Ghana’s Enterprise targets Nigerian insurance market with digital capabilities

The drive to explore the Nigerian insurance market’s population potential is gaining momentum, with Ghana Enterprise Group’s last week’s announcement to deploy digital capabilities in the local market.

The company plans to attract and enhance customer value by acquiring digital capabilities, deploying mobile apps, customer relationship management systems, universal payment among other strategies.

The group will focus on delivering excellent services to policyholders and contributors likewise seeking a high standard of service delivery and ensuring consistency in achieving set standard across all subsidiaries and branches. Customer’s preference according to the CEO would be paramount across all business within the group, quoting Keli Gadzekpo, chief executive officer of Enterprise Group.

Nigeria has over 180 million populations with majority in the middle class, but having less than one percent insurance penetration in relation to the GDP

Ghana Ventures Africa report, says the Ghana’s pioneering insurance company has revealed plans to enter the Nigerian insurance market. Enterprise Insurance is the largest private insurance company in Ghana and is currently the highest ranked general insurance company in the club 100 listing.

Enterprise Group comprises Enterprise insurance Company, Enterprise life, Enterprise Trustee Limited, Enterprise properties and Enterprise funeral services. The group recorded a total net income of GHc543 million last year with its assets totalling GHc 1 billion.

This year, Enterprise group announced a pre-tax profit of GHc90.4 million and earnings per share of GHcc0.0397 with a net premium growth of 29 per cent compared to 20.4 per cent in 2016 and profit growth of 27. 9 per cent at the close of business on 31st December 2017.

With the expansion imminent, Enterprise group would compete with already established insurance firms in Nigeria likewise contributing its quota to the Nigerian insurance industry. The company plans to attract and enhance customer value by acquiring digital capabilities, deploying mobile apps, customer relationship management systems, universal payment platform as well as active engagement with customers on various media platforms.

“Our dream is to enter the Nigerian market very soon. We are making progress on that we have the money, and very soon we will finish the transaction and let the public know about it,” said Keli Gadzekpo, Chief Executive Officer, Enterprise group while speaking on their expansion into Nigeria. “The Group is expecting a strong entry with the Life insurance business, then the rest will follow later,” he added

Keli said, “We believe that people drive the execution of our strategy, and therefore ensure that we create the required environment embedded in the right culture and engage them throughout their life-cycle within the business.” Enterprise Insurance is the first insurance company to be listed on the Ghana Stock Exchange.

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