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Purpose The purpose of this paper is to empirically investigate the effect of intellectual capital (IC) efficiency on changes in the productivity of insurance companies in Ghana. Design/methodology/approach Using a panel of 33 insurance companies from 2008 to 2016, the study applied Value Added Intellectual Coefficients model as a measure of IC efficiency, whilst Malmquist Productivity Index is employed to capture changes in the productivity of insurance companies. In estimating the effects of IC on productivity, System Generalised Method of Moment (GMM) is applied because of its power over endogeneity and heteroscedasticity. Findings Robust empirical findings on productivity analysis showed that improvements in insurer’s productivity were experienced in three year intervals out of the overall studied year. In addition, panel regression results revealed that IC along with human capital and capital employed significantly affect the productivity of insurance companies. Research limitations/implications The generalisability of the study findings could be questioned because it is limited to insurance firms operating in Ghana; some firms were omitted due to mergers and acquisition that reduced the final sample. Yet, the findings facilitate the validation of IC concept and, hence, informs manager/policy makers on IC utilisation as a source of competitive edge. Practical implications Having robust empirical findings, the study expands on the existing literature by unveiling the dynamic nature of IC relationship and productivity. The findings also serve as a benchmark for managers/policymakers in insurance companies to increase the operational efficiency by investing in IC, which will help guarantee improve returns on generated premiums. Originality/value Although a few studies have investigated the effect of IC in Ghana, this study is the first to examine the dynamic relationship between IC and changes in productivity in a Ghanaian context.