Phoenix life Assurance has merged with Ghana Union Assurance to form Impact Life, which will provide quality life insurance services to customers across the country.
The alliance between the two insurance companies with extensive experience in the industry is an unprecedented move in the life insurance sector.
Addressing the media at the launch of the merger, Chief Executive Officer of Impact Life, Sherrif Abudu, pointed out measures his new outfit would take to increase insurance participation in the country.
“We are going to use technology and sell our products through the website. We will also do cross-selling because we realize that most people in the informal sector are comfortable with its operations, but we want to expand their scope by adding them to the retail space and even try to cover small-scale businesses at a corporate level, like a conversation for injuries, personal accidents and hospitalization once this is done there will be a hike in Ghana’s insurance participation,” he noted
Additionally, Director of Impact Life, Nana Adow Dankwa, allayed fears of prospective customers that government’s intended debt restructuring could have a negative impact on their operations.
“We’ve built a very large government security portfolio, so look, we are watching this space. It’ll have an impact, like you’re saying, not only on insurance companies but the broader financial services sector. The banks you’re dealing with, you want to make sure they don’t have issues as a result of the instruction that may or may not happen. So we’re watching this space, but it will not have a great impact on us because most of our balance sheet is in cash today.”
