By Joe Dinga Pefok
The General Manager of Beneficial Life Insurance, Eddie Ford Brown, has said the major priority of the company is to pay clients' claims.Brown was speaking at a press conference held at Meridien Hotel in Douala on Wednesday, April 19.
Organised by McCANN ERICKSON Cameroun, an advertising firm, the press conference was part of an ongoing image reinforcement campaign of the company.Brown said Beneficial Life has been waxing stronger for 30 years. He said the company has established a reputation for paying claims promptly.
"We pay our claims and do business correctly. There is no doubt that we will continue to stay in the Cameroon insurance market for years to come," Brown declared. "We are a company as solid as a rock," he added.
Leadership Position
The senior management staff said the company is responsible for the growth of the insurance culture in Cameroon. This was attributed to the sales approach that emphasises direct contact with clients.
"As a result, our vast network of branch offices and agents has been able to respond to the individual needs of every customer. This is an important fact, given the saving capacity of a less privileged stratum of the population," the Marketing Director of Beneficial Life Insurance, Jacob Sindze, explained.
It was disclosed that Beneficial Life has collected, in terms of premium, FCFA 4.175 billion, which accounts for a third of the Cameroon market.The management team disclosed that the company has paid FCFA 225 million claims, and FCFA 1084 million worth of matured contracts.
Beneficial Life Insurance paid FCFA 1883 million as educational benefit to orphaned students at the beginning of the 2005/2006 school year.The company also has a portfolio of over 100.000 insured persons. Beneficial Life portfolio has a total technical reserve of FCFA 17 billion, which is fully covered by assets accepted by CIMA, it was as well disclosed.
"Beneficial Life Insurance's leading position on the market is based on its distribution network, its innovative products and service, as well as the skills of its sales agents," the General Manager stated.
In response to a question about the sales agents, Brown said the company has over 400 sales agents spread across the ten provinces of the country. He said the agents are all well trained on field operations through an intensive in-house training programme, and are made to constantly bear in mind that the customer is always the king.
On what happens when dubious sales agents defraud a customer of the company, Brown noted that fraud by sales agents is a rare happening in the company, as management tries as much as possible, during recruitment, to get people of good moral standing.
Nevertheless, he said when any case of fraud is identified against a client, the agent concerned is immediately fired, and the client's account credited by the company, with the amount of money that was involved in the fraud.
Ownership Of Beneficial Life
The company's management announced that the dispute over the ownership of Beneficial Life has been laid to rest. It said the relevant authorities and the court have recognised a group of American and Cameroonian shareholders as the legitimate owner of the company.
"No Matter What Happens"
The senior management personnel explained that the company's slogan "No Matter What Happens," falls in line with its mission, which is insurance coverage for a customer, his or her loved ones, as well as his or her business and property.
"Beneficial Life Insurance guarantees the security of its customers in both private and professional lives, no matter what happens," stated the management team.
Beneficial General Insurance
It was also stated at the press conference that Beneficial Life Insurance Group was established in Cameroon 30 years ago as American Life Insurance Company, ALICO. The change of name came in 1995 in order to conform to a new law on the operation of insurance companies in the country.
Then in 1999, the Beneficial Life Insurance Group, which had all along been dealing only in life insurance, created the Beneficial General Insurance, which handles diverse risks like fire, accidents, among others.
Products, Limbe Hotel Project
As presented at the press conference, the products of Beneficial Life Insurance includes Children's Educational Plan, Triple Payment Plan, Anticipated Endowment Plan, Endowment Plan, Mortgage Plan, Family Protection Plan, Term Plan, Whole Life Plan, and Supplementary Pension Plan.
The Provisional Administrator of Cameroon Airlines, Paul Ngamo Hameni, wanted to know what other contributions, besides providing insurance cover, Beneficial Life Insurance is making to the development of Cameroon.
Responding to this question, Brown said the company is carrying out a 250-room hotel project in Limbe, Southwest Province, will provide jobs to many Cameroonians.
Dear Editor,
Please tell us Beneficial Life Insurance Co paid your fine publication for this article. If they did, good for you but please kindly classify it as a 'PAID ADVERTISEMENT' instead of masquerading it as news. I am sure there must be some real news to report from: Mamfe,Nguti,Manyemen,Wum Nkambe,Bamenda,Kumba,Tombel, Muyuka,Tiko,Limbe etc even Douala and Yde.
Posted by: Daniel | Thursday, 27 April 2006 at 12:16 AM
Daniel I hope you are not one of the marketing managers or auditors of "The Post" Even if they place it about Beneficial life in any pespective what does that got to do with you? if at all there is any comment, do you think advert is pasted free? this is not the place to audit okay!
Comming back to beneficial Life Insurance company...Interesting and have courage okay!
We all are there blaming Biya and his government for corruption yet there are some customers with the benefical life who fake hospital bills and come for benefits...if you don't know this, note from today that about 3/4 of your customers who are on life insurance trick your company this way. what shall we call these? is it different from stealling? then we say we need changes when we are the greatest thieves.
Advise to beneficial life, Please before you give out any benefit, make proper investigations okay!... this is not only for your financial security but also to help fight curruption in the country. thanks
Posted by: Pa Ramon | Saturday, 19 April 2008 at 04:31 AM