GLICO LIFE News

GLICO LIFE pays over 64 million claims in 2018

GLICO LIFE pays over 64 million claims in 2018

GLICO LIFE, a major life insurance company in Ghana, has paid out an astronomical ₵64, 767, 019. 44 in claim payment to its life insurance policy holders in 2018.

Since it began business operations in Ghana in 1987, with the sole aim of bringing insurance to the doorstep of every Ghanaian, GLICO LIFE has distinguished itself as a compliant and dependable life insurance partner
fulfilling its promises to cushion the Ghanaian insuring public for life.

Out of the total of ₵64, 767, 019.44 claims paid in 2018, ₵166,777.86 was paid to valid organizational Deposit Administration Scheme (which is purely a group investment) claimants. Our Group Life business unit, targeted primarily at associations and institutional clients also honoured its commitment to prompt claim payment by paying out a colossal sum of ₵ 5,540,575.40 to our corporate clients enrolled on the GLICO Group Comprehensive Plan.

According to the Managing Director of GLICO LIFE, Mr. E. Forkuo Kyei, “prompt payment of all valid claims by GLICO LIFE to our treasured policy holders and their beneficiaries is an attestation not only to our company’s vision of being the insurance brand of choice but to buttress GLICO LIFE’s claim payment capability and credit worthiness.”

On the micro insurance landscape that provides ‘Edwa Nkosuo’ and ‘Anidaso policies to mostly market businessmen and women, claims to the tune of ₵ 27,851,879.23 was paid out in honouring the provide benefit of providing security for “business progression” and “hope” to the informal sector clients.

Our personal lines portfolio termed individual life policies (running the GLICO End-of-Service Benefit, GLICO Child Education Plan (GEEP), GLICO LIFE Savings as well as the GLICO LIFE Guarantee, GLICO Funeral plan and GLICO Critical Illness Plan), paid a total of ₵31,207,786.95 in claims to individuals within the same 2018.

It is to be noted, that GLICO LIFE has introduced an e-process claim payment management system, that has drastically reduced the time with which customer claims are processed and has also reduced the stress and added travel expenses as the company have partnered with various financial institutions and telco’s all over the country to finalise the pay out of all valid claims.

GLICO LIFE has also designed a step by step policy holder notification for each step of the claim payment process. Policy holders are therefore assured of a seamless claim payment experience. In addition, the GLICO call centre provides policyholders with prompt responses to their enquiries on claims and product benefits.

It is noteworthy, that in the thirty three (33) years that GLICO LIFE has been operating as a sustainable business, it has operated with the utmost degree of transparency and ethical considerations. It has remained competitive by operating with standards of professionalism and the deployment of an efficient client relations management system, all in its effort to
provide value to its ever growing customer base.

Undoubtedly, GLICO LIFE is poised not only to bring insurance to the door
step of every Ghanaian but to stand on its promise to cushion the Ghanaian
insuring public for life.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Other news items

GLICO Life launches new website

GLICO Life launches a new website

We are excited to launch this newly designed website for our current and potential customers who are looking for more information on our innovative insurance