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Chuks Udo Okonta and agency report
International Energy Insurance (IEI) Ghana, a Nigerian-owned insurance company, has rebranded and changed its name to Heritage Energy Insurance (HEI) in a move to capture and gain more market presence in Ghana.
The change of the company’s name also formed part of the management’s plan to introduce innovative products that would suit the Ghanaian market.
At the rebranding ceremony in Accra, the Managing Director/Chief Executive Officer, Mr. Uche Okugo, said after eight years of the firm’s operations in Ghana; it was time for the company to rebrand and make its presence felt more in the country.
“We plan to bring out a new identity. Our new shareholders and parent company in Nigeria, Heritage Bank, intends to ensure that HEI becomes a leading brand in Ghana,” he said.
He urged Ghanaians to consider insurance as a new way of securing their future and disabuse their minds of the negative notion that insurance is for vehicles, the rich or those who are approaching their death.
He urged the public to focus on the positives that insurance policies could bring in the varied products that were offered that covered education, health, occupation, accidents and several other products that impacted on life.
Low insurance penetration
Insurance penetration in sub-Saharan Africa is generally low. Already, Ghana is not near the 1.5 per cent coverage as a country.
This is mainly because the level of insurance literacy is low among majority of Ghanaians.
He said in most developed countries, the high level of insurance penetration had opened up the economy and made it more beneficial for people to enhance their living conditions.
“Unfortunately, this is not the case in Ghana and most African countries where the people often do not see the benefits of insurance,” Mr. Okugo said.
According to him, the rebranding of the company would also pave the way for more fruitful engagement with its Ghanaian clients.
Change is necessary
The Chief Executive Officer of Heritage Bank in Nigeria, Dr. Eke Sehibo, said the rebranding of HEI would lead to more investments in the insurance company.
According to him, one of the main reasons most companies did not make progress was because they refused to change and adopt modern innovations of growth.
“Businesses need optimal thinking to make inroads into any sector or country,” Sehibo added.