News and Events

ENTERPRISE INSURANCE RENOVATES AKROPONG SCHOOL FOR THE BLIND

Insert: Mr Kwame Ofori GM, Operations of EIC cutting the tape to hand over the project.

Enterprise Insurance Company Limited (EIC) as part of its corporate social responsibility activities has undertaken some projects at the Akropong School for the Blind. The total cost of the project is estimated at GH¢15,000.The company renovated the school dining hall and kitchen including the dining tables, benches etc. In addition the company provided 2 large water storage tanks, a water pump with the necessary plumbing works to ensure that water from the school's borehole is pumped uphill to the school campus so the students no longer have to walk a long distance only to compete with the sighted townsfolk for water from the borehole.

Members of staff of EIC also made personal donations totalling GH¢1,324. This amount was used for the procurement of a stabilizer for the school’s water pump, 60 white canes as well as 40 “talking” watches for the graduating class of the school.

Handing over the completed project, to the management and staff of the school, the General Manager, Operations of EIC, Mr Kwame Ofori congratulated the authorities and the students of the school for their spirit of determination and perseverance that has enabled them to soar above their disadvantages and exhibit their God-given talents. He said it was for this reason that EIC had chosen the Akropong School for the Blind as one of the beneficiaries of its Corporate Social Responsibility activities for 2009.

Receiving the completed project, the Headteacher of the school, Madam Mahila Narh thanked the management and staff of EIC for coming to the aid of the school. She reiterated the fact that the project had provided a timely solution to a very pressing problem of the school. She indicated that the completed projects would reduce the discomfort that students went through especially in fetching water and promised the renovated facilities would be put to good use.

EIC WINS AWARD

Patience Masamvu presenting the award to the management of EIC

Enterprise Insurance Company Ltd has been adjudged the most innovative user of PREMIUM software in Africa. This prestigious award is the maiden edition of its kind and was presented by Insurefin holdings to EIC at an award ceremony at Novotel hotel in Accra. The software is used by over 50 insurance companies worldwide and EIC is the first company to be recognized for its innovative and outstanding use of the software.

PREMIUM is a top insurance management software, that greatly enhances the speed at which information is processed and stored and ulitimately makes the service encounter for every client a much faster and delightful experience. This year marks 10 years of Enterprise Insurance Company's continued use of the PREMIUM software to manage its Business Operations and Management Information Systems, and the results are clear for everyone to see: The provision of insurance solutions unrivalled in the industry.

Presenting the award the Managing Director of Insurefin, Patience Masamvu commended EIC and its staff for taking the bold step in investing in this software, 10 years ago. She praised the company for taking up the challenge to sign up for PREMIUM in 1999. She also commended EIC for not stopping at the implementation stage of the programme but for going further to develop a special system known as intra-net to distribute summarized operational and statistical information through their own website to their staff across their entire network.

Receiving the award, Mr. George Otoo the Managing Director of EIC remarked that it was a result of, hard work , dedication and the desire of EIC to provide the very best of insurance solutions to its clients that resulted in the award. He dedicated the award to the team that was tasked to adopt the software. He thanked Insurefin for the award and recommended the software to other insurance companies in the country.

CEO OF SANTAM, SOUTH AFRICA VISITS GHANA

Mr. Ian Kirk, Chief Executive Officer of Santam, the largest player in the South African short-term insurance market is currently in Accra to hold talks with Enterprise Insurance Company Ltd.

Mr. Kirk’s visit is to facilitate discussions with Enterprise Insurance Company Ltd, the largest privately owned insurance company in Ghana and to exchange knowledge and expertise in the short-term insurance industry in their respective countries.

Santam is 56% owned by the Sanlam Group, one of the largest financial services group in South Africa. In Ghana, Sanlam also owns 49% of Enterprise Life Assurance Company (ELAC), a subsidiary of Enterprise Insurance Company.

About Santam
Santam is the largest player in the South African short-term insurance market. In the more than 90 years the company has been in business, it has built up a policyholder base in excess of 650 000, has assets of more than US$2.1 billion (R17billion), and a market share exceeding 20%. Santam opened its doors for business in May 1918, and was listed on the Johannesburg Stock Exchange (JSE) in March 1964.

Santam employs some 2 532 people in more than 230 branches throughout South Africa. Santam also has business interests in Zimbabwe, Malawi and Zambia and holds strategic investments in various companies in the insurance industry, including the subsidiary Santam Namibia Ltd.

Recently named 2009 Best Personal, Commercial and Corporate insurer by the Financial Intermediaries Association of South Africa, Santam offers personal, commercial, corporate and specialist risk solutions and insures most of the largest 100 companies listed on the Johannesburg Stock Exchange.

Mr. Ian Kirk joined Santam in June 2007. He is the former deputy CEO of the Liberty Group and, prior to that, the CEO of Capital Alliance Holdings until it was acquired by the Liberty Group in 2004.

Mr. Ian Kirk in his statement confirmed Santam’s desire to further grow the Group’s involvement with other insurance providers in Africa.

Mr. Kirk returns to South Africa on 17th June 2009.

EIC pays US$ 303,500.00 claim to Tema Oil Refinery

Mr Kwame Ofori,GM Operations of EIC,presenting the cheque to Dr Ali Abugre Deputy MD of TOR in charge of operations and production .

Enterprise Insurance Company Ltd (EIC) on the 18th of May 2009 paid a claim worth US$ 303,550.00 to the Tema Oil Refinery (TOR). The payment was in respect of a claim made under TOR’s motor insurance policy.

At a brief presentation ceremony at TOR, the Deputy Managing Director of TOR in charge of Operations and Production, Dr. Ali Abugre, recounted that EIC had been a trusted insurer of TOR for a very long time and had always acted with dispatch in the payment of claims. He noted the large claim amount and thanked EIC for its very high service levels but more importantly the promptness with which the claim was processed and paid.

Mrs Lena Adu-Kofi, MD of Safety Insurance Brokers confirmed EIC’s trademark professionalism and commended the management and staff for the expedient manner in which the claim was paid.

Presenting the cheque, Mr Kwame Ofori, General Manager, Operations of EIC, said, “At EIC, we consider claim payment as the main thrust of the insurance contract. It is the point at which we as insurers can look into the eyes of our client with confidence, secure in the knowledge that the company has been able to provide support at the Client’s time of need and that brings us great joy”. He also noted that though EIC has paid several motor claims to TOR, this latest payment represents the highest so far.

Enterprise Insurance is the oldest insurance company in Ghana and was the first insurance company to be listed on the Ghana Stock Exchange. A member of the Ghana’s prestigious Club 100, Enterprise Insurance is the only insurance company in Ghana with an international AA- rating for their high claims paying ability.

EIC HOLDS ANNUAL GENERAL MEETING

Insert:Directors and Executives of EIC at the AGM

Enterprise Insurance Company Limited, on 7th May 2009 organized its 37th Annual General Meeting for the year ended 2008.
The group’s financial performance in the year reflected 20.3 per cent growth in their general business and 52.0 per cent growth of Life Assurance business in their respective revenue generating activities.
The group wrote a total gross premium of GH¢ 35 million in 2008 up by 32.2 per cent from 2007 figure of GH¢ 26.7 million.
The Managing Director, Mr. George Otoo, during the Annual General Meeting (AGM), disclosed the Board of Directors’ intention to establish a holding company.
The new company, when adopted at an extraordinary general meeting (EGM) soon to be convened, will supervise the existing subsidiaries and also pursue other lines of business.
New proposed subsidiaries would cover Real Estate Development, Pension Schemes and Insurance in neighboring countries, among others.

EIC OPENS AIRPORT BRANCH

Insert: From R-L, Mrs Kyiameh, Mr Trevor Trefgarne (Board Chairman, EIC), Mr. Joe Ampofo (Branch Manager) and Sylvia Kumaga (Mrs)

Enterprise Insurance Company Limited officially opened its Airport branch to the general public on Wednesday 6th May 2008.The building is an impressive ultra-modern ediface located on No.47 Patrice Lumumba street,Airport.The inaugural ceremony was attended by representatives from the National Insurance Commission, board members of EIC,Chief Executive Officers from other insurance companies ,the media among other invited guests.
The Guest of honour and Deputy Insurance Commissioner Mrs Nyamikeh Kyiameh congratulated EIC on the opening of this new branch and for being rated AA-for the second consecutive year by Africa’s leading rating agency, Global Credit Rating Company. She said this was proof of EIC’s high claims paying ability and also urged other insurance companies to follow the good example of EIC by offering themselves to be rated independently.
The Managing Director of EIC, Mr George Otoo, assured all customers and prospective customers of the very high service levels they could expect from the Airport branch. He said in establishing this branch office, EIC was mindful of the comfort of clients hence the ultra modern look and prime location of the branch.
Cutting the tape to open the branch Mrs Kyiameh wished EIC well and expressed the hope that the Airport branch would grow to become an integral part of theEIC branch network.

EIC MAKES DONATION TO NEW HORIZON SPECIAL SCHOOL

Insert: From Left to Right, Nii O. Ankrah, DGM Operations, Mrs Salome Francois Executive Director, New Horizon School,Phyllis Woode-Nartey,Head Business Dev’t & Communications and students of the school.

As part of its social responsibility activities, Enterprise Insurance Company Limited (EIC) made a donation of GH¢2,000 to the New Horizon Special School on the 11th of March 2009.The school provides education, vocational training and employment for individuals with intellectual disability.
Presenting the cheque Phyllis Woode-Nartey (Mrs), Head of Business Development & Communications, EIC, said it was the hope of EIC that the donation would help improve the quality of learning at the school.
Mr. Nii .O Ankrah, Deputy General Manager, Operations of EIC stated that the school was rendering a special service to society by caring for the intellectually challenged in Ghana. He encouraged the staff of the school to keep up the good work.
Receiving the donation, Mrs. Salome Francois, Executive Director of the school, thanked EIC for this kind gesture and hoped that other corporate institutions and individuals would follow in the steps of EIC.

EIC pays Claim

Ms.Gloria Boateng, (EIC) Mr. Joe Ampofo, (Tema Resident Rep), Mr. S.T.Anguah, (MD, TLOC) Mr. Ben Asaam (Area Rep, All Risks Consult) Mr. Amos Donkor (Finance M’ger, TLOC)

Enterprise Insurance Company Ltd has paid a claim worth GH¢ 70,483.99 to the Tema Lube Oil Company.

Presenting the cheque the Tema Resident Representative, Mr Joseph Ampofo stated that EIC pays the fastest claims in the insurance industry and this is demonstrated by the prompt presentation of the cheque.He also added that EIC is the only Ghanaian insurance company to be independently rated AA- (Claims paying ability) by Global Credit Rating of South Africa. This means that EIC has a very high claim paying ability and can be relied on to provide prompt settlement of claims to its clients.

The Managing Director of Tema Lube Oil Company Mr. S.T. Anguah thanked EIC for the prompt settlement of the claim and commended the company for its excellent customer service.

EIC donates to Urology Dept and Ghana Heart Foundation of Korle-Bu Teaching Hosp.

From left to right: Dr Dan Seddoh(GM,Finance)Mr George Otoo(MD,EIC),Dr Ben Annan & Dr Gepi-Attee

As part of its social responsibility activities, Enterprise Insurance Company Limited (EIC) donated medical equipment to the Urology Department of the Korle-Bu Teaching hospital (KBTH) on November 5, 2008. The total value of the equipment donated was over GH¢ 17,000.The equipment is a special surgical instrument which is used for diagnosis as well as surgery without making any incision into the body.

Presenting the items, The Managing Director of EIC, Mr George Otoo stated that the donation was the second made by EIC to the hospital this year, following an earlier donation to the Children’s Ward in August. He explained that EIC had identified the Education and Health sectors, as areas of focus for its corporate social responsibility activities. This is what accounted for this and other previous donations made by EIC to organizations such as the Korle-Bu Teaching Hospital.

Receiving the items, the Medical Director of the Korle-Bu Teaching Hospital Dr Ben Annan and Dr Samuel Gepi- Attee of the Urology Department thanked Enterprise Insurance for their initiative and generosity in donating equipment that is so vital to the rendering of proper healthcare to the general public.

In a separate donation, EIC presented an amount of GH ¢5,000 to the Ghana Heart Foundation. Receiving the cheque, Dr Baffour Gyan of the Cardiothoracic centre thanked EIC for this kind gesture. He explained that the donation would go a long way in helping in the treatment of cardiovascular related ailments in the hospital.

EIC makes donation to Children’s Ward of Korle-bu Teaching Hospital

Richard Baffour-Awuah (Office Manager), Nii O.Ankrah (DGM Operations), Maurice Nyarko-Mensah (Head HR and Admin), Dr Dan Seddoh (GM,Finance), Prof Nii Otu Nartey (CEO of KBTH) and Prof Jennifer Welbeck (Head of Child Health, KBTH)

As part of its social responsibility, Enterprise Insurance donated medical equipment to the Children’s ward of the Korle-Bu Teaching Hospital (KBTH) on August 26, 2008. The total value of the equipment donated was GH¢ 17,500 and comprised two volumetric infusion pumps, one nebulizer, five oxygen flow meter sets, and two pulse oximetres.

The choice of medical equipment donated was the result of a needs assessment exercise conducted jointly between EIC and the management of KBTH, during which the items donated were identified as being urgently needed by the hospital.

The Head of Human Resource and Administration, EIC, Mr Maurice Nyarko –Mensah indicated that EIC had identified the education and health sectors, as areas of focus for its corporate social responsibility activities. He recalled that it was because of this focus that EIC had renovated the children’s department of the hospital in 2004.

Presenting the items, Dr Daniel Seddoh, General Manager, Finance said EIC had been doing business in Ghana for over 80years and as demonstrated in the past, EIC is always happy to give something back to society through organizations like the Korle-bu teaching hospital.

Receiving the items, both Professor Nii Otu Nartey, CEO of KBTH and Professor Jennifer Welbeck, Head of Child Health, (KBTH) thanked Enterprise Insurance for this initiative and gave the assurance that the equipment would have a positive impact on the lives of many children in the hospital.

EIC Tema branch holds Client Seminar

The Tema branch of Enterprise Insurance Company Ghana Limited (EIC) held a seminar for their Tema Clients on Wednesday, July 30, 2008.This seminar was organized in collaboration with personnel of the Ghana National Fire Service (GNFS) and security experts primarily to educate clients of the branch on causes of domestic fires, ways of preventing them and ways of improving the general security of their homes.

This seminar presented a congenial and interactive setting where clients of the Tema branch freely interacted with management and staff of EIC. The Managing Director of EIC, Mr. George Otoo in his keynote address acknowledged that the client base of the branch had grown consistently since 2002 through the positive reviews and recommendation of EIC’s loyal clients. He also assured clients that EIC would continually seek their views regarding their needs in order to deliver even better services.

The seminar which was mainly to expose clients to ways of reducing the risk of fire hazards and improving one’s security at home also touched on EIC’s Home and Personal Assets Policy. The policy as explained by EIC’s Assistant General Manager of Operations Ms Ernestina Abeh, indemnifies the insured in events of losses caused by fire, burglary, explosions, lightening and other insured perils.

Mr. Osei Akoto, one of several clients who acknowledged EIC’s good customer service, gave testimony of EIC’s prompt claim payment and commended the company for the efficiency with which claims were settled. Clients were also assured EIC is not only interested in prompt settlement of claims but in the welfare, safety and security of its clients and this seminar gave credence to this desire.

EIC Directors recognized amongst top 10 respected CEO's

The Managing Director of Enterprise Insurance Mr. George Otoo together with Mr Ken Ofori-Atta, Chairman of Databank and member of the EIC Board, were recognized among the 10 most respected Chief Executive Officers in Ghana

Enterprise Insurance Company holds Annual General Meeting.

EIC held its annual general meeting on May 2, 2008 at the Accra International Conference Centre. The company posted impressive results for the year ended 31st December 2007.

EIC rated AA-

Enterprise Insurance Company Limited has been rated AA- by Global Credit Rating Company (GCR) of South Africa (Claims payment ability). On a spectrum ranging AAA (Highest claim paying ability) and D (Company has or is likely to be placed under order of court), EIC’s rating of AA-puts the company in the double A (AA) class which means “Very high claims paying ability. Risk is modest, but may vary slightly over time due to economic and or underwriting conditions”. This achievement reinforces our position as a strong and financially stable insurance company on the Ghana Stock Exchange.

New EIC Agency outlets opened

In line with EIC’s desire to bring our services closer to our clients, new agency outlets have been open in Abossey Okai,Achimota,Gicel Spintex and DVLA Accra. Look out for an EIC outlet in your neighbourhood soon.

Miss Abena Bonsu assumes duty

Miss Abena Ponma Bonsu assumed duty as Head, Legal Services and Company Secretary on June 2, 2008.Prior to this appointment she was the acting head, Legal and Enforcement at the Securities and Exchange Commission (SEC). She also worked at The Commission for Human Rights an Administrative Justice (CHRAJ) from 1995 to 2006 as the Director, Legal and Investigations.Abena thus comes with a very rich legal experience and we are glad to have her as part of our executive management team.

Enterprise Insurance Donate towards Surgery of Hole-In-Heart Patient

Enterprise Insurance Company Ltd, has made a donation towards the surgery of Master Ayeribi Sackey, a fifteen year old boy who was diagnosed with a hole in heart condition by the National Cardio Thoracic Center at Korle-Bu Teaching Hospital. According to the Center, Master Sackey will have to undergo an open heart surgery at a cost of 8,000 euros out of which the patient's family is to pay 4,000 euros.

Management and Staff Enterprise Insurance responded to an appeal made by the family of Master Sackey with personal donations which was supported by a further donation by the insurance company. Other companies and individuals who also supported the appeal include Staff of Unilever Gh. Ltd., Cob-Industries, producers of Standard Water, Messrs. Eric Addo-Mensah and James Anti of KEK Insurance Brokers, Base Water Contractors and Mining Ltd. and Delta Security Services.

Enterprise Insurance Donates to Ghana National Trust Fund.

Mr. Kwame Ofori, GM, Operations of EIC presenting the cheque for GH?2,000 to Ms Joyce Frimpong, Executive Secretary, GNTF. Looking on is Mr. Alex Ahenkorah Anane, Manager, Accounts (EIC)

Enterprise Insurance Company Limited has made a donation of two thousand Ghana Cedis, (twenty million cedis) to the Ghana National Trust Fund, (GNTF) towards the latter's activities. The donation was received on behalf of the GNTF by Ms Joyce Frimpong, Executive Secretary at the offices of Enterprise Insurance on the High Street, Accra.

Enterprise Insurance has been a regular donor to the Fund's activities over the past years. Handing over the cheque to Ms Frimpong, Mr. Kwame Ofori, GM, Operations of Enterprise Insurance expressed his company's delight at the commitment of the Fund to its mission and assured the it of his company's support in the future.

Ms Frimpong expressed the profound gratitude of the GNTF to Enterprise Insurance for the unflinching support over the years and wished the company the best in the future.

Ajumako Basic Schools Receive from Enterprise Insurance

Mr. George Otoo, MD Enterprise Insurance (left) presenting copies of the books to Mr. Droefenu, District Director of Education

Three basic schools at Ajumako, capital of the Ajumako- Enyan-Essiam District have received a donation of books worth GH 2,500 Cedis (25 million cedis) from Enterprise Insurance Company Limited.

The books donated on behalf of Enterprise Insurance by Mr. George Otoo, the Managing Director of the company assisted by the Business Development Manager, Mrs. Phyllis Woode-Nartey, recounts the history of the struggles in Ghana from the days of the slave trade to the nation's independence in 1957. The company donated 500 copies of the books which were published under the co-sponsorship of Enterprise Insurance and Databank Gh. Ltd.

Presenting the books, Mr. George Otoo affirmed the commitment of his company to healthcare and education stating that over the years Enterprise Insurance Company has made a number of donations to educational and health institutions in the country as its contribution towards improvements in the standards of education and health in the country. Mr. Otoo advised the pupils to take their studies serious adding that it is only through education that we can eliminate the canker of poverty and ignorance in the country.

Receiving the books on behalf of the schools; Ajumako Presbyterian, Catholic and Methodist Schools, Mr. Peter Droefenu, the District Director of Education expressed his gratitude to Enterprise Insurance for this kind gesture and hoped that other such donations will be made by others in the future.

The District Chief Executive of the Ajumako-Enyan-Essiam District, Honourable Kenneth Obimpong who was also present at the ceremony in his remarks, underscored the importance the government places on human resource development. He stressed the government?s belief in education as the key to unlocking the potentials of the nation, wealth creation and eradication of poverty. He advised the heads of the schools to make the books available to the pupils and encourage them to development a reading culture to broaden their horizon.

Present at the ceremony included the presiding member of the District Assembly, Mr. Ato Quainoo, Mr. Andoh, District PWD Engineer, Headteachers of the Basic schools and some other officials of Enterprise Insurance.

GM, Finance Awarded Doctoral Degree

EIC General Manager, Mr Daniel K. Seddoh

The University of Bradford has awarded Mr. Daniel K. Seddoh, General Manager, Finance, a doctoral degree in Business Administration (DBA). Bradford University School of Management where Dr. Seddoh undertook his studies is currently ranked the second best management school in the United Kingdom.

The doctorate of Business Administration is deeply rooted in professional practice. It is an innovative and topic-driven postgraduate qualification and is awarded on completion of a part-time programme of training, study and research spread over four to six years.

It aims at equipping the graduate with the most complete and up- to- date knowledge and understanding in both general management and the graduate?s specialist area.

The DBA programme offered Seddoh the opportunity to learn research skills which encompassed the philosophy of research, research methods, data collection skills and quantitative and qualitative analysis.

Dr. Seddoh also went through the training of maintaining a learning journal, which helped him to become more reflective as a business person and encouraged his self improvement as a professional.

Dr. Seddoh, who is a Chartered Accountant with an MBA from Manchester Business School, completed a supervised research project in relationship marketing in the financial services sector.

The research work of Dr. Seddoh, whose employment history is deeply rooted in the financial services sector, offered him an opportunity to explore and establish where existing theories broke down and where new thinking was needed.

Dr. Seddoh's previous training as a finance person helped him to demonstrate the highest level of financial expertise in his thesis and ultimately contributed to the practice and theory of management in relationship marketing in financial institutions in Less Developed Countries.

Currently working with Enterprise Insurance Company Limited, Dr. Seddoh said in an interview that the whole programme was a humbling experience since knowledge was infinite.

"I look forward to new challenges that will afford me the opportunity of making meaningful contribution to the advancement of knowledge in the delivery of financial services in Ghana and less developed countries".

He dedicates the award to all the chief executives of financial institutions who found time out of their busy schedules to grant him interviews as well as relationship executives of financial institutions who took time off to complete questionnaires.