[lg policy] "Write Insurance Policies In Simple Language"

[Harold Schiffman]

"Write Insurance Policies In Simple Language"

Date: 06-Oct-2011        	

The National Insurance Commission (NIC) has been urged to impress upon
Insurance Companies to write their policies in very simple language.
Additionally, the Commission must ensure that insurance companies
transact business to the satisfaction of the public.
Making the call in an interview with the Ghana News Agency in Tema, Mr
Samuel Kwame Kyei-Appiah, Tema Regional Manager of the International
Energy Insurance Company (IEIC), also urged the public to take their
time to read policies they purchased.

This, he said, is because insurance was designed to protect them in
the event of the unexpected, so that they could avoid disappointments
in times of claims. Mr Kyei-Appiah pointed out that the insurance
industry was a contributor to the nation’s economic growth, by
converting individual savings into portfolios of assets and
investments returns, and allowing those insurers to share in the
prosperity of the economy.

He reminded business entities and individuals that insurance companies
were not in business to take undue advantage of them, but rather “they
are in to fill an important gap in the socio-economic development of
the country.

Recounting the historical background of the company, Mr Kyei-Appiah
said International Energy Insurance Ghana Limited fully started
operations in the country on June 18, 2008. Asked as to the vision of
IEIC, Mr Kyei-Appiah said, it was bent on becoming a global financial
institution, providing excellent solutions to the energy and
industrial sectors of the economy.

On its Mission, he said, the company “wants to be a dependable
partner, helping our clients protect their human and material assets,
and creating superior value for all our stakeholders.”
Touching on the challenges facing the company in the metropolis, Mr
Kyei-Appiah said due to the numerous insurance companies in Tema,
there was keen competition.

“Almost every organisation within the metropolis in one way or the
other has an insurance policy with an insurance company, thus making
it very difficult to get new business. This is because the same
businesses are being moved around the insurance companies yearly by
organisations and companies within the metropolis.”

He said proficiency, integrity, innovation, dependability and
friendliness constituted the core values of IEIC, and, therefore
pledged the company’s determination to be transparent, fair and
honest, in all dealings with its stakeholders.

http://business.peacefmonline.com/news/201110/72932.php

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