As part of efforts to mitigate the impact of the novel Coronavirus pandemic on its customers, Vanguard Life Assurance Company Limited has unveiled two new insurance solutions.
According to the company, the move forms part of strategies to enable them rethink business operations in order to survive and thrive in the face of the global pandemic.
The products include the Old Students Association (OSA) Welfare Plan (an existing off-line informal sector group life product, repackaged and digitally-enabled as OSA welfare and Family Wealth Provide (FWP).
Speaking at the launch in Accra, Chief Executive Officer of Vanguard Life Assurance, George Addison said the new products affirm Vanguard’s future-fit strategic roadmap that seeks to provide customer-centric, digitally-friendly and risk-prudent solutions.
He also noted that they were necessary especially when businesses all over the world were undergoing critical transformations in the areas of corporate governance, treating customers fairly and prudent risk and capital management.
“The uniqueness of the FWP is the flexibility it provides the assured in terms of the comprehensiveness of the insurance cover and the optional servings allowed to meet short, medium to long term financial objectives,” he explained.
“The optional savings promises competitive returns on the fund and allows the policyholder to withdraw from the savings just after one year,” he added.
Meanwhile, Commissioner for Insurance, Justice Yaw Ofori lauded Vanguard Life Assurance for the initiative.
“The commission is indeed excited about the recent industry developments in introducing new products into the insurance market and we are prepared to support such innovative investment,” he lauded.
He noted that their commitment as a regulator to get more individuals, groups, and businesses included in the insurance coverage due to the numerous benefits it comes with.
Justice Ofori further noted the regulator was put in place a robust legal and regulatory framework. This he said was intended to protect customers, instill public confidence and ensure rock-solid insurance companies capable of onboarding present and future risks.