Enterprise Insurance launches ‘’Same Day Claim Payment’’ for motorists

Mr Kwame Ofori, Executive Director of Enterprise Insurance

Enterprise Insurance Company (EIC), has introduced a new payment claim policy to cover the minor repairs for motorists across the country.

The move, which aims at improving the claims practice in the insurance sector will account for about 65 percent of motor claims lodged by clients of EIC under it’s service dubbed “Same Day Claim Payment’’ which will see insured vehicles involved in minor incidents have their claims paid on the same day of the road accident.

Insured vehicles with broken windscreens, damaged bumpers, broken head or tail lights as well as dents will be required to present their repair estimates for their claims to be processed and paid.

The vehicle must however be driven to the Airport branch of the EIC to confirm that the repair bill submitted is consistent with the damage suffered. Claims however should be made before 3:00pm on weekdays.

Mr Kwame Ofori, Executive Director of Enterprise Insurance, speaking at the launch of the service yesterday in Accra noted that the ultimate goal of EIC’s new policy direction is to gain back the public’s confidence of offering insurance services in the country.

‘’We are introducing this innovative policy that will impact the very core of insurance services and clear the negative and entrenched perception of insurance companies.’’

According to him the “Same Day Claim Payment” service has the potential to demystify claim settlement and payment by letting its customers and stakeholders know what is required to make a minor motor claim.

He added, the service demonstrates the financial robustness and readiness of the company to meet the needs, safety and expectations of its customers.

Mrs. Esther Armah, a representative from the National Insurance Commission (NIC) on her part noted that risk transfer which is a major role of insurance, if well managed and prioritized will offer protection, opportunity and invention of new insurance products and services for the sector.

She however announced that insurance claims for 2017 was in excess of GHS500 million, with 82 percent of that figure representing motorists.

She said that despite the clear advantages of insurance, there is a low penetration of insurance products and services among the population due to the lack of trust in insurance services and the services they offer.

“As a regulator of insurance businesses in the country, we will continue to institute reforms that take the protection of the customer seriously as well as ensuring that our regulated entities keep their promise to their clients,” she concluded.