Vanguard 35th Anniversary

THE National Insurance Commission (NIC) is working in collaboration with the Ghana Insurers Association (GIA) to introduce new guidelines which will bring some sanity into the handling of premium credit in the insurance industry.

However , a premium finance company which will facilitate the sale of insurance products will be required to promote a premium finance company.

The Commissioner of Insurance, Madam Josephine Amoah announced this at the 35th Anniversary celebration of Vanguard Assurance Company Ltd in Accra yesterday.
“On the issue of unhealthy competition, the NIC will conduct special audits and those who fall foul will be sanctioned,” she emphasized.

Madam Amoah speaking on the theme: “35 years of excellence in Insurance Service Delivery” also indicated that work on the introduction of Market Conduct rules as a code of practice was far advanced. And that when completed, the guidelines would help promote transparency, fairness and professionalism in the insurance business, thereby increasing public confidence and patronage of insurance services.

The commissioner said that the NIC has noted with satisfaction, the remarkable progress that Vanguard Assurance was making in the industry and has also taken notice of the fact that Vanguard was not one of the companies the commission received complaints on, which meant that she said, “Vanguard is providing quality service and is treating its clients fairly”.

The Vice President Mr. John Dramani Mahama in a speech delivered on his behalf by the Deputy Minister of Finance and Economic Planning, Mr. Seth Tekpey stated that government was doing everything possible to create the enabling environment for industries to operate.

“By so doing the youth would also be gainfully employed and the now “better Ghana would become the best Ghana,” he said.

The Vice President also said that the insurance industry played and important role in the socio-economic development of the country in terms of providing security.
“If we develop the culture of insuring our properties and liabilities towards third parties, whenever the unforeseen insured events occur, we would grieve alright but at the end of the day we would remember that all is not lost because there is an insurance company like Vanguard Assurance, that would always stand by us,” he commended.

Mr. Mahama lauded the company for their expertise over the past 35 years in building industry d as well as knowledge and understanding of the insurance needs of their valued and loyal customers.

The Chief Executive Officer (CEO) of Vanguard, Mr. Gideon Amenyedor said the company which was founded by Nana Awuah-Darko Ampem of blessed memory has satisfied its customer’s insurance needs by paying claims promptly of which $3m was paid in 2008.
Mr. Amenyedor also noted that the company has its social responsibilities among other projects such as road safety, health and education.

“The good works of Vanguard did not go unnoticed, the Chartered Institute of Marketing Ghana had for two consecutive times awarded the company for segmentation, targeting and positioning,” he said.

He added that, through dedication, hard work and a can do spirit, the Ghanaian was capable of building a company to admirable height as demonstrated by the founder.

The Managing Director (MD) of Vanguard Life, Mr. Harold Awuah-Darko also hard the opportunity to outdoor the company which he said was a subsidiary of Vanguard Assurance which was established in compliance with the insurance law 2006, Act 724.
Mr. Awuah-Darko said the company has developed series of life assurance products to enable corporate entities provide valuable employee benefits to optimally meet their changing needs within the limited resources available at the best possible value.