The insurance industry in Ghana plays a significant role in national economic development, with its contribution to the Gross Domestic Product (GDP) steadily increasing since 2005. Among the fifty-two (52) licensed insurance providers in the country, twenty (20) are indigenous firms. Despite this growth, many local insurers face challenges related to branding, which has contributed to a decline in premium volumes. As market competition intensifies, the National Insurance Commission places greater emphasis on strong corporate brand identities, underscoring the strategic importance of branding in the survival and growth of indigenous insurers.
This study investigates the relationship between corporate perception of branding and the growth of indigenous insurance firms in Ghana. Adopting a qualitative research approach, the study utilized purposive sampling to engage key stakeholders within selected indigenous insurance firms. Data were analyzed using thematic analysis to generate core themes and insights.
Findings revealed that a clearly defined mission and brand identity are central to effective corporate branding performance. However, many indigenous firms lack sensitivity to the complex and dynamic nature of the insurance market. Furthermore, the study found limited research on how local insurers can leverage the perceptions of internal and external stakeholders to strengthen their competitive advantage through branding.
This study fills a gap in the literature by providing insights into the strategic role of branding in indigenous insurance growth. It also offers practical implications for policy, management, and future research, recommending broader studies across multiple firms to generate more comprehensive conclusions and support the development of robust branding strategies within the sector.