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GLICO Life: A Story Of True Success
 
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30-Apr-2012  
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“Success Comes In Shades Of Red And Blues…”

Twenty five years in the life of an indigenous Ghanaian company is no mean achievement. Many are the companies that are set up and, in no time, vanish from the business landscape or are acquired/merged with other companies.

The story of GLICO LIFE is one of perseverance, commitment to duty, dedication, loyalty and a firm trust in GOD. GLICO LIFE, then Gemini Life Insurance Company Ltd, started operations in 1987 as a specialist provider of life insurance services. In that period, the life insurance industry in the Ghana was virtually dormant.

Mr. Kwame Achampong-Kyei, the stalwart man behind GLICO LIFE, left his comfort zone in Britain to set up a life insurance business, because he believed that “A man cannot sit on another’s sun and shine”. So, he decided to walk into the dark and light up his own lamp by returning home to start a company and contribute to the economic development of his country.

Today, GLICO LIFE has grown from a single business unit specializing only in life insurance, to a Group status. It now boasts of six distinct business enterprises comprising GLICO Life Insurance Company Ltd (GLICO LIFE), GLICO Financial Services Ltd, GLICO General Insurance Company Ltd, GLICO Healthcare, GLICO Properties Ltd, and GLICO Pensions Trustee. GLICO LIFE is now a one stop shop for insurance and financial services.

The pertinent question worth asking is: How did GLICO LIFE achieve success in the midst of challenging business environment?

1. BRANDING

The GLICO brand is one that has been built over two and half decades to become synonymous with what we stand for –quality service, prompt claims payment, innovation and giving back to community. It is the source of our inspiration, our identity and the most important building block of “who we are” as a company.

Our brand colours – Red and Blues – represent our promise to all. The Red colour in our logo represents blood, and it symbolizes life and vitality. The Blue colours are directly linked to supporting life daily. We wake up every morning to blue skies, reminding us of a bright new day in our lives and we are inspired with confidence. By choosing red and blues to represent GLICO LIFE, we aim to project to all that we are bold, confident and dependable in cushioning people against all vagaries of life.

Our tagline - “We cushion you for life” - has also been the driving force of our success. The timeless television advertisement – the falling man who lands on the GLICO - is one that has couched trust among our clients.

2. INNOVATIVE PRODUCTS

At GLICO LIFE, we pride ourselves in our ability to listen, our meticulous attention to details and our expertise in innovation. Such strengths have enabled us to develop new products and services to suit the changing needs and lifestyles of our clients; acquire new businesses to deepen group synergy as well as breaking into new territories to strengthen the GLICO brand.

GLICO LIFE, presently as a Group, offers over 55 insurance products. Included in the range of specially-designed products are Universal Life and Endowment Policies, Employees’ Pension Plans and Annuities while the highly patronized ones consist of, the GLICO End-of-Service Benefit (ESB), GLICO Education Endowment Policy (GEEP), GLICO Deposit Administration Scheme (DAS), GLICO Group Comprehensive Plan, GLICO Depositors’ Life among many others. New products are set to be launched during this 25th anniversary year.

As a pacesetter in the life insurance industry, GLICO LIFE was the first insurance company to develop and introduce a micro-insurance product (Anidaso) for rural dwellers and low-income earners with the assistance of Care International.

We believe that innovation is linked to performance and customer trust and therefore our ability to stay competitive and ahead as a market leader has largely depended on our ground-breaking strategies and internal management expertise.


3. FINANCIAL BASE

The backbone of every company, especially insurance companies, is its financial might to pay legitimate claims promptly. Over the years, GLICO LIFE through sound and prudent business management practices, integration and customized delivery of products and services, has built a strong financial base. GLICO LIFE is ranked amongst the first five well capitalized insurance companies which have met the regulatory statutory financial requirements for insurance companies and continues to post remarkable financial results year after year. With such huge financial base and reserves, GLICO LIFE has a reputation to pay all legitimate claims promptly.

4. BRANCH NETWORK & ICT INFRASTRUCTURE

GLICO LIFE has weathered the storms to bring insurance to the door-steps of clients. The services extend throughout the nation by an extensive network of branches, area and agency offices located in all regional capitals, major cities and towns in Ghana. Presently, GLICO LIFE has over twenty-one (21) Agencies, Branches and Area Offices in all ten regions of Ghana.

To drive value creation, GLICO LIFE embarked on a massive upgrading of ICT infrastructure and equipment throughout the organization. The computerized online services enable GLICO LIFE to meet all customer service functions and satisfy clients’ needs speedily and efficiently throughout the nation.

GLICO LIFE has recently set up a Customer Service Centre and Hotline (+233 (0) 302 218500) to respond urgently and promptly to all the needs of clients. Just call the hotline number for prompt responses to your enquiries.

5. SOCIAL RESPONSIBILITY

As a responsible corporate citizen, GLICO LIFE recognizes that its activities have a wider impact on, and contribute to the society in which it operates. GLICO LIFE, therefore, takes appropriate actions that are over and above compliance with minimum legal requirements to give back, whenever it can, to support the very people who have made GLICO LIFE what it is today.

At GLICO LIFE, our social responsiveness is geared towards sports, education, health, social welfare and community development and protection. Over the years, we have consistently provided insurance cover for Ghana’s contingents who have participated in various international sporting events, a vital contribution that helps to boost their morale to win honours for our country. The most current one was the sponsorship of the Black Stars for 2012 Africa Cup of Nations Tournament.

6. DEDICATED LEADERSHIP TEAM

Of course, the success of GLICO LIFE could not have been achieved without the dedication and commitment of its human resource. GLICO LIFE has built a team of experts, internally and externally, in the field of Insurance, Finance, Marketing, Actuarial and Customer Services among others.

It is noteworthy to state that GLICO LIFE, since its inception, has trained and developed human resources to serve in different capacities within the insurance industry. Today, virtually every insurance company or brokerage firm has a GLICO LIFE trained staff, contributing significantly to its growth.

The leadership team behind the success of GLICO LIFE is made up of personnel of high calibre with extensive experience.

MR. KWAME ACHAMPONG–KYEI: EXECUTIVE CHAIRMAN

Mr. Kwame Achampong-Kyei is a man of distinction, an accomplished entrepreneur. He stands tall among the outstanding players in Ghana’s insurance profession and industry, having had a successful training and working career in the field. In the process, he has become an iconic business executive, establishing and presiding over the management of GLICO Group Ltd.

For his outstanding performance, he has been conferred with enviable awards. These include the International Quality Award in Life Underwriting awarded by the Life Insurance Marketing and Research Association of USA (1980), the Gold Award of the American International Group (1982), CIMG Marketing Man of the Year (2008) and Best Entrepreneur in Insurance Award (2010) instituted by the Entrepreneur Foundation of Ghana (EFG).
 





Edward Forkuo Kyei, Chief Executive officer and Managing Director of GLICO LIFE
MR. EDWARD FORKUO KYEI: MANAGING DIRECTOR

Mr. Forkuo Kyei is the Chief Executive officer and Managing Director of GLICO LIFE. Prior to being appointed CEO/MD in 2010, he was the Managing Director of GLICO GENERAL, the non-life insurance wing of the Group and one of Ghana’s leading organization of great repute in the insurance industry.

His wealth of experience and expertise spans across two and half decades of working within the insurance and financial service industry.

Mr. Kyei is passionate about insurance and has been instrumental in the quest to advancing life insurance in Ghana; he is indeed a valued resource for the Ghana Insurance industry.

MR. VICTOR OWUSU BOAKYE: GENERAL MANAGER (FINANCE & ADMINISTRATION)

Victor brings to GLICO LIFE a wealth of experience in Accountancy, Auditing, IT Auditing, Taxation, IT Systems implementation and Support, Business Process Re-engineering spanning over twenty years in very responsible positions.

He has under his belt immense experience garnered from working at Deloitte & Touche (D&T). He was also the Chief Auditor at The Trust Bank until 2009 when he resigned to take up the appointment as the General Manager (Finance & administration) at GLICO LIFE.

MRS. VERA HAIZEL-COBINA: HEAD, TECHNICAL
Mrs. Vera Haizel-Cobina has over 18 year’s experience in Life Insurance Industry with her forte in Underwriting and Policy Administration. She joined GLICO LIFE in 1991 and served in different capacities – Claims Manager and Underwriting Manager.

Between October 2003 and January 2008, whiles studying in the United Kingdom, she worked with American Life Insurance Company (Home Services Division) and Siemens Energy Services Limited where she gained a lot of experience in Operations Management. Upon her return to Ghana, she joined the Technical Team of Glico Life in 2008. She was appointed the Head of Technical in July 2010.

MR. STEPHEN BADU: MANAGER, GROUP BUSINESS & BUSINESS DEVELOPMENT
Mr. Stephen Badu joined GLICO as a Management Trainee and has risen through the ranks as Underwriting Supervisor among others to become the Manager, Group Business & Business Development.

Mr. Stephen Badu has also participated in major courses and seminars both locally and internationally to add on to his wealth of knowledge.

MR. FRED FRIMPONG: MANAGER, INDIVIDUAL LIFE
Fred is an astute Chartered Insurer with in-depth knowledge and experience gained from working at different capacity levels in the insurance. He started his insurance career at Network Assurance Company Ltd (now IGI, Ghana).

After the acquisition of Network Assurance Company Ltd, Fred stayed on working as an Agency Manager; he was promoted to become a Chief Technical Manager and later rose to become the Acting Managing Director until his appointment at GLICO LIFE in 2011.

MS. CYNTHIA EWUSI: MANAGER, MICRO INSURANCE

Ms Cynthia Ewusi is the Micro Insurance Manager of GLICO Life Insurance Company.

She has been very successful in her career at GLICO LIFE and has risen through the ranks from a Sales & Marketing Officer to become the Micro Insurance Manager.
Ms Cynthia Ewusi is dynamic, professional and motivates her staff to be result oriented.

7. ACHIEVEMENTS & AWARDS

After 25 years of operation, GLICO LIFE is now an organisation distinguished in excellence with a recognizable brand. The impact of our growth saw the construction and grand-opening of GLICO House - the Group head office in 2007.

In recognition of the phenomenal performance and visionary stance in the insurance market, GLICO has been inducted as a member of the prestigious Ghana Club 100. It has also been conferred with the CIMG Insurance Company of the year for 1997 and 1999. Other recognition and awards are:

o Best Entrepreneurs Award - 2011

o (CIMG)’s “Marketing Man of the Year” - 2008

o Business & Financial Services Excellence Award -2010 -2011

o Global Professional Achievers Awards - 2011

25TH ANNIVERSARY CELEBRATIONS

This year, as GLICO LIFE celebrates its 25th anniversary with the theme “25 years together in business: Our customers; our focus”, it seeks to pay glowing tribute to all stakeholders whose immense confidence and support has brought us this far.

The next 25 years ahead looks challenging but not daunting. With a staunch believe in God, backed by sound and prudent business management practices, commitment to innovation, integration and excellent products and services, GLICO LIFE is set to reach greater heights; and come GLICO @ 50, we will be celebrating not only the achievement of GLICO LIFE, nor GLICO GROUP but GLICO International.

Always remember that, at GLICO, when we say “we cushion you for life’; it is of resonance that you are cushioned against all of life’s endeavours and you can indeed depend on us.
 
 
Source: Corporate Affairs Dept./GLICO GROUP
 
 

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