Prime News Ghana

Donewell Life Company; Providing formidable protection on the back of innovation and customer-centred service in the life insurance space

By McBen Asamoah
Eric Ato Botchway, Managing Director of Donewell Life Company Limited
Eric Ato Botchway, Managing Director of Donewell Life Company Limited
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Distinctive service, state of the art technology focused on customer needs makes Donewell Life Company a preferred life insurer in Ghana.

In 2019, Donewell Life Company gross income grew by 31%, net assets topped a 29% rise over the previous year.

The rally started some 27 years ago, when the insurer began the race to be at the forefront of the insurance business in the country.

The privately-owned insurance company was incorporated in February 26, 1993 and licensed to carry out corporate and retail insurance business in Ghana. It commenced operations in March 1993.

Donewell Life became an independent subsidiary company after it was separated from the composite operations of Donewell Insurance, thus life from the non-life business in January 2008.

In view of this structure, a new business management plan was implemented. Donewell Life improved its financial status, upgraded infrastructure, improved skills among its professionals. The business simultaneously further extended its national presence and invested in technology and product distribution.

As part of the company’s plans to increase penetration of life insurance products and services in the market as well as take insurance closer to the insuring public has twelve branches with a virtual branch to offer superior products and services to customers across the country.

“We are becoming bigger, better and more competitive” states Mr. Eric Ato Botchway, Managing Director of Donewell Life Company Limited.

The company has contributed to bringing insurance products and services closer to the people and businesses in Ghana. Since its foundation back in 2008 as a separate Life insurance entity, had improved all its financial indices. The growth started significantly from 2017 when gross income grew at an average growth rate of 40%, year on year.

Donewell Life, in its 27-year history, has emerged as one of the best managed life insurance enterprises in terms of assets and currently the sixth biggest indigenous life insurance business in terms of profitability.

Donewell Life Company has appreciable presence in the Ghanaian Insurance Industry and with a much competitive growth rate, which has improved our ranking positioning among the top ten life insurance companies at the end of 2019 in profitability.

The high growth rate over the years and the growing market share is informed and supported by a comprehensive strategic plan by the company’s management and investment in technology and people.

The Company’s market share has increased over the period, particularly in a period where new entrants in the industry had made it very competitive and quite difficult to even maintain market share. Its success is deeply rooted in its core values of passion, collaboration, integrity and discipline.

The Company’s visionary leadership, ardent quest to meet customers needs, prudent underwriting, heavy investments in Human Resource and Information Technology infrastructure are some of the key factors that account for its growth and stability.

Donewell Life’s range of life insurance products include Executive Pension, Personal Pension, Royal Funeral, Future Scholar and Group Life Insurance policies. Others include credit life and microinsurance policies.

Among the most innovative measures the company has developed, particularly as a response to the covid-19 pandemic, include a virtual customer service management platform and online policy sign ups. This innovation affords the company to shift most of its business activities to a digital space in order to protect its clients and provide better services.

Indeed, through this innovation, policy sign ups and claim processes are executed in few minutes through Donewell Life’s user-friendly virtual branch.

With the new IT infrastructure, all remittances and transactions are carried out online using channels such as USSD, Mobile Money, VISA, Master Card and Bank transfers.

Donewell Life Company has improved its customer service management systems with product enquiries and customer complaints, addressed promptly via Social Media, ticketing platform and Chat rooms.

By year-end, Donewell Life will be launching its virtual branch and customer service automation to respond to client’s issues 24/7 using Artificial Intelligence.

With a strong management team led by Mr. Eric Ato Botchway, who has over 18 years experience in the field of insurance, the company is poised to offer the best in life insurance solutions and superior customer service.