The concerns were borne out of a news reports by some media outlets that the company had rebranded.
In an interview with the media, Mr. Aklasi mentioned that Donewell Insurance had not rebranded, but instead Donewell Life Assurance, a different entity with different ownership and management.
He explained that the concerns emanated from some similarities that Donewell Insurance had with Donewell Life Assurance Ltd – the company that had rebranded.
He said between 1993 and 2007/8 there was only one Donewell Insurance, providing both life and non-life insurance services to its clientele base.
However, the promulgation of a new Insurance Act, 2006 (Act 724) which among other things provisioned the decoupling of insurance companies in terms of long-term business and short-term business, meant that Donewell had to be split into two different entities.
“The distinction that I want to bring out clearly is that while for the short-term business in 12 months you’d have earned your premium, for the long-term business they are insuring people who would necessarily make a claim.
“In the 2006 insurance act they decided that we should separate the entities. So then, Donewell, which was the mother company, gave birth to Donewell Life. At a point down the line in about 2015, 2016 the shareholding changed.”
Donewell Insurance, took on the short term business or general business thus providing services or policies including house insurance, motor insurance, fire insurance etc. Donewell Life Assurance, on the other hand, assumed the life insurance aspect of the business.
Following the separation and the change in shareholding structure, Donewell Life Assurance operated independent of Donewell Insurance Ltd with different ownership and management.
Mr. Aklasi said although the two entities had a shared history, a change in the shareholding structure meant that they adopted new business approaches. Therefore, the rebranding of Donewell Life Assurance to its new identity has no connection and impact on Donewell Insurance and its operations.
Donewell Insurance is and continues to be in the general insurance business with successful and highly patronized products such as fire and allied perils, motor insurance, personal accident, bonds, contractors all risk, money insurance, plant and machinery, fidelity guaranteed policy, goods in transit and public liability policy.
“If it is that you have a house insured, your factory insured, a travel policy etc., then you will know that you have been dealing with Donewell Insurance Ltd. We are here. Our name hasn’t changed since 1993 when we started operations”, Mr. Aklasi said assuring customers of continued innovative services.
Donewell Insurance Ltd is a limited Liability Company owned by the Methodist Church, Institutional Investors, Professional Trade Associations and other individuals.
Incorporated in Ghana on 3rd November 1988, the company has consistently maintained professionalism in insurance management, underwriting and marketing and has won several industry awards including Best Performing Insurance Company (2018) at the Ghana Insurance Awards and Prudent Underwriting Award (2020) by Ghana Reinsurance Company Limited.
Donewell Insurance has embarked on life changing CSR projects. Since 2018, it has consistently supported the National Blood Bank and 37 Military Hospital with its annual Blood Donation drive estimated to have added about 2500 pints of blood to the national bloodstock and winning the Best Company in Promoting Voluntary Blood Donation by Sustainability & Social Investment Awards in 2018.
GNA
