Graphic Business News

GN Insurance eyes 3rd place in indust

By: Maclean Kwofi
Mr Albert Eyeson-Ghansah
Mr Albert Eyeson-Ghansah

The GN Insurance Company Limited is to deploy technology based solutions to drive quality service, efficiency and prompt claim payment in order to position the company among the top three insurance companies in the country.
The Chief Executive Officer (CEO) of the company, Mr Albert Eyeson-Ghansah, in an interview with the GRAPHIC BUSINESS on January 17 in Accra, observed that the new entrant was adopting measures to ensure that its target of attaining third place in the industry of 30 other non-life insurance companies was achieved.

“We are in the process of implementing a top-notch line of business systems which was procured from Kenya to aid our operations when we officially launch in June 2019,” he said.

New system
He explained that a key feature of the new system which was being implemented by GN Insurance, would allow customers to access insurance products everywhere, including their homes.
It would also enable the company to implement its three-year strategic plan effectively.
“So, now we are implementing the right system and engaging the right people in order to execute our agenda of becoming the third leading insurance company in the country,” he said.
With regard to market share, the CEO stated that GN Insurance aimed at growing into mid-tier player in market at the end of 2021 under its strategic plan.
“We want to be with the upper half in terms of market share but with regard to efficiency, profitability and customer service, we want to grow the company among the top three insurance companies.
“To achieve this, our attention will be focused on providing superior customer service using technology based solutions,” Mr Eyeson-Ghansah, who has been in the industry for more than 20 years, added.

Why GN Insurance
He observed that insurance companies were in the business of paying claims which GN Insurance did not compromise on.
He explained that the core value for the new company was empathy which was to ensure that the needs of the customer were catered for with speed.
“GN Insurance would not play games when claim payment is due,” he said, adding that the company, which started operations in April last year, had demonstrated that to clients through claims payment and innovative product offerings.
According to him, management of the company was determined to ensure that it offered the right kind of protection for its customers in the country.

Ready for recapitalisation
Moving forward, Mr Eyeson-Ghansah expressed the preparedness of GN Insurance to meet new the minimum capital requirement yet to be announced by the National Insurance Commission (NIC).
The new capital requirement debate, which has been a thorny issue for some local insurance companies, is to be announced soon.
He stated that shareholders of the company would be prepared to beef up the company’s capital accordingly when the new capital requirement was announced.