Hollard Group, through its subsidiaries Hollard Insurance and Hollard Life Assurance, has teamed up with Ghana Enterprises Agency (GEA) to create Asomdwee, a customized insurance product for Micro, Small, and Medium-sized Enterprises (MSMEs) in Ghana.
Property, public liability, and life insurance are all covered under the comprehensive policy (Asomdwee), which is a custom-fit for developing businesses. “Asomdwee” offers three tailor-made insurance packs based on the size and type of the business, namely bronze, silver, and gold, with premiums as low as GHC 360, GHC 910, and GHS 2,310 for coverage up to GHS 300,000.
Mrs. Patience Akyianu, the Group CEO of Hollard Ghana, described the relationship as an ‘industry first’ that exclusively helps MSMEs during the opening ceremony at the company’s head office.
The package, according to the Group CEO, is a comprehensive insurance package that will insulate enterprises against all types of potentially unforeseen eventualities and ills of a permanent nature experienced by the package’s subscribers.
“In our quest to enable more people to create and secure a better future, we have partnered with Ghana Enterprises Agency to offer an off-the-shelf MSME insurance product that will protect business owners, employee’s welfare, and their business assets from unexpected incidents. The beauty of Asomdwee is that regardless of the package the MSME opts for, they enjoy coverage for; permanent total disability, critical illness, death, burglary, public liability and fire & allied perils at flexible premiums”.
Mrs. Patience Akyianu
Main objective of “Asomdwee” product
The main goal of this novel insurance package, according to Mrs. Akyianu, is to build a financially inclusive society and to strengthen businesses in the country. She added that the package will help businesses get back on their feet as a result of the dire effects the Covid-19 had on the country’s businesses.
“Achieving a financially inclusive society requires a system that supports varying business sizes. We’re doing what we can towards this goal. Our collaboration with GEA is made to suit their unique risks. Through Asomdwee, business owners can bounce back to their feet.”
Mrs. Patience Akyianu
Mrs. Kosi Yankey-Ayeh, the Chief Executive Officer of Ghana Enterprises Agency, noted that the new insurance package’s debut is pertinent because it underlines the need for insurance and risk mitigation techniques.
“The world is changing and transforming at a rapid pace and COVID-19 has emerged to accelerate this transformation. The new dynamics necessitate the development of new strategies. Yes indeed, sustainable ones. Hence, partnering with an insurance institution such as Hollard will help in the development of the world-class MSMEs we aspire to see, those capable of standing on their ‘own’ two feet in times of any eventualities and throughout their business cycles”.
Mrs. Kosi Yankey-Ayeh
Mr. Yankey-Ayeh further posited that the insurance package will safeguard the long-term viability of MSMEs by allowing subscribers to save and invest in insurance products that will help them plan for the future.
“GEA and Hollard Insurance are stepping out to break down business sustainability with insurance products that allow all businesses irrespective of the size of your wallet, to save and invest in insurance products that will help them prepare for the future”.
Mrs. Kosi Yankey-Ayeh
Mr. Yankey-Ayeh then concluded that Asomdwee is a basic product with a straightforward claims process and no waiting period.
