SIC Introduces New Product

STATE INSURANCE Company (SIC) is to introduce a travel insurance cover for visitors to the country, soon.

The product, “Akwaaba”, would offer visitors to Ghana the opportunity to insure themselves with SIC from wherever they were, prior to their arrival, to enable them benefit from a variety of facilities, including health.

The new policy is to be launched before the end of March 2007.

Doris Awo Nkani, head of the company's Sales and Marketing Department, speaking to journalists at the on-going 11th Ghana International Trade Fair dubbed, “Golden Jubilee Fair” said, the company, three-time winner of the Chartered Institute of Marketing awards, was setting in place the necessary arrangements to ensure that various centres were opened abroad to facilitate patronage of the new product.

The policy would be sold through Ghanaian embassies and other agencies outside the country.

According to Mrs. Nkani, a lot of research had gone into the process. She assured that market research indicated a good preference by visitors for the travel insurance cover.

In addition, Mrs. Nkani said a special centre would be set up in Accra to co-ordinate all activities offering a 24-hour service to its clients.

“The idea is to make Ghana a safe haven for all visitors both Ghanaian and foreigners who come into the country either for a short visit or a long stay.”

Besides motor, fire, accident and life policies, Mr Twum Ampofo, manager of life marketing said, SIC also had several tailor-made products that offer flexible home packages and the combination of all manner of risks.

Mr. Ampofo explained that under life policy products such as family security, ultimate life, group security, flexible child education, loan protector and final journey plan existed.

“It is only at the time of claims that value for money is realised by customers. As much as we are ready to pay claims within six hours, we want to notify customers that we will only do so provided they are honest,” said Mrs. Nkani.

SIC is currently running an education programme for exhibitors at the Trade Fair Centre on risks and hazards associated with their businesses and the need to take cover.

The company paid a total of ¢135.25 billion claims to companies and individuals last year.

SIC has about 40 to 45 per cent share of the insurance industry.