Kakra Duffuor-Nyarko, CEO, StarLife Assurance
THE ROLE of life insurance companies in the development of any country cannot be over emphasized, as they offer services which benefit individuals, families and businesses in order to manage their finances for a better future. Despite the economic challenges in 2022, StarLife made a positive contribution to the Ghanaian economy thereby creating momentum for a solid business performance in 2023.
To overcome the obstacles and maintain its growth trajectory through 2023, StarLife has consistently deployed a data driven business strategy to serve its clients.
To expand accessibility of insurance benefits to many more Ghanaians through digitalisation, StarLife introduced its Mobile App, MyStar, and USSD code, *7373#. Clients currently have the luxury of checking their policies, paying premiums, applying for claims, making partial withdrawals, initiating refunds and locating branches nationwide at their convenience. They can also buy airtime, data and pay utility bills using the MyStar and USSD Code. This feat underscores StarLife’s quest for superior customer experiences, innovation and a commitment to partnership with clients for life.
My Clique Insurance Solution
Developing innovative insurance solutions that positively impact the lives of clients is one of the hallmarks of StarLife. One of such solutions was the launch of the ‘My Clique’ Plan; a group welfare insurance policy designed for alumni groups and associations to provide financial compensation to members and their loved ones when unexpected life events occur. As one of the unique insurance solutions in the industry, the ‘My Clique’ plan pays an attractive lump sum as compared to contributions paid by group members when the unexpected occurs. This has led to many more groups embracing this policy to alleviate the financial burdens on individual members and the group as a whole.
Building strategic relationships and partnerships was one of the key selling points for StarLife’s success in 2022. One of such major relationships was a novel strategic alliance with the Ghana Pentecostal and Charismatic Council (GPCC). This agreement, which is one of a kind in the industry is to provide tailor-made life insurance policies that will secure member churches of GPCC, their families, and ultimately support the council.
StarLife Engage – Reaching out to the Clients
When it comes to winning over customers, businesses know that everything depends on their customers’ experience with their employees, whether frontline employees or back-office staff. ‘StarLife Engage’ seeks to reassure clients of StarLife’s commitment towards their welfare. Every month, a maximum of nine staff members went out during each StarLife Engage day, made up of three teams of three from each department, to visit existing and prospective clients. Their major duty was to engage them on StarLife’s unique offerings, forge and maintain relationships with clients, discuss challenges, as well as gather feedback on ways StarLife can improve their business and serve them better.
Social Impact Projects
Additionally, StarLife played a significant role in supporting various vulnerable groups, in the country. We have prioritized the well-being of children in our social impact initiatives and as part of our 17th Anniversary we supported the Kressner Handmaids Children’s Home with assorted items and a cash donation. Other groups StarLife supported are the African Health Supplies; an organization committed to providing state-of-the-art solutions for critically ill and premature new-borns, the Down Syndrome Foundation; an NGO that supports children with down syndrome, the Hope Setters Autism Centre; an NGO dedicated to supporting and training persons living with disability and the Mfantsiman Senior High School 1991 Year Group; to support their efforts in building an ICT Centre and Library for the school.
Even though 2022 was an eventful year for the company on all fronts, StarLife undertook some strategic initiatives to positively impact the lives of many Ghanaians. Key amongst these was StarLife’s acquisition of four (4) retail portfolios of Exceed Life Assurance under the supervision of the National Insurance Commission (NIC). The retail portfolios are the Cash Plan, Child Education Plan, Home Going Plan and Dream Life Plan. It is expected that StarLife will leverage on this important acquisition to build upon its outstanding business growth in 2023.
What Clients Should Expect In 2023
StarLife Assurance has an infinitely positive outlook for its clients, stakeholders and the industry in 2023. The company will invest more in Environmental, Social and Governance (ESG) related programmes such as staff volunteerism in local communities, energy and natural resource conservation, ethical supply chains and many others. The company also seeks to promote financial inclusion by forging strategic partnerships with some insuretechs in the industry.
StarLife remains committed to supporting clients achieve their financial goals in 2023 through innovative life assurance solutions. Clients should therefore be assured that their investments are safe with StarLife and they should continue partnering with StarLife for life.