Donewell Insurance to increase market share by 1.5%
Donewell Life Company Limited (DLCL) has targeted to rake in GH¢8,500,000 of premium earning at the end of 2011 to increase its market share by 1.5 per cent, the company’s top official has said.
Mr Diamond Addo, Head of Operations for DLCL told the Ghana News Agency on Thursday that the corporate entity was 82 per cent closer to achieving the annual target.
Speaking at the end of a free medical screening exercise organized by the company in Accra, he said, Donewell currently commanded four per cent of the market share in terms of premium earning.
Mr Addo said the company had engaged the services of marketing consultants to execute promotional strategies to sell their “attractive” and “innovative” life policies to the public.
He said so far, Donewell’s “Royal Funeral Policy” was the most attractive and preferred policy in the life insurance industry in the country.
“Under the policy, we have a fixed premium payment system. Unlike other life insurance companies where they increase the policy holder’s premium each year,” he said.
“With DLCL, if you pay ‘x amount,’ it stays the same till the policy holder attains age 65. He then stops the payment but the life cover amount continues to pay for him or her. Other insurance companies increase the premium as the policy holder ages.”
Mr Addo said additional benefits to the funeral policy included payment of 50 per cent of the life cover to policyholder whiles alive in a situation where a medical doctor diagnoses that he or she was terminally sick.
He said the company’s flagship activities include ensuring that clients received excellent customer services, innovative and attractive financial products and prompt payment.
Mr Addo said the corporate entity’s target of being among the top five life insurance companies by 2015 was on course, adding that management had stepped up its activities to reach the target.
He said the free medical screening exercise was a means by which the company could give back to society what it had earned from it.
Mr Addo said: “DLCL insures the lives of people. Once the people are educated and helped to live healthy lifestyles, then we can be in good business.”
Source: GNA