to data from the National Insurance Commission. Quality Insurance aims to change this perception. It wants to make insurance more relevant.
The company recently launched the “Go Girl” insurance package. This policy is made specifically for women. It offers an alternative vehicle right after an accident. This removes the difficulty of finding transport. The product has won awards. It was named Insurance Product of the Year twice. Quality Insurance also has the “Golden Age Policy.” This policy targets older clients. It provides home-based medical laboratory services. Customers aged 50 and above can use this service. These services are paid for by the company.
Mr. Ribery noted that changing public views takes time. The company's future growth depends on delivering value consistently. It must also make insurance a part of everyday life. Quality Insurance's efforts reflect a broader industry need. The sector must earn back public confidence.