91 Amit Dudani
Purcahse Manager T: +233 302 251784
– 88 Ext. 208 M: +233 547 340034
E: sourcing1melcomgroup.com
Interview Summary: Millennium Insurance
Millennium Insurance
Business SectorIndustry: Insurance
Location of OperationsProduction: Accra, Ghana
Date of Interview: June 9, 2015
Location of Interview: Accra, Ghana
Company FocusProduct:
Millennium Insurance Company Limited MIC is a private limited liability Company licensed as an insurer by the National Insurance Commission to
underwrite non-life insurance business on 1st July 2011.
The company is a member of the Jospong Group of Companies which currently has 32 subsidiaries locally and 8 companies in other parts of Africa and the
Middle East.
The corporate vision of Millennium Insur ance Company is “ to be the insurer of
choice in Ghana” and the company’s mission is “ to offer their valued
customers all their insurance needs in an efficient and trustworthy manner”
Millennium Insurance seeks to provide unparalleled quality service to clients through the introduction of relevant insurance products that reflect a sound
understanding of changing lifestyles and client needs.
Millennium Insurance has in place adequate reinsurance treaty program with both local and foreign reinsurers to enha
nce the company’s capacity and
financial security to underwrite any risk.
The company offers Motor Insurance, Personal Insurances, Liability Insurance, Property Assets Insurance, Project Engineering Insurance, Travel
Insurance, Marine and Aviation Insurance among several others. The company has staff strength of 32 and has branches in Takoradi, Tema,
Kumasi and secondary distribution outlet in Cape Coast.
Business Interests:
Millennium Insurance is interested in providing a complete and well-tailored insurance package for folks fishermen and fish processors in the fishing
industry. Such a package would however be contingent on if the fisher folk are organized into easily identifiable groups which have been profiled and offer a
sufficiently large customer base for the company. This insurance plan would
form part of the company’s strategic objective of expanding their frontier. Millennium Insurance is also interested in partnership with interested
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organizations that want to leverage on the insurance products the company offers.
The company is interested in providing fisher folk with an insurance scheme under which pensions can be provided in exchange for the payment of small flat
premium rates.
Business Challenges:
Low insurance premium rates paid by automobile owners, especially for third party insurance policies making which are insignificant when compared to
compensation claims made under these policies when accidents occur. Reluctance of most drivers and vehicle owners to readily accept increases in the
present low premium rates. Intensive competition in the insurance sector making insurance companies to
undercharge where necessary. Lack of data to appraise insurance applications of groups.
Continuous movement of clients from one insurance company to the other making it difficult to track their activities.
CSR if any:
Provided canopies for the Ghana Police to enhance their operations.
Partnership with UT Bank involving insuring the Bank’s mobile vans, which are used to disseminate information on breast cancer, free of charge
Cash award to the best three 3 students in insurance at Pentecost University College, Ghana.
AlliancePartnership Potential highmediumlow: High
Program Areas Project Overlap:
The company already is planning to ent er the fishing industry and it’s in the
process of developing modalities as to how this initiative will be implemented. In this vain, the project can capitalize on this plan and build partnership so
insurance is provided to the fishermen and fish processors. The company is ready to finance the purchase of the improved oven SNV is
about to deploy to the fish processors under a special package for the sector provided it is part of a special package to be worked out and the proposals are
viable. The fish processors will then pay the company in installments.
Company assets:
Interest in the fishery sector, liquidity, expertise in insurance and experience.
Previouscurrent engagement with USAID if any: None known
Drawbacks mini-due diligence:
The company does not have enough offices in the Western and Central regions and will have to set-up outlets in the catchment areas of some of the partners to
make their service accessible to the target groups.
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Point of Contact:
Godfred Djanie Managing Director
T: +233 302 766633 302 763323 M: +233 244 364311 501 285825
E: gdjaniemillenniuminsurancegh.com Website:
