The rebranding consisted of a new corporate brand name, a new identity, slogan and renewed focus.
Mr. Kwaku Yeboah-Asuamah, the Chief Executive Officer (CEO), miLife Insurance, speaking at the event, said the rebranding reflected both the evolution of the Company as well as its vision for the future.
He said as the business environment witnessed significant changes, “we cannot remain static; we must be responsive to the exigencies of the time.”
He said with a forthright commitment to innovation and excellence, the Company could not but position itself to help customers realise their dreams through simplicity and affordability of service.
Mr. Yeboah-Asuamah said based on thorough research and understanding of the industry, their new identity was formed to deliver the best for their customers.
“After all, it is our customers, who ultimately drive our brand value,” he added.
The CEO said the singular focus of the new brand was in putting the customers at the heart of the business by making purchasing and owning insurance simple, affordable and more accessible.
He said “this strategic rebranding reaches the bedrock of our business and has provided a North Star for process improvement, product refinement and a better customer experience.”
Mr. Yeboah-Asuamah said miLIfe insurance offered customers a new experience, which would help them fulfil their ultimate goals and ambitions with relative ease and peace of mind.
He said the team at miLife were focused on opening up accessible life insurance, by taking the complexity out of the purchase and owning insurance for all.
On the minimum capital requirement for the insurance industry, Mr Yeboah-Asuamah said the Company was committed and ready to meet the requirement, when the regulator finally makes the announcement later this year.
He said the Company had stakeholders, who were ready to inject and pump more resources into the Company, adding that, currently they have four times the amount to meet the requirements.
Mr. Raimund Snyders of Leapfrog Investments, said the Company was happy to partner the management of UT Life to rebrand the Company.
He said Leapfrog invests in emerging markets across the world, where they see opportunities to investment and improve on that country’s economy.
He said Leapfrog sees wonderful opportunities in the Ghanaian market and would support government in the development of the market, adding that, they see a responsible regulator and a healthy economy.
Mr. Seth Ashong, Head of Insurance Supervision, National Insurance Commission, said later in the year, the Commission would announce a new capital requirement for the industry.
“When announced, it will set out the modalities and guidelines on how to meet these requirements,” he added.
He said the Commission decided to delay the announcement of the requirement to enable the Bank of Ghana to clear the Banking system before the insurance industry takes its turn.
He called on management of miLife insurance to continue serving their customers effectively and better, to encourage people to have confidence in the industry.
He said all the measures being put in place by the regulator was to improve the market and to enable players to deliver on their promise.