Coronation Insurance meets GH¢ 50m minimum capital

In line with the regulatory directive by the National Insurance Commission (NIC), Coronation Insurance Ghana LTD (the Company) has raised its capital to meet the new minimum capital requirement. With this move, Coronation Insurance has become one of the insurance companies to meet the new capital requirement of GH¢50 million ahead of the NIC's deadline of January 1, 2022.

The Company enhanced its underwriting capability through a capital injection of about USD5.14 million by its shareholders. This has significantly raised the Company’s minimum capital from GH¢17.1 million to over GH¢52 million, putting it among the top insurance companies in Ghana in terms of solvency and capital.

About Coronation Insurance

Coronation Insurance is a leading Ghanaian insurance company licensed by the National Insurance Commission (NIC) to offer a diverse range of products and services covering all classes of non-life insurance such as Motor Insurance, Marine Insurance, Fire and Special Perils, Professional Indemnity, Workmen’s Compensation, All Risks Insurance, etc.

The time-tested expertise of the Company in risk management and actuarial services over the years has positioned it as one of the top 5 companies in the insurance industry with the best claims reserves. With a claims payout of more than GH¢54 million in the last 5 years, the Company continues to solidify itself as one of the insurance companies best placed in paying claims.

With a legacy of business operations in Ghana since 2009, the Company provides products and services that are designed to offer value beyond the ambit of traditional insurance services. Typical of this is the Company's offer of a free car tracker to customers with vehicles worth GH¢ 100,000 or more in order to enhance their customers' operations.

Evolution over the years

The Coronation story is one that dates back to the 20th Century with its founding in 1958 as the West African Provincial Insurance Company (WAPIC). The parent company, which was founded in Nigeria and listed on the Nigerian Stock Exchange (NSE) in 1990, expanded its operations to Ghana in 2009 under the name, Intercontinental Wapic Insurance.

In 2011, the Company became a subsidiary of Access Bank as a result of Access Bank's acquisition of Intercontinental Bank.

Following the divestment of Access Bank through its share distribution scheme is 2013, the Company rebranded to Wapic Insurance in 2014 delivering bespoke insurance solutions to its customers and other stakeholders with a vision of transforming and illuminating the insurance industry.

Subsequent to all Board, Shareholders, and Regulatory approvals, the Company changed its name to Coronation Insurance in 2021 to align with its business focus of transforming the African continent through the provision of transformational financial solutions.

Digital Revolution

Over the years, Coronation has defined an audacious ambition to be one of the tops leading fully serviced West African insurance companies by investing in digital transformation initiatives across marketing, social media, sales, and customer touch points. This is driving the Company to become a data-driven organization that develops new business models and delivers more personalized products and services for its customers.

Key amongst these initiatives is the implementation of a world-class full-serviced Core Insurance Application (WapX) to improve operations across the different touchpoints of the Company. With this new technology, the Company is set to offer a more robust insurance claims processing, increased process efficiency, and enhanced risk management to its cherished customers leading to the elimination of manual processes which significantly reduces processing time.

Additionally, the Company has introduced self-service technology initiatives to provide customers with the opportunity to access the Company’s products and services seamlessly from the comfort of their smart devices. Customers can make insurance purchases, renew policies, file insurance claims, etc. through the USSD code *789*115# or the e-insurance portal of the Company via my.coronationinsuranceghana.com.

The benefits of these platforms to the customer are diverse but worthy of note is the fact that it provides greater convenience for customers, particularly in light of the introduction of multiple initiation channels which offer improved service experience and prompt response to inquiries and requests, altogether allowing for increased reliability of solutions.

All these investments are aimed to increase the Company’s internal efficiencies, improve customer experience, and drive general productivity levels higher.

Conclusion

Our commitment to remain competitive in Ghana is well on course with this boost in our capital and digital platforms and our customers and shareholders can be assured of a sustainable business franchise that supports their insurance needs.

Based on our firm belief that total customer satisfaction and excellent customer experience are the hallmarks of real value, we continue to ensure that all insurance claims are paid promptly within a maximum of 48 hours. We are committed to providing a one-stop-shop solution for all insurance needs and we’ve got the right insurance for everything.