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PIC Launches ProvidentLife, Three Other Products

ProvidentLife educator plan, Providentlife international travel health insurance, and 50 plus security plan has been introduced to meet customer requirements

Provident Insurance Company has launched its Life Assurance Company, dubbed ProvidentLife, and three new products to provide its clients services of their choice, reported Ghana News Agency.

The products, providentLife educator plan, providentlife international travel health insurance, and 50 plus security plan has been introduced to meet the requirements of the customers.

Ms. Josephine Amoah, Commissioner at the National Insurance Commission (NIC), advised life insurers to stay away from complex financial products and try to keep them very simple.

She added that not only are simple products easier for policy holders to understand, but the risks involved are also better understood by the insurers themselves, and therefore better managed.

One such simple product which I would urge life insurers to consider is micro-insurance. Through micro-insurance, the industry can reach the low income sector of the population which has hitherto not been targeted by our insurers, quoted the news agency.

The Commissioner suggested the companies to concentrate on lowering their costs, use convenient and well trusted delivery channels, and create links with financial and other services which had wider distribution networks in order to make micro-insurance commercially viable.

She further added that the Commission was working in collaboration with the German Technical Cooperation (GTZ) on a number of initiatives, which would create an enabling environment for micro-insurance business to thrive in the country.

Lt. General Joseph Henry Smith, Minister of Defence, who was the immediate past Chairman of the NIC Board, said the landscape of the insurance industry had changed over the years with various initiatives by the government and the NIC to support the industry in many ways.