Loyalty Insurance Company Limited, a non-life insurance company wholly owned by Frimps Oil Company Limited, has introduced a digital payment and reward system for the benefit of its clients and intermediaries.
Frimps Oil is one of the leading Oil Marketing Companies (OMCs) in the country with over seventy (70) service stations and commands a lot of respect and prestige in the Oil and Gas sector of the economy.
The Loyalty Insurance digital platform is a customer relationship management and loyalty reward system that features an instant digital reward scheme through an enjoyable and time-sensitive online platform to interact and build brand affinity.
Loyalty Insurance aims at using the digital reward platform to reward and incentivize insureds and intermediaries such as brokers and agents anytime they place Motor Insurance with the company.
The reward component of the platform seeks to leverage on the company’s promotions in rewarding digital fuel coupons with an option to convert the digital fuel coupons into mobile money or airtime. One can also build funds in a virtual wallet which can be redeemed anytime. Furthermore, this innovative digital reward system ensures that the rate of redemption does not expire even when the promo ends since digital fuel coupons can be converted into mobile money or airtime.
The Managing Director of Loyalty Insurance, Mr. Ernest Frimpong, indicated that the digital payment and reward system is the first of its kind digital platform in the Insurance Industry. He added that the platform offers a seamless payment and reward system that seeks to delight the cherished and loyal customers and intermediaries of Loyalty Insurance.
“From inception, Loyalty Insurance has always sought to leverage on a forward-looking information Communications Technology (ICT) infrastructure and architecture to position us to deliver on our promises and to delight our loyal and cherished clients with flexibility, speed and efficiency. This is in line with our mission to make insurance an attractive service for existing and potential clients,” Mr. Frimpong said.
He pointed out that the digital platform is expected to create convenience for its customers, brokers and agents in the midst of heightened competition in the Ghana Insurance Market. “The digital system is an innovative customer and intermediary digital reward system that affords people the opportunity to track their rewards’ progress and take advantage of exciting loyalty perks. With this program, we aim at increasing market share and improving stakeholders’ satisfaction”, he stated.
Over the years, Loyalty Insurance in collaboration with Frimps Oil has prioritized its fuel reward scheme to Motor Insurance policyholders. This posture is simply because Motor insurance is arguably the most popular and widespread non-life insurance product in the country. As at the end of 2018, Motor Insurance was the highest non-life insurance premium earner in Ghana, raking in GHc 599 million and representing 37 percent of the non-life insurance premium income. This is followed by F ire, Theft and Property Insurance with a premium income of GHc 308 million, which formed 19 percent of the non-life premium.
Loyalty Insurance currently has offices in Accra, Tema, Kasoa, Kumasi, Nkawkaw, Techiman, Asamankese, as well as all DVLA offices and Frimps Oil services stations in the country. The company continues to expand its branches and agency offices across the country.