Donewell Life eyes top-five slot in premium earning and market share
Donewell Life Company Limited (DLCL) has stepped up efforts in the race for the top-spot of premium generation and market share among life insurance underwriters by 2015.
The management has augmented its activities in recent times through aggressive marketing activities and innovative life products so that it could be ranked within the top five life insurance companies in the country.
Mr. Edmund Diamond Addo, Head of Operations of DLCL, disclosed this to the Ghana News Agency in Accra on Thursday, during the press launch of the company’s new funeral policy product.
The product, nicknamed: “Donewell Life Royal Funeral Policy”, is designed to provide ‘death benefit’ coverage for the policy holder and an optional benefit that allowed the insured to extend coverage to his or her spouse, children, parents or parents-in-law.
Making reference to recent surveys on 17 life insurance companies, conducted and published by Business and Financial Times, a private business newspaper, Mr. Addo said management had geared up efforts to exceed its previous performance for better ranking.
One of the surveys conducted in 2009, ranked DLCL seventh in terms of premium earnings, commanding 3.9 per cent of market share in the industry.
Mr. Addo said the 2010 survey conducted by the newspaper indicated that the company had inched up in terms of market share in the first quarter of the year, recording 4.7 per cent.
Currently, SIC Life, Enterprise Life Insurance Company, Star Life, Glico Life and Vanguard Life are occupying the top five in terms of premium income earning in that order.
Mr. Addo said due to DLCL’s improved business activities, the company had inched up close to over 98 per cent of the GH¢7.1 million target it had set in terms of annual premium income earning for 2010.
He gave the assurance that management would continue to roll out and innovate products to capture the informal sector, which formed about 80 per cent of the working population.
Mr. Addo expressed dissatisfaction that some Ghanaians were sceptical about buying funeral insurance product stressing that the act of purchasing a funeral policy did not kill or speed up the death process.
He said buying a life insurance product on funeral was rather a prudent means of providing for uncertainties of the future, adding, “a funeral policy does not kill.”
Mr. Kingsley Mate-Kole, Head of Marketing, DLCL, observed that those who made provisions to cushion the impact of an eventuality such as death were insightful.
He noted that the socio-cultural setting of the Ghanaian made it stressful when a loved one died, adding, it put economic constraint and emotional pressure on the bereaved family.