GLICO LIFE, a major life insurance company in Ghana, has paid out an astronomical ₵64, 767, 019. 44 in claim payment to its life insurance policyholders in 2018.
Since it began business operations in Ghana in 1987, with the sole aim of bringing insurance to the doorstep of every Ghanaian, GLICO LIFE has distinguished itself as a compliant and dependable life insurance partner fulfilling its promises to cushion the Ghanaian insuring public for life.
Out of the total of ₵64, 767, 019.44 claims paid in 2018, ₵166,777.86 was paid to valid organizational Deposit Administration Scheme (which is purely a group investment) claimants.
Their Group Life business unit, targeted primarily at associations and institutional clients also honoured its commitment to prompt claim payment by paying out a colossal sum of ₵ 5,540,575.40 to our corporate clients enrolled on the GLICO Group Comprehensive Plan.
According to the Managing Director of GLICO LIFE, Mr. E. Forkuo Kyei, “prompt payment of all valid claims by GLICO LIFE to our treasured policyholders and their beneficiaries is an attestation not only to our company’s vision of being the insurance brand of choice but to buttress GLICO LIFE’s claim payment capability and creditworthiness.”
On the microinsurance landscape that provides ‘Edwa Nkosuo’ and ‘Anidaso policies to mostly market businessmen and women, claims to the tune of ₵ 27,851,879.23 was paid out in honouring the provide benefit of providing security for “business progression” and “hope” to the informal sector clients.
The personal lines portfolio termed individual life policies (running the GLICO End-of-Service Benefit, GLICO Child Education Plan (GEEP), GLICO LIFE Savings as well as the GLICO LIFE Guarantee, GLICO Funeral plan and GLICO Critical Illness Plan), paid a total of ₵31,207,786.95 in claims to individuals within the same 2018.
GLICO LIFE has introduced an e-process claim payment management system, that has drastically reduced the time with which customer claims are processed.
It has also reduced the stress and added travel expenses as the company has partnered with various financial institutions and telco’s all over the country to finalise the payout of all valid claims.
GLICO LIFE has also designed a step by step policyholder notification for each step of the claim payment process. Policyholders are therefore assured of a seamless claim payment experience. In addition, the GLICO call centre provides policyholders with prompt responses to their enquiries on claims and product benefits.
In the 33 years that GLICO LIFE has been operating as a sustainable business, it has operated with the utmost degree of transparency and ethical considerations.
