UT Life Insurance, a major player in the life insurance industry in Ghana, has rebranded to miLife Insurance with a promise to deploy technology to deepen life insurance penetration in the country.
The corporate re-branding consist of a new corporate brand name, a new identity, a new slogan Live More and a renewed focus.
Speaking at the rebranding programme in Accra yesterday, Chief Executive Officer of miLife Insurance, Kwaku Yeboah-Asuamah said the company would rely on technology to reach more customers and increase the insurance penetration in the country.
The CEO said the current life insurance penetration of two percent was not the best and the there was the need for players in the insurance sector to initiate strategies to encourage the people to buy life insurance.
According to Mr Yeboah-Asuamah the focus of the life insurance companies had been on the formal sector to the neglect of people in the informal sector of the economy, and insisted that miLife was poised to change that status quo.
He said the focus of the company was to bring insurance to the doorstep of people and make life insurance “simple, accessible and affordable.”
“The rebranding reflects both the evolution of the company as well as its vision for the future. The singular focus of the new brand is putting the customer at the heart of the business by making purchasing and owning insurance simple, affordable and more accessible. MiLife’s new vision is to be the leader in helping Ghanaians build their dreams, one customer at a time,” Mr Yeboah-Asuamah said.
He said the rebranding was to respond to the growing changes in the business environment and also to better serve the customers of the company.
“As the business environment witnesses significant changes, we cannot remain static, we must be responsive t the exigencies of the times. With a forthright commitment to innovation and excellence, we cannot but position ourselves ready to help our customers realize their dreams through simplicity and affordable service,” the CEO said.
He said “while we have always focused on serving our customers well, and have a reputation for both customers-centricity as well as leading the insurance industry on speed in paying out claims, this re-launch of UT Life Insurance to miLife Insurance signals to customers that we have embarked upon an even deeper commitment to help enrich lives and support dreams by making access to insurance easier, affordable and more accessible.”
In a brief about the company, Mr Yeboah-Asuamah said Leapfrog investment acquired a majority stake in UT Life Insurance in December in 2015 but still traded under the UT Life Insurance.
MiLife has grown its premium income over the period of its inception in 2005 to over GHc24.0 million in 2017, growing from the 17th position in 2005 to 8th position 2017 and currently has a stated capital of GHc56.8 million, making it one of the most capitalized insurance companies in Ghana.
The Head of Supervision at National Insurance Commission, Seth Eshun encouraged miLife Insurance to focus on good underwriting to enroll more customers.
He entreated the management of the company not rest on its oars, but continue to work hard to consolidate the gains made by the company.
Raimund Snyders, Partner of Leapfrog Investments, Raimund Snyders said his outfit decided to purchase UT Life Insurance to further improve on the gains the company had made in deepening life insurance penetration in the country.
He said the partnership had helped to increase the stated capital of miLife Insurance, from about GHc7 million in 2015 to GHc56.0 million in 2018.