Group Head of Corporate Affairs and Marketing at GLICO Group, Nana Efua Rockson, has dispelled the erroneous impression created by a section of the public that insurance companies cheat on their clients.
That wrong perception, according to her, can be attributed to some bad historical precedence set by the earlier players in the insurance market.
As an industry, a lot more education has to be given to the general public.
This will deepen understanding of insurance as well as the benefits to be derived from it, she added.
Speaking in an exclusive interview with Weekend Today, she explained that life insurance has actually translated from traditional phraseology called ‘Nnoboa’ where a group of people bring their resources together with a common understanding that in the event of any uncertainty they could support that person.
This concept has been redefined into today’s life insurance to help put someone back on his or her feet when any eventuality happens.
Nana Efua Rockson noted that insurance operates with large numbers; “so industry players (actuaries) have been able to significantly calculate such that if a company hypothetically registers 100 people within a year there is the probability that out of that figure, 5 people would suffer a loss.”
She further explained that in non-life insurance, when one takes a motor insurance policy and he /she pays a premium, the premium does not commensurate the value of the vehicle neither does it commensurate with the value of one’s life. On the premise of this principle, it is expected that a lot more people will buy motor insurance and pay premiums. When this happens, in the event that a policyholder’s vehicle is involved in an accident, insurance companies bring together the little premiums paid by all to help reinstate the policyholder whose vehicle was involved in the accident.
Asked whether policyholders receive any monies back on policies when they do not make a claim, the group head of Corporate Affairs and Marketing of GLICO GROUP explained that insurance companies offer “No Claims Discounts” with motor policies. With life policies, policy holders receive “cash backs,” or “interest shared” in addition to benefits, promised.
She added that GLICO offers different types of policies to meet the needs of Ghanaians. One of such policies is “The GLICO Child Education Policy.”
This policy ensures that if a premium paying parent should die before the maturity of the policy, GLICO LIFE would step in to pay the premium until the child reaches secondary school.
This way, the child does not suffer because the premium payer is dead.
Another policy, she explained, was the “GLICO Critical Illness Plan.” This policy has also been designed to assist policyholders with lump sum money on the onset of a critical illness such as heart attack, cancer, stroke, Alzheimer’s, Parkinson’s, Coronary Heart Disease requiring surgery; Cancer; among others.
“At GLICO, we see every interaction with our clients as a chance to grow their confidence in our brand. Our strength lies in our dedicated customer services and claims payment ability. This is why we pay claims on time and on the same day. However, there are also instances that we have to investigate to know the authenticity of the claim before payment is made”, she added.
“So insurance is all about need assessment and providing the necessary protection for an uncertain future. Each and everyone must read their policy terms and conditions and ask for clarifications so that at the end of the day, they are well informed on the benefits their policies over.
So for those who say insurance companies are cheats, they may not fully understand the policies and its benefits so, at the end of the day, they feel they have been short changed,” she further explained.
Source: TodayGH
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Madam if u are not cheats then we hear wai but what u do is if some to a workman compensation with u then u read through what their business is about and u end up to steal their idea and make same business. Now u are doing glico TPA and u stole the idea from a company which did their insurance with u last year and that is a bad practice and as far as am concern i wont advice any new business to do its insurance with u cos u will steal it. If it was to be outside Ghana they would have sue ur company one time. Thats y u gave out customized mugs to get more people on the healthcare and TPA...... sooo bad and disappointed
Fantastic thought provoking. I now know !...we need more of such piece madam. Glico ! keep up the good work.. my dad signed up to your educationaeducational policy many many years ago and I was a direct benefacto of that policy....it really helped. God's grace am a lawyer, practicing here in the UK. I know forsure Glico contributed. God bless Glico.
Beautifully said! "insurance is all about need assessment and providing the necessary protection for an uncertain future." A very big thank you to Ms. Rockson and Glico for this wonderful clarification/education. I think its time for Ghana as a nation take insurance with utmost seriousness for future uncertainty; so company like glico can also think of providing more solutions with more policies cover our daily life's such electricity (power), phone and so on. For those who say insurance companies are cheats, I think she has said it all - education. Thank you. McWaly
Very well said madam . Glico indeed cushions for life. As a clients i have enjoyed my services with Glico and i can testify that i am so satisfied. I have also introduced most of my friend and they are glad they joined in your life policies. I must say glico is one of the best insurance companies when it comes to customers service as well as payments of claims on time. Am happy i insured with glico.
Thank you madam Glico .i admire you so much and your deep knowledge. We need more of such education.seriously,insurance is so confusing.