Managing Director (MD) of Unique Insurance Company Limited, Victor Obeng Adiyia, has urged government to look at measures and incentives that will help promote the purchase of travel insurance for every Ghanaian travelling abroad.
Speaking at the launch of ‘Unique Travel Policy’ in Accra, Mr Adiyia said that the new product will reduce the incidence of distress calls and unbudgeted costs to Ghanaian travellers and their families, and also ensure the welfare and safety of Ghanaians when they are off the shores of the country.
The launch of the product was a collaboration between Unique Insurance and Bahrain’s Trust Re, a leading player in the global travel insurance space.
Trust Re is the lead re-insurer of the Unique Travel Policy and has paid-up capital of $250 million.
According to the MD, “We have met the needs of our clients by processing their valid claims fairly and paying promptly, we have given our shareholders good return on their investment, and our treasured employees have been adequately compensated for their contributions to making Unique Insurance what it is today.
“Competing merely on price has made all insurance companies worse off and has not inured to the benefit of policyholders – inadequate premiums affect the speed with which claims can be settled. It is time for insurers to get creative and we, at Unique Insurance, want to set the pace by offering a truly value-laden, responsive, first-of-its-kind travel insurance product in the market. Ghanaian policy holders deserve world-class products and services, and that is what Unique Insurance is prepared to offer.”
Mr. Adiyia added that in October 2019, his outfit would mark the 20th Anniversary of Unique Insurance Company Limited.
“We have had our fair share of the triumphs and challenges. Overall, we are excited that our company has realigned its operations to the original vision of the founders, and has been growing steadily over the last couple of years.”
Minister of Aviation, Cecilia Abena Dapaah, launching the online travel insurance policy said, the policy has come at an opportune time to reduce the burden travellers go through after booking for tickets, which is to now look for an insurance company to insure them.
“The launch of this product on the Ghanaian market has come at the right time to save air travellers a lot of time. This will impact positively on the aviation industry, as travellers will fill their insurance policy forms side by side by side by side as they book for their flight. I think we as a people must patronize the Unique Travel Policy due to its flexibility and huge benefits.”
“The product we are launching today can simply be purchased at every travel agency, at the same time that the traveler purchases his or her ticket. Being an online and cloud-based product, it allows real time transmission of the details of every purchaser to the international travel assistance partners. Therefore, a Ghanaian traveler is guaranteed prompt assistance on insured events outside of Ghana with Unique Insurance on the Unique Travel Policy,” she added.
She wished the two companies a fruitful partnership.
Commissioner of Insurance, Justice Yaw Ofori, in a speech, expressed delight that the Unique Travel Policy is structured to keep 40 per cent of the premiums and risk within the Ghanaian insurance market.
Congratulating the two companies for launching the product on the Ghanaian market, he noted: “It is such win-win arrangements that enable Ghanaian insurers to leverage on the superior capitalisation of international players such as Trust Re, while also keeping an adequate share of premiums in the Ghanaian market is the direction that we seek to steer the insurance industry towards.”
Insurance Desk