Invest in Data, Technology to Gain Global Competitive Advantage – Second Deputy Governor, BoG

The Second Deputy Governor of the Bank of Ghana(BoG) Mrs Elsie Addo Awadzi has tasked Ghana Reinsurance (Ghana Re) PLC to invest in human resources, data and technology to give the company a competitive advantage globally.

In a speech read on her behalf at Ghana Re's 50th Anniversary Dinner and 13th Cedants Awards Night in Accra on Friday, she said, leveraging modern technology, quality data and developing the skills of employees would ensure efficiency and productivity at Ghana Re.

"In order to maintain their status as one of the best on the continent in terms of productivity and business efficiency, it is important to prioritise quality data, invest in its people and utilise modern technology to reduce budgetary allocation," she stated.

Data strategy she said, must be incorporated into the entire business growth strategy of the company as it would go a long way to move the company to greater heights in terms of generating profit on yearly basis.

"They must also identify appropriate technological tools which will go a long way to help the company boost productivity and provide Ghana Re with the required market advantage," she stressed.

The BoG she said, would continue to support businesses such as Ghana Re to thrive as their roles in the growth of Ghana's economy was very vital.

"Companies like Ghana Re has promoted financial stability and protected the insurance industry by ensuring safety with regards to the businesses," she added.

She urged management of Ghana Re to continue working hard to grow the company by continuously delivering customer satisfaction.

"The 50th Anniversary celebration is a good time to reflect and ensure they improve the capacity of Ghana Re to become a global force," she stated.

The Managing Director for Ghana Re, Mr George Y. Mensah said the company since its establishment had contributed significantly to the socio-economic development of the country and remained committed to the course.

Going forward, he said, Ghana Re would seek to move from being among the top 20 to the top 10 reinsurers in Africa.

To achieve that, he said, the management of Ghana Re had taken steps to provide not only additional capacity to its clients but looking ahead to making the company more relevant as an African reinsurer and put the company on a higher business pedestal.

"Management is implementing strategies to further strengthen business operations which includes expanding into new market and products and enhance operational excellence through the introduction of appropriate technology for ease of business operations and to improve customer experience," he stated.

In all, 19 awards were presented on the night with the Cedant of the Year (General Business) going to Enterprise Insurance Limited while Hollard Insurance Limited, Provident Insurance Limited settled for the first and second runner up respectively.

In the General Business category Allianz Insurance Company walked away with the prize for Prompt Premium Payment,

Contribution to Growth of Ghana Re went to SIC Insurance PLC while Prudent Underwriting was received by Ghana Union Assurance Company Limited.

Loyalty to Ghana Re was won by Unique Insurance Company Limited with Broker of the Year going to KEK Reinsurance Brokers.

For the Cedant of the Year (Life Business), Metropolitan Life Insurance Limited walked away with the ultimate prize while Enterprise Life Assurance Limited and SIC Life Insurance came second and third in that order.