Massive public education needed to boost insurance penetration – Allianz Life CEO

Chief Executive Officer of Allianz Life Insurance, Gideon Ataraire has called on insurance companies to embark on a comprehensive public education exercise as part of efforts to improve the low insurance penetration in the country.

The newly passed insurance act has established a public education fund which is intended to be used by the regulator, National Insurance Commission, to sensitise the public on the importance of insurance.

Speaking at the launch of the Allianz Farewell Plus funeral policy, Mr. Ataraire said aside from the move by the regulator, insurance companies themselves have a responsibility to embark on campaigns to educate the public.

“We need to do a lot more on education and we will not leave it to the regulator to do it alone. As individual insurance companies, we also need to come up with our own ways of educating the people on the radio, on social media, face-to-face etc. We are going to leverage all these to play our own part as an insurance company. So, you can imagine if all the insurance companies decide to play their role in educating the masses coupled with what the regulator is doing,” he said.

Commenting on the Allianz Farewell Plus funeral policy, Mr. Ataraire stated that Allianz Life incorporated the feedback of its clients into this new policy making it a highly functional policy that actually serves the needs of the public.

The Allianz Farewell Plus, he said, has a maximum ceiling of sum assured pegged at GH¢80,000 – increased from GH¢50,000.


According to him, another feature of the policy is that after 36 months of the policy running without any claims paid, the policyholder gets 10% of the total premium contributed on the 3rd year as “No claims cash back”.

The policyholder will continue to enjoy this benefit every year thereafter of no claims till waiver of premium kicks in when the policyholder attains 60 years.

He stated that the Allianz Farewell Plus has a number of exciting features that make the policy the best buy for anyone seeking a very flexible and useful funeral policy.

The special guest at the launch, Michael Andoh, Deputy Commissioner at the National Insurance Commission urged insurance companies to stay true to the policies they sell to their clients in order not to contain the expectations of the public especially when it is time to make claims.