Gemini Life Insurance - Microinsurance in Ghana
Achampong-Kyei, K.
Publication Date: 21 Oct 2004
Published by: Kreditanstalt fur Wiederaufbau (KfW)
Document Type: Presentation
How successful has The Gemini Life Insurance Company been in furthering micro insurance?
This presentation discusses the various features of the Life Insurance Policy (ANIDASO) brought out by The Gemini Life Insurance Company (GLICO) in Ghana. It discusses its method of implementation, its areas of success and its future prospects.
The presentation highlights the following:
- GLICO wanted to provide innovative and flexible insurance products to the low-income population of Ghana;
- It was supported by international donor agencies;
- It initiated the ANIDASO Life Insurance Policy.
The method of implementation of GLICO was:
- It forged partnerships with rural banks to sell the product and services to clients;
- It used modern information technology software to improve transactions;
- Its target market was rural low-income earners who were willing to open accounts with the participating banks;
- GLICO was the “Partner” and the banks and the savings and loans companies were the “Institutional Agents”. The roles of both were clearly and separately outlined.
The presentation concludes that:
- The pilot test showed that ANIDASO did help alleviate poverty;
- Intensive marketing efforts, prompt processing of claims and media exposure helped the policy to succeed;
- However, formal insurance was still not a trusted area.
As part of its future plans, GLICO intends to:
- Arrange for more international funding;
- Get into partnerships with more banks;
- Focus more on interacting with the banks;
- Introduce new insurance policies.
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