MTN To Collaborate With Insurance Companies To Boost Growth Of Insurance Industry In Ghana

Accra September 13, 2017 – CEO of MTN Ghana, Mr. Ebenezer Twum Asante, has stated that the telecommunications giant is ready to partner with insurance companies to leverage technological innovations that will boost the growth of the insurance industry in Ghana. Mr. Twum Asante said this when he gave a speech as guest speaker at the 8^th Cedants Awards Night on the theme, “Embracing Technological Innovations for the Growth of the Insurance Industry,” in Accra.

Mr. Ebenezer Twum Asante said technology has taken centre stage in driving business models, products and service delivery in a way that businesses cannot avoid. “Technology has become pervasive because it affords spontaneity, has low marginal cost to serve and enable intelligence-based service delivery. These are important ingredients in today’s world where consumers, corporates and even machines are as connected as never before… It is time for our two industries to collaborate further for expanded technological innovations to provide fast, convenient, efficient and inclusive insurance services,” he stated.

The MTN Ghana CEO’s call comes in the face a myriad of challenges technology has posed to insurance companies the world over. In a 2014 PWC Global CEO Survey Report, about 60% of insurance CEOs indicated they were concerned that the current speed of technological change is a threat to their businesses. This may be because according to the same survey, fewer than 40% of insurance companies indicate they had determined exactly what they had to do to meet the challenges of technological upgrades required.

Mr. Twum Asante urged regulators in the insurance industry to lead the formulation of policies and reforms that would enable insurance companies to take advantage of technology in the insurance space. He stated that, “the industry regulator must take the lead in initiating the needed reforms to accommodate pervasive use of technology to drive insurance penetration, bearing in mind pertinent matters like security, appropriate legal framework and customer protection, among others.”

within the insurance space, MTN has collaborated with a number of companies to offer innovative insurance products. An example is MTNs partnership with AYO to offer a mobile insurance platform. The service was launched in May 2017, and in the space of three months, acquired 13,000 subscribers by August.

The Ghana Reinsurance Awards, known as the Cedants Awards Night, was established eight years ago to recognise local insurance companies for their diligent effort, loyalty and support for Ghana Reinsurance and the industry in general.

 About MTN Ghana

MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly and Pay As You Go Services. The company has committed itself to delivering reliable and innovative services that provide value for subscribers in Ghana’s telecommunications market. Since its entry into Ghana in 2006, MTN has continuously invested in expanding and modernizing its network in order to offer superior services to a broad expanse of the nation. Total network investments from 2006-2016 are about US$3.472 billion. MTN has the widest network coverage across Ghana. With the recent commercial launch of 4G LTE services, MTN became the only mobile operator providing 4G services in all regional capitals and large cities. The company has also built three modern switch and data centres to deliver stable, reliable, efficient and robust Telecom and Data Services to customers.

 For further information, visit www.mtn.com.gh.