UT Life Insurance has announced a comprehensive corporate re-branding consisting of a new corporate brand name, a new identity, slogan and a renewed focus.
Insurance Company, UT Life, has challenged claims that the banking sector shakeup which led to the collapse of UT bank has triggered its resolve to rebrand.
It was believed the bank’s liquidation would have a direct effect on UT Life Insurance Company’s operations since it used to be a subsidiary of, UT Holdings.
But in an interview with JoyBusiness, Chief Executive of UT Life Insurance, Kwaku Yeboah-Asuamah, says the new corporate brand name, miLife Insurance, has become necessary to increase company’s offerings to consumers.
A foreign investor, Leapfrog, has acquired a majority shareholding in UT life insurance - a situation that brought about the decision to outdoor the company’s new name along with its new strapline; Live More.
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According to the CEO, the company is currently capitalized at GH¢56.8 million making it one of the most capitalized life insurance companies in Ghana.
Its capital has gone up by almost four times of the regulatory capital requirement of GH¢15 million.
In response to whether or not the company is in the position to meet a further increase in the level, Mr Yeboah-Asuamah said his outfit is more than ready for the new directive.
Mr Yeboah-Asuamah said its focus is on providing simple, affordable and more accessible life and savings insurance products to the mass market. It seeks to leverage mobile technology and its over 400 retail agencies.
Meanwhile, in his keynote address, Head of Supervision at the National Insurance Commission (NIC), Seth Eshun, has reiterated new minimum capital requirement for the insurance is only meant to strengthen the sector.
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Mr. Explaining the logo which is made of two oval shapes, he said the symbol represents the “purposeful union between us and our customers.
Reiterating the company’s pledge to take care of the insurance needs of clients he added, “When we take care of the peripherals for you, you can concentrate on the core missions of life.
He said, “There are so many businesses that have odd names so it’s not necessarily in the choice of name that you give your company but it is the service. So this rebranding is a wonderful exercise but if it ends here, with all the glamour and we don’t give service to our customers, ten this event would have been useless.
“We all know the state that we are in, in the financial sector. We know of the turmoil that we are in and it is not the best of times.
miLife emerges as the top-ranked life insurance company on Ghana Club 100!
The Reason Behind the Rebranding
“Our rebranding is because of what we want to do for our customers; we want to reposition ourselves in the industry in such a way that we will be able to reach out to as many Ghanaians as possible and we couldn’t have done that in the old way of doing things; we needed a new way and as we come up with a new way, we try to put a new image to it and that is virtually the reason for this exercise,” he said.
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Mr Yeboah-Asuamah added, “The issue of UT bank happened about one and half years ago and if that was the reason, it wouldn’t have taken us that much time.”
Growth and Capitalization
Being a Ghanaian success story, miLife insurance company has grown a premium income over the period of its inception in 2005 to over GH¢24 million in 2017; growing from the 17th position in 2005 to 8th position in 2017.
“At the moment we have about four times what the regulator requires so if they increase capital more than four times we are still able to cope up but if it goes beyond that we have solid shareholders who are prepared to pump in more money,” he said.
About Leapfrog Investment
The foreign investor is a specialist investor in emerging markets, seeking the growth opportunity presented by two billion emerging consumers in Africa and Asia.
Background of UT Bank
In 1997, Joseph Nsonamoa and Prince Kofi Amoabeng co-founded Financial Services and then renamed it Unique Trust Financial Services. In June 2010, UT Bank and UT Financial Services merged into one company called UT Bank Ghana Limited. Through a reverse listing on the Ghana Stock Exchange, the new bank's shares became listed and those of UT Holdings were de-listed.
On August 14, 2017, the Central Bank of Ghana issued a statement to the press indicating that the license of UT Bank had been revoked, along with that of another Ghanaian owned bank (Capital Bank). In the statement, the Central Bank also approved the take-over of UT Bank and Capital Bank by GCB Bank Limited. This action has become necessary due to severe impairment of their capital.
Comparison with Competitors
Here's a brief overview of some competitors in the insurance sector:
- Achmea: Operates in the insurance sector, providing insurance services, healthcare coverage, and financial products.
- Zurich: An insurance provider focusing on individual and corporate insurance solutions, including auto, home, life, and travel insurance.
- Groupama: Provides various insurance products and financial services, including auto, home, health, and life insurance, as well as banking and credit solutions.
- Gjensidige Pensjonsforsikring: Focuses on providing contribution pension plans and risk coverage for private and commercial clients.
- Solimut Mutuelle de France: Focuses on health insurance and related services, aiming to provide access to healthcare for all.
- AVENIR SANTE MUTUELLE: Operates as a non-profit organization focused on providing social protection in the health sector, offering health and provident insurance solutions.
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