Donewell Life Company Limited (DLCL) is working to hit GH¢7.1 million target as an annual premium income earning by the end of 2010, Mr. Edmund Diamond Addo, Head of Operations of the company said on Tuesday.
He said DLCL was to roll out two new products to capture the informal sector, which had the market potential and formed about 80 per cent of the working population in the country.
Mr. Addo made the disclosure at a national awards ceremony organised by the company for its sales representatives in Accra.
He said the life insurance products had attractive investment components and protective benefits.
“The two new products are; “School Boafo Policy”, which is expected to help parents and guardians to pay current and future school fees for the education of their children and wards as well as the “Royal Funeral Policy”, which has enhanced benefits to help bereaved families and listed beneficiaries to cater for funeral expenses of their deceased loved ones,” he said.
Mr. Addo expressed worry that many Ghanaians are financially illiterate in terms of insurance benefits and called for intensive education to enable the ordinary citizen to appreciate the importance of insurance products.
“Donewell Life Company has taken upon itself to ensure that the majority of Ghanaians become financially literate so the company organises durbars and other outreach programmes especially for those in the informal sector, in order to educate them on investment and the need to plan their lives well before they attain the retirement age,” he said.
Mr. Samuel Oduro, Managing Director of DLCL, expressed dissatisfaction at the unprofessional behaviour of some insurance sales representatives who embezzled money of their clients and warned the company’s representatives to desist from the act.
“The premiums the clients pay are not meant for the company nor are they for you. If any one of you misuses these monies, management will not shield you from punishment from the law-enforcing agents,” he said.
Mr. Kingsley Mante-Korle, Head of the Marketing Department, said the company had repackaged some of the old products in order to give clients and prospective customers an enhanced benefits and value for money.
He said the company had put in place measures to increase the motivation packages for hardworking sales representatives who exceeded their targets.
Mr. Mante-Korle said the company had initiated a provident fund, comprehensive life policy, improved monthly award schemes in addition to existing award schemes in order to motivate sales representatives to exceed their target and to help the company compete healthily in the insurance industry.
Hardworking sales representatives of the company were awarded with certificates with 10 of them receiving rice cookers.
Mr. Ebenezer Agyei, a Kumasi-based sales representative, was adjudged the overall winner and he is to embark on a fully-sponsored round trip to Kenya with 300 dollars spending money.