Mrs. Maame Dufie Achampong-Kyei Obeng has become a formidable force within Ghana’s life insurance industry. Her strategic vision, dynamic leadership, and passion for delivering client-focused solutions have distinguished her as one of the most promising personalities shaping the future of life insurance in the country.
With a deep understanding of risk management and customer needs, she is redefining how life insurance is perceived—not just as a financial safety net, but as an essential instrument for long-term security and wealth creation.
As one of the most identifiable emerging business elites, in the life insurance industry, Mrs. Achampong-Kyei Obeng, the Managing Director of GLICO Life Insurance Company Limited described her journey in the insurance industry.
With a background in finance, risk management, and strategic leadership, my focus has been on enhancing insurance penetration and ensuring GLICO Life remains a market leader through customer-centric policies and digital transformation.”
She is deeply passionate about driving innovation in the life insurance sector and is committed to making insurance accessible and relevant to all Ghanaians.
Overview of Ghana’s Life Insurance Industry Over the Last Decade
Ghana’s budding Life Insurance elite, Maame Dufie, highlighted the remarkable evolution of the life insurance industry over the past decade, emphasizing the significant progress made in both structure and service delivery. She explained that the industry has moved from a traditionally conservative model to a more dynamic and customer-centric system.
This transformation has been fueled by a combination of internal reforms and external influences, positioning life insurance as a vital component of personal financial planning among Ghanaians. Today, more people are beginning to appreciate the value of life insurance, not just for protection, but also as a tool for investment and wealth preservation.
According to her, three key drivers have been instrumental in this change—regulatory reforms, technological advancements, and a heightened public awareness of financial security. Regulatory bodies such as the National Insurance Commission (NIC) have introduced policies that encourage innovation and ensure greater transparency and consumer protection. Additionally, the integration of digital technology has revolutionized product development, distribution, and claims processing, making insurance more accessible and efficient.
Mrs. Achampong-Kyei Obeng noted that as financial literacy improves and trust in the insurance system grows, the life insurance sector is poised for even greater impact and expansion in the years ahead.
Previously, insurance uptake was hindered by myths and misconceptions, but today, digital solutions, microinsurance products, and financial literacy campaigns have helped change perceptions, making life insurance more accessible and affordable.”
Disruptive Trends and Innovations Shaping Life Insurance Today
Considering the most exciting developments in the life insurance sector today, the CEO of Glico Life Insurance Company Ltd. pointed to the rapid digitization of insurance services as a major game changer. She highlighted how the industry is increasingly leveraging digital platforms to enhance customer experience, improve accessibility, and streamline operations.
One notable example she mentioned was the use of USSD codes such as *765#, which allows customers to conveniently purchase ‘the More Anidaso Micro Insurance policy’ from GLICO Life. This innovation brings insurance directly into the hands of the everyday Ghanaian, especially those in underserved communities who may not have access to traditional insurance channels.
The budding Life Insurance Elite also noted that the growing trend toward personalized insurance products is revolutionizing the way companies engage with clients. Today’s consumers are looking for policies that not only offer protection but also align with their individual lifestyles, income levels, and long-term goals.
Insurers, therefore, are responding by developing tailor-made products that address specific needs, from education and health to savings and retirement. She believes that these advancements—driven by technology and consumer data—have the greatest potential to disrupt the industry, ushering in a more inclusive, responsive, and forward-thinking insurance ecosystem in Ghana.
Looking ahead, the biggest disruptors will be artificial intelligence, big data analytics, and strategic collaborations within the African Continental Free Trade Area (AfCFTA).”
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Impediments in the Life Insurance Industry
The astute Life Insurer acknowledged the several challenges hampering the growth of the life insurance industry in Ghana. Chief among them, according to her, is the persistently low penetration rate, which stems largely from limited financial literacy and a general lack of awareness about the benefits of life insurance. Unfortunately, many Ghanaians still view insurance as a luxury rather than a necessity, which hinders the growth of the sector.
She added that economic uncertainties—such as inflation, currency fluctuations, and income instability—further discourage individuals from committing to long-term insurance plans, making it difficult for insurers to expand their customer base sustainably.
Beyond these structural challenges, the Life Insurance expert drew attention to industry-specific issues such as premium undercutting, where companies lower prices to attract customers, sometimes at the expense of long-term viability. This practice, she explained, can distort the market and weaken the overall financial health of insurance providers.
Moreover, the cost of compliance with evolving regulatory frameworks places a heavy burden on companies, especially smaller insurers that may lack the resources to adapt quickly. These hurdles, while significant, also present an opportunity for the industry to rethink its strategies, invest in consumer education, and embrace innovation to build resilience and trust among policyholders.
To overcome these challenges, Mrs. Maame Dufie Achampong-Kyei Obeng believes insurers must prioritize digital innovation, strengthen customer education, and foster strategic partnerships that promote trust and accessibility. She emphasized that educating the public about the importance of life insurance and simplifying the customer journey are essential to increasing penetration.
At GLICO Life, she noted, the company has taken a proactive approach by leveraging technology—such as the *765# USSD code—to make it easier for Ghanaians to purchase policies and file claims within minutes, ultimately bridging the gap between insurers and underserved communities.
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Resilience in the Face of Crises
The CEO of GLICO Life Insurance acknowledged the significant challenges posed by the COVID-19 pandemic and the Domestic Debt Exchange Program (DDEP) to Ghana’s insurance industry. These crises disrupted the economic landscape, making it difficult for many businesses, including insurers, to thrive. However, under the incisive leader, the company remained resilient, adapting to these external shocks through strategic and proactive measures that ensured continued growth and stability.
To weather the storm, the young and enterprising leader highlighted the importance of diversifying investment portfolios, which helped mitigate risks from economic instability. The company also accelerated its digital transformation, making it easier for customers to access services remotely and stay engaged with the company during such uncertain times. Additionally, strengthening customer relationships became a key focus, ensuring that policyholders felt supported and valued, even in challenging circumstances. These efforts solidified GLICO Life’s position as a market leader in the life insurance sector.
One of our key digital innovations, introduced over seven years ago, was the M-Proposal and E-Premium platforms. These cutting-edge tools enabled seamless operations even at the height of the pandemic. Clients could: Self-onboard without visiting a physical office; Pay premiums conveniently via mobile money from anywhere; Receive claims swiftly without delays, ensuring financial security when they needed it most. By embracing technology and customer-centric solutions, GLICO Life successfully navigated these turbulent times while continuing to deliver on our promise of cushioning lives.”
The transformational leader emphasized that leadership during times of crisis demands qualities such as agility, innovation, and a strong commitment to people. She believes that by maintaining transparent communication, reinforcing customer service strategies, and embracing flexibility, leaders can effectively navigate the ups and downs of macroeconomic forces and market cycles. These approaches are key to successfully overcoming challenges and emerging even stronger.
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Positioning GLICO Life for Global Competitiveness
Charting the next business front, the budding Life Insurance elite disclosed that she is positioning the company to capitalize on the opportunities presented by the African Continental Free Trade Area (AfCFTA), which offers significant potential for the expansion of the life insurance sector across the continent.
She views AfCFTA as a key enabler for GLICO Life to broaden its reach and contribute to placing Ghana on the global life insurance map. With the agreement fostering trade and reducing barriers among African nations, GLICO Life plans to leverage this framework to extend its services beyond Ghana’s borders, allowing more Africans to access quality life insurance products.
To ensure its competitiveness, GLICO Life is focusing on building strategic partnerships with both regional and international players in the financial sector. By collaborating with key stakeholders, GLICO Life aims to enhance its market presence and expand its customer base throughout the continent. Additionally, product innovations are at the heart of the company’s strategy, as it seeks to develop solutions tailored to the unique needs of different African markets. Through these innovations, GLICO Life is working to deliver not only traditional life insurance products but also new offerings that meet the growing demand for flexible and affordable financial security solutions across Africa.
Moreover, the CEO emphasized the importance of digital expansion in GLICO Life’s plans for regional growth. The integration of digital insurance solutions is crucial for facilitating cross-border transactions and providing seamless access to insurance products for customers throughout Africa.
By embracing technology, GLICO Life aims to break down geographic and logistical barriers, allowing more Africans to benefit from life insurance coverage. This digital push aligns with GLICO Life’s long-term vision of becoming a leading player in the African insurance market, thus, positioning Ghana as a hub for innovative and accessible financial security solutions.
“To expand internationally, insurers must tailor products to different markets, comply with regional regulatory requirements, and build strong brand trust. GLICO Life is actively exploring these strategies to contribute to Ghana’s presence on the global life insurance map.”
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Doing Things Differently Required to Accelerate Economic Growth
The quick-witted leader believes that to accelerate Ghana’s economic growth, the new generation of business leaders must do things differently from their predecessors. While the previous era of leadership focused largely on traditional business models and conservative growth strategies, today’s business environment demands a shift in mindset and approach. She emphasized the importance of embracing technology, sustainability, and inclusivity as core principles for shaping a more resilient and future-ready economy.
According to Mrs. Achampong-Kyei Obeng, modern leaders must be agile, data-driven, and customer-focused in order to stay competitive. In an era marked by rapid technological change and global market volatility, the ability to quickly adapt to new trends and customer expectations is vital. Leaders must leverage data analytics and digital platforms to understand consumer behavior, optimize operations, and drive innovation across their industries.
Mindful of the evolving business landscape, the life insurance doyenne highlighted strategic foresight, adaptability, digital literacy, and ethical leadership as essential leadership and management skills needed to thrive in this era. Strategic foresight, according to her, allows leaders to anticipate and prepare for future challenges, while adaptability ensures they can pivot effectively in response to unforeseen shifts. In addition, digital literacy has become a non-negotiable skill, empowering leaders to harness emerging technologies for business growth.
Ultimately, she believes the future belongs to leaders who are not only innovative but also proactive in responding to economic and industry transformations. Ethical leadership, she added, will be especially crucial in building trust and sustaining long-term business success.
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Government’s Role in Positioning Ghana as a Life Insurance Hub
The CEO of GLICO Life believes that for Ghana to position itself as a leading life insurance hub within Africa’s vision of a unified market, the government must play a proactive and enabling role. She emphasized the need for policies that directly support the growth and sustainability of the life insurance industry. This includes offering tax incentives to insurers to encourage expansion and investment, as well as implementing regulatory frameworks that foster innovation and create a level playing field. According to her, government-backed Public-Private Partnerships are also essential for expanding access to insurance, especially in underserved communities.
Furthermore, Mrs. Achampong-Kyei Obeng highlighted the importance of integrating insurance education into national financial literacy programs. She argued that building trust and understanding among the population is key to increasing insurance penetration in Ghana. She also noted that when people are aware of the value and purpose of life insurance, they are more likely to invest in it as a tool for financial security.
By collaborating with industry stakeholders and reinforcing education, the government can help create a stronger, more inclusive insurance culture that supports economic resilience and aligns with Africa’s broader goal of a single, interconnected market.
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Future Trends to Dictate the Pace in the Industry
The Life Insurance Personality envisions a future for the life insurance industry that is heavily influenced by technological advancement and evolving customer needs. She noted that digital transformation will be at the heart of this shift, driving innovation in how insurers interact with clients and deliver services. Key developments such as data-driven underwriting and automation of claims processes will not only enhance operational efficiency but also improve transparency and trust. By streamlining these functions through technology, insurers can offer quicker, more reliable service to their clients.
Additionally, the shrewd insurer emphasized the growing importance of personalized customer experiences. As consumers increasingly seek tailored financial solutions, the life insurance industry must respond with products that are affordable, relevant, and easy to access. This means leveraging digital tools to understand individual needs and deliver flexible coverage options that reflect the realities of modern life.
By embracing innovation and prioritizing customer-centricity, she believes the industry will remain resilient and better positioned to serve a more diverse, tech-savvy population in the years ahead.
The budding Life Insurance Elite advised fellow players in the life insurance industry to remain committed to innovation, collaboration, and customer education as they work toward the shared goal of transforming Ghana into a life insurance hub in Africa. She emphasized the need for unity in promoting financial inclusion, embracing technology, and maintaining high ethical standards to build public trust and drive industry-wide growth.
To industry players, my advice is simple: innovate, collaborate, and prioritize customer experience. The insurance landscape is evolving, and those who adapt quickly and strategically will lead the way in transforming Ghana into a life insurance hub.”
GLICO Life, Committed to Securing the Future
Looking into the future, the CEO of Ghana’s leading Life Insurance Company noted that the company remains committed to delivering quality life insurance solutions that secure the future of individuals and businesses.
“We continue to innovate and provide accessible, affordable, and reliable insurance services to all Ghanaians. As we look ahead, collaboration, innovation, and customer-centricity will be the driving forces in ensuring that insurance becomes an integral part of financial planning for all.”
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