GLICO LIFE, a major life insurance company in Ghana, has paid out an astronomical Ghc64, 767, 019. 44 in claim payment to its life insurance policy holders in 2018.
Since it begun business operations in Ghana in 1987, with the sole aim of bringing insurance to the door step 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 Ghc64, 767, 019.44 claims paid in 2018, Ghc166, 777.86 was paid to valid organizational Deposit Administration Scheme (which is purely a group investment) claimants. Our 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 Ghc5,540,575.40 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 policy holders 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 credit worthiness.”
On the micro insurance landscape that provides ‘Edwa Nkosuo’ and ‘Anidaso policies to mostly market businessmen and women, claims to the tune of Ghc27,851,879.23 was paid out in honouring the provide benefit of providing security for “business progression” and “hope” to the informal sector clients.
Our 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 Ghc31,207,786.95 in claims to individuals within the same 2018.
It is to be noted, that GLICO LIFE has introduced an e-process claim payment management system, that has drastically reduced the time with which customer claims are processed and 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 pay out of all valid claims.
GLICO LIFE has also designed a step by step policy holder notification for each step of the claim payment process. Policy holders 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.
