Data & Intelligence
Impact Case Study: Express Life Insurance Company Ltd.
Posted On: 10 Sep 2013
In May 2013, Leapfrog invested US$5.5 million in Express Life Insurance Company Ltd. for a majority stake in the company.
- Company Headquarters: Ghana
- Business focus: Insurance and savings for emerging consumers
- With LeapFrog’s support, Express Life increased value to the customer and shareholder by creating new partnerships, products and processes that offered higher payouts for the same amount of premium, while improving the top and bottom lines
- Express Life expanded its customer base through new, targeted insurance products that better serve the needs of low-income Ghanaians
- Express Life expanded access to its products through a partnership with Bima, another LeapFrog portfolio company that specializes in insurance distribution via mobile phones with operations in seven countries, including Ghana
- LeapFrog bolstered Express Life’s top management by leveraging industry contacts within Ghana to fill key posts, such as CEO, with experienced insurance executives
- Within a year of the investment, Express Life increased staff five-fold, while opening five new branches and two new sales offices
- In service of social impact goals, Express Life has introduced a hospital cash product, distributed via mobile phone, to protect vulnerable households from catastrophic costs arising from sudden illness
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Rashad Kaldany | Executive Vice-President and Growth Markets, CDPQ
David Rubenstein | Co-Founder and Managing Director, The Carlyle Group