Allianz Life Insurance launches Ghana operations

Allianz Life Insurance last Thursday, May 24, 2018, officially launched its operations in the country with a promise to disrupt the highly competitive insurance industry and push its way into the top five life insurance companies.

Chief Executive Officer of Allianz Life Ghana, Patrick Prado speaking at the launch said the company will achieve its breakthrough in the Ghanaian market through the establishment of a robust agency force, strong brand visibility and effective internal and external communications.

“Each of our products comes with options that enable us to tweak them to each customer’s lifestyle and needs,” he said.

Although Allianz as a brand has operated in the country since 2009 in the non-life insurance business, it applied for and was granted a license in December, 2017, by the insurance regulator, National Insurance Commission (NIC) to operate a life insurance company.

The company is a wholly-owned subsidiary of Allianz Africa and by extension the Allianz Group, a company which has been in existence for more than 125 years.

According to Mr. Prado, one of the key offerings of the company is micro-insurance. With micro-insurance penetration in the country standing at 28 percent, the Chief Executive Officer of Allianz Life Ghana said the company will introduce relevant and cutting-edge technology into its operations to give its customers a superb customer experience.

This superior offering will be powered by Allianz X, the digital investment unit of the Allianz Group which has invested US$96.6 million in BIMA, the leading micro-insurance provider in emerging markets.

“With our rich background of over 125 years of experience, our mission is simple; we are here to support those who dare to take the next step in their lives. We create products and services that inspire confidence, giving people the courage to move forward. So, dare to make decisions, dare to make plans and dare to take on the world. Allianz is with you every step of the way. Do not wait, dare and buy Allianz,” Mr. Prado said.

Minister for Business Development, Mohammed Awal also speaking at the launch commended the operations of Allianz; adding that it is time for the insurance industry to evolve to adapt to how people live in both the real and digital world.

“Times have changed. People want more out of life; they want an ally in achieving their dreams and that means a different way of doing business. Allianz Life has responded to these needs by focusing and connecting with its customers through various medium with specific emphasis on digitization,” Mr. Awal added.

Deputy Finance Minister, Hon. Kwaku Kwarteng, who was part of high profile invited guests at the launch at the plush Labadi Beach Hotel, Accra, said he is confident in the commitment of Allianz to introduce their best practices in Ghana and their strategy to digitalize insurance in terms of product innovation, operational and distribution strategy.

He reiterated government’s commitment to building a stable economy with strong macro-economic fundamentals that offer long-term stability and protecting the real value of financial assets, thereby making life insurance a viable investment.

Michael Andoh, Deputy Commissioner of Insurance expressed the belief that policy holders would stand to benefit from the technical expertise and experience the company has gained over the years.

“I urge Allianz Life not to just add up to the numbers but to do something new and different by leveraging on its international best practices, capacity and expertise to play a leading role in the transformation of the life sector through innovation, digitalization and superior customer experience,” Mr. Andoh concluded.

The colourful event was attended by some of the distinguished personalities in the insurance industry. Guests were treated to music by songstress Adina.

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