Insurance companies must diversify their businesses to remain in business in the face of the impact of the COVID-19 pandemic on the economy, the CEO of GLICO Group, Mr Edward Forkuo Kyei, has said.
Mr Kyei said the coronavirus pandemic has spawned opportunities which insurance companies could tap to remain in business and boost their revenues, reported Ghanaweb.
Speaking during a webinar on the theme “Effects of COVID-19 on Corporate Ghana—the Insurance Industry”, he suggested that insurance companies could venture into establishing vehicle repairs companies to attend to their policyholders’ vehicles.
By so doing, he said insurance companies would retain control of the repairs of customers’ vehicles and maintain a high level of service to customers, adding that this would also help them to reduce the cost of operations and generate additional incomes to improve their revenues.
Another speaker, Mr Shaibu Ali, CEO of KEK Reinsurance Brokers (Africa) urged insurance brokers to carefully assess the commercial implications of the pandemic on their clients.
Other webinar participants included the deputy commissioner of the National Insurance Commission, Mr Michael Kofi Andoh; the managing director of Enterprise Insurance Company, Madam Ernestina Abeh; the CEO of Nationwide Medical Insurance, Mrs Nancy Ampah; and the managing director of WAPIC Insurance Ghana, Mr Adedayo Arowojolu.