Although respectable in setup, the Ghanaian insurance sector is arguably nascent because unlike developed countries, insurance penetration in the country is a mere 1%. This is a miniscule percentage compared to African countries like South Africa and Namibia with rates at 16.99% and 6.69% respectively.
However, even with its stunted growth driven also by socio-economic factors, including COVID, the sector is promising. In its 2021 insurance outlook, the Deloitte Center for Financial Services outlines how the need to accelerate digitisation and enhance virtual operations turned headwinds into tailwinds for insurers looking to sail through the pandemic successfully.
With its strong sustainable business purpose to enable more people to create and secure a better future, Hollard Ghana, the unconventional insurance group with its vibrant brand, is disrupting the insurance industry for the better. The group of insurance companies is at the forefront of accessibility, diversified innovative products, and is an advocate of digitisation in the industry.
Touted the country’s favourite insurance group, Hollard Ghana is led by Group Chief Executive Officer, Patience Akyianu, a seasoned business leader with decades of banking and finance experience.
With subsidiaries Hollard Insurance and Hollard Life Assurance, Hollard Ghana combines its deep local knowledge of the market with the world-class expertise of an international insurance giant. With feet firmly planted on Ghanaian soil but headquartered in South Africa, Hollard delivers innovative insurance solutions customized to the unique risks Ghanaians face. Hollard was previously Metropolitan Insurance which operated in Ghana for over 25 years.
Hollard Ghana has made significant strides in terms of profitability and has consistently achieved double-digit growth in revenue and in terms of Gross Written Premium.
Notably, for the last three years, Hollard has achieved the exclusive accolade of Top Employer of the Year by the prestigious Top Employer Institute.
The general insurance company is a market leader consistently delighting its customers with innovative products, unrivalled customer experience and a stress-free claims process. More recently the company launched the award-winning Chat Bot called Hollard ChatInsure. The Chat Bot nicknamed ‘Araba’, is the industry’s first virtual insurer. Araba offers end-to-end services enabling existing and new customers to have Frequently Asked Questions answered, initiate, process, pay and receive policy documents. It is currently hosted on WhatsApp, with plans of expansion onto other platforms. The team is headed by Managing Director (MD) and insurer, Daniel Boi Addo.
Hollard provides personal line insurance solutions such as Personal Accident Insurance, Travel Insurance, Motor Insurance, Home Insurance, among others.
There are also well-designed insurance solutions for businesses and other commercial entities to cover their properties and liabilities to which they are exposed. Hollard offers Assets All Risks Insurance, Fire Insurance, Burglary Insurance, Motor Insurance, Marine (Cargo and Hull) Insurance, Business Interruption etc.
Hollard Insurance’s offering in Liability Insurances include: Public Liability, Product Liability, Director’s & Officers Liability, General Liability, among others.
Other products available for businesses include Goods-in-Transit Insurance, Business Interruption Insurance, Money Insurance, Fidelity Guarantee Insurance, Professional Indemnity Insurance, Customs and Surety Bonds and Engineering Insurances such as Contractors All Risks Insurance, Erection All Risks Insurance, Plant & Machinery Insurance, Electronic Equipment Insurance, among others.
Hollard’s expertise in other specialized areas such as Stevedore and Shore Handling Liability Insurance, Business Travel Insurance, Tournament-Centric Hole-In-One Insurance for golfers etc. are unmatched in the Ghanaian insurance industry.
Hollard Life Assurance
Hollard Life Assurance, the group’s burgeoning Life business was birthed in 2017 and is run by MD and insurer, Nashiru Iddrisu. Their innovative products are making the business increasingly popular with customers via a unique sales model.
Hollard’s renowned Life catalogue includes the Adepa Family Plan, with the recently announced ‘Adepa Three’ – ‘Adepa wo Fie’, ‘Adepa Goal Save’, and ‘Adepa Saving Plan’.
Hollard Life’s flagship product, the Adepa Family Plan is designed not only to provide funds to ensure a befitting farewell to departed family members but also to replace income lost to the family because of death of the bread winner. Adepa Family Plan gives hope to the grieving family by providing short to medium term financial cushioning.
Adepa Wo Fie Plan is a bundled funeral Policy that provides automatic cover for a Policyholder and their nuclear family. For clients who are looking forward to saving an amount of money (savings) at their own discretion, Adepa Savings Plan got you.
Hollard Life also has an investment product called Adepa Goal Save Plan. This investment guarantee product allows a contribution towards the attainment of a predefined goal amount.
The coolest product in the Adepa 3 is Adepa Savings Plan. This policy allows you to save any amount of money monthly, subject to a minimum investment period chosen by you.
There is also the Purple Employee Plan provides a comprehensive cover at a competitive premium. It offers a 24-hour protection to employees throughout their employment. This policy is suitable for companies or organisations that care about the welfare of their employees.
As testament to its excellence, Hollard Ghana has garnered a plethora of key awards and recognition.
At the Chartered Institute of Marketers Ghana (CIMG) Performance Awards 2020, Hollard Insurance, a subsidiary of the insurance group, was adjudged ‘Insurance Company of the Year 2019’ in the Non-Life Insurance Category for its introduction of innovative products with ‘Araba Hollard, winning the ‘Product of the Year (Service) awards.
Hollard was voted as the Best Growing Company of the Year in the General Insurance Category, Commercial Line Insurer of the Year as well as the Marketing Initiative/Campaign of the Year-Insurance Category at the Ghana Insurance Awards (GIA).
Furthermore, the Group CEO of Hollard Ghana, Patience Akyianu, was named the Marketing Woman of the Year and Woman of Excellence at the CIMG and Ghana Insurance Awards, respectively.
Hollard’s brand is unconventional, and playful, aptly portraying the company’s approachable and quirky nature. Their predominant purple, and secondary colours orange, aqua and gold provide a vibrant canvas through which they relate using Ghanaian-inspired illustrations, photography, and iconography. When they communicate, they want to give people something to smile about. In a world of worry and concern, Hollard says they make people happy because the company insures people, everyone, and everything they love so they can go about their lives stress-free. They are serious when it matters most.
Hollard Ghana has offices in offices in Accra, Tema, Kumasi, Takoradi, Sunyani and Tamale, with several Hollard 2U franchises nationwide. Hollard can be also be found at Shell Fuel Station Welcome Shops, and Melcom stores.
Hollard Ghana is a member of the Ghana Insurers Association (GIA), West Africa Insurance Companies Association (WAICA), and the African Insurance Organization (AIO).
If Hollard Ghana’s industry push is any indication of Deloitte Center for Financial Services’ outlook on 2021, insurers will keep innovating to thrive long after the pandemic, finally raising Ghana’s penetration rate.