Glico Life has paid out over GH₵ 64 million in claim payment to its life insurance policy holders in 2018.
Out of the total of GH₵ 64, 767, 019.44 claims paid in 2018, GH₵ 166,777.86 was paid to valid organisational Deposit Administration Scheme (which is purely a group investment) claimants.
The company’s Group Life business unit, targeted primarily at associations and institutional clients also honoured its commitment to prompt claim payment by paying out GH₵ 5,540,575.40 to its corporate clients enrolled on the GLICO Group Comprehensive Plan.
According to the Managing Director of Glico Life, Mr E. Forkuo Kyei, “prompt payment of all valid claims to our treasured policy holders and their beneficiaries is an attestation not only to our company’s vision of being the insurance brand of choice but to buttress Glico Life’s claim payment capability and credit worthiness.”
On the micro insurance landscape that provides ‘EdwaNkosuo’ and ‘’Anidaso’ policies to mostly market businessmen and women, claims to the tune of GH₵ 27,851,879.23 was paid out in honouring the product benefit of providing security for “business progression” and hope to the informal sector clients.
“Our personal lines portfolio termed individual life policies (running the Glico End-of-Service Benefit , Glico Child Education Plan, Glico Life Savings as well as the Glico Life Guarantee, Glico Funeral plan and Glico Critical Illness Plan), paid a total of GH₵ 31,207,786.95 in claims to individuals within the same 2018,” he said
He said the company had introduced an e-process claim payment management system that had drastically reduced the time with which customer claims were processed.
“It has also reduced the stress and added travel expenses as the company has partnered with various financial institutions and telco’s all over the country to finalise the pay out of all valid claims,” Mr Kyei said.
The company, he said had also designed a step by step policy holder notification for each step of the claim payment process.
“Policy holders are therefore assured of a seamless claim payment experience. In addition, the GLICO call centre provides policyholders with prompt responses to their enquiries on claims and product benefits,” he said.
By Times Reporter