Business News of Wednesday, 16 January 2013
Phoenix Insurance (PI), a private insurance company, has this year targeted to rake-in 35 per cent more of the premium income it earned during the 2012 financial year.
Mr Michael Okyere Baafi, Head of Marketing with PI, who disclosed this to the Ghana News Agency on Tuesday in Accra, said management had initiated programmes to ensure that the target was met.
PI’s premium earning for 2012 stood at GH¢20.9 million but management is highly optimistic the target for 2013 would surely be realised.
Mr Baafi said management was poised to roll out integrated marketing communication programmes to enable the company’s brand and products become more common and accessible.
“This year, we are going to raise the Phoenix brand to a higher level, thus making it a household name”, he said.
Mr Baafi said management would use the media, social networks, client relations, corporate social responsibility and the company’s prompt claim payment records as effective platform and tools to achieve “brand equity.”
He said it was the aim of the company to be among the best performing insurance companies in terms of prompt payment records.
Mr Baafi expressed optimism that the company had positioned itself to take bigger businesses this year than it did the previous years.
“There is new investment coming in because CDH Financial Holdings (a financial services group with a number of subsidiaries in commodities trading, stock brokerage, asset management, and general lending) is coming on board to partner us. This gives us a bigger base to carry bigger risks” he added.
Mr Baafi said the company currently could boast of best resourced and well-motivated team ready to deliver.
He said management was optimistic 2013 would offer the company opportunity to do good business.
Mr Baafi said this stemmed from the fact that the new Government was expected to build new 200 schools, construct roads, give off loans and to create the environment for investment.
He said the company would adopt an effective strategy in order to position itself in the minds of Government, players in the construction industry and other stakeholders to grab good business deals.
Mr Baafi underscored the business opportunity that the new Insurance Act 2006 (Act 724) would offer to players in the insurance industry and stressed that PI would take advantage of the business fortunes the Act presented.
The Act orders owners and occupiers of commercial and public buildings to insure them as a matter of compulsion.
PI is a private limited liability insurance company incorporated in Ghana in 1995 and has both local and foreign shareholders, with CD Investment Limited, a Ghanaian consortium of investors, having a majority stake.