Managing Director of State Insurance Company (SIC) Stephen K. Oduro is appealing to the government through the Bank of Ghana to grant insurance companies powers to establish banks, which he said will improve their operations.
The suggestion, according to him, would serve as another form of assurance to clients of insurance companies about the safety of their insurance policies.
Speaking to JoyBusiness at the sidelines of an awards night for clients of SIC, Mr Oduro was convinced insurance companies have the financial muscles to operate banks effectively and granting them permits would also go a long way to create employment opportunities for the teaming graduates who continue to search for jobs.
He said, “We do work with a lot of banks, but what we don’t do is to insure money that is the responsibility of the Bank of Ghana.”
He added that he has started an advocacy for the Bank of Ghana to allow insurance companies to establish their own banks.
“In the Western world they do because I take your premium, I need to invest and if you take your money to the bank you only deposit and you can go for it any day if you don’t have it then you are in trouble but for primer if you have not filed for any claims your money is there .”
A retired Senior Manager of SIC, Dorothy Willson says customers should ask probing questions when entering into insurance policies.
“You have to ask a lot of questions about whatever insurance being introduce to and listen well before entering into insurance with any company.”
She also advised potential clients of insurance policies to learn to take their own decisions after combing to know which policy to settle on.
In all 25 clients were awarded on the night.