Mutual Insurance Company

8/3/2019 Mutual Insurance Company

1/12

INTRODUCTION Mutual Insurance Company (MIC) is the new and

innovative insurance company which offers a widerange of competitive insurance products to theGhanaian public. Our intimate goal is to become theone-step-shop for all insurance needs, includinginsurance advisory service from our Advisory Bureau


2/12

INTRODUCTION CONT Mutual Insurance is positioned as the youth/ student

insurer providing customised services to the youth andstudents of this country who are at the very heart ofour business.


3/12

BUSINESS AND COMPANY Mutual Insurance Company (MIC) will be rolling out its

products and services to the people of Ghana by June

2009. The necessary structures have been put in place by

the Directors and Management such that June when they

are handed their operational license by the industries

regulator National Insurance Commission (NIC), they will

hit the ground running with an array of exciting new

products and services


4/12

VISION Mutual Insurance Company will position itself to

become the first and most dominant youth/studentsinsurer within the industry. In addition the companywill become the pacesetters in innovation in terms offinancial products, technology and human resourcedevelopment


5/12

MISSION To provide innovation, convenience and competitive

insurance products to value clients, through its highlymotivated and efficient workforce and an assuredcommitment to deliver optimum returns toshareholders


6/12

OBJECTIVES The objectives over the next two years are as follows:

Achieve sales revenue of about GH50,000.00 by yearone.

Expand by setting up contact offices in all publictertiary institutions (base institution) in the southernhalf of the country (this includes the Greater Accra,

Central, Western and Volta Region by year 2 each, theNorthern sector of the country by year 3

Sponsor at least one student from selected baseinstitution in their final year.


7/12

MANAGEMENT TEAM AND

STRUCTURE The Company has eight investors, all of whom are

students in GIMPA. They together own 100% or 200%private owned shares of the company as per ourcharter, no investor can trade, sell or dispose of anyshares without informing the Board of Directors.

Mutual Insurance Companys team of dedicatedinsurance management professionals are a carefullyselected young crop of leaders who are self motivatedand have the business at heart.


8/12

CONTAn illustration of the companys structure, curriculum

vitae of the management team are on page ofthe appendix.

The company purposefully operates a very flatstructure to ensure that management is constantly in

touch with the needs of both its informal and externalcustomers


9/12

FUNDING REQUIRED Mutual Insurance companys presently seeking to find

new investors to help offset the industry regulatorrequired minimum business operational) capital, 60%of the capital required would be used in financing ourexpansion project at our base institution as planned.

The strategy entails a further issuance of 1,500 sharesto employee of (MIC).


10/12

MARKETS AND COMPETITION The insurance industry in Ghana is one market that

has over the years seen continues growth till date.

For expansion of the Ghanaian economy, the discoveryof crude oil in commercial quantities as well as thecompetitive nature of the industry with the emergenceof new entrants on the scene makes the insuranceindustry a viable option.


11/12

MARKET TRENDS AND

PROJECTIONS There are about 23 licensed insurance companies operating

in Ghana of which the top 3 alone commands control ofalmost 70% of the insurance market. Nevertheless, therestill is a vast pool of insurable asssets and resource leftunexploited due to challenges such as illiteracy (ignoranceof the need and purpose of insurance)lack of leadership

will to commit resources to reaching the hinterland, thelack of vision from insurance management professions etc.

Mutual Insurance Company with our strategy of focusingon the youth and tertiary students who together form some30% of the Ghanaian population, MIC will be able to makeappreciable gains in its first 2 years of operation


12/12

PROSPECTIVE CLIENTSAs enumerated in the above section, the youth and

student will remain our core segment of the market aswe look at other green areas of the Ghanaian economysuch as first time home owners, farmers, their farmsand produces as well as the skilled and unskilledlabour markets.

Documents

Mutual Insurance Company