Vanguard Assurance News Updates

Vanguard Assurance Takes The Lead In The Ghanaian Energy Insurance Market

Wed Nov 19 2008

Vanguard Assurance recently held its third quarter review meeting to access the performance of its Head office and branch offices located throughout the Country. During this meeting, time was allocated for a brainstorming session led by the Executive Vice chairman of the Company, Mr. Daniel Awuah-Darko, which was to deliberate upon means of improving current product and services as well as the consolidation of its grip on the Energy Insurance market in Ghana.

In his opening statement, Mr. Daniel Awuah-Darko thanked the Management & Staff of the Company for having “wonderful and hardworking people” and thanked them for the laurels achieved so far. He went on to speak on the policy direction of the Company in the Long term and how positioned the Company is for the Oil Industry.

Sill on the Oil Industry, he announced that Vanguard Assurance Company Limited currently holds the largest Energy Insurance portfolio among all the Insurance Companies in the Country and also has the biggest capacity for Energy Insurance in the Ghanaian Insurance market coupled with a strong reinsurance base that further explains its preference as the preferred insurance Company for Energy Companies. He further stated that, the capacity of Vanguard Assurance is going to be increased by over 300% by the end of this month in order to meet the demands of other customers.

He was thankful of the good year that the Almighty God has given the Company and the privilege of having highly trained professionals as the engine of the Company and promised many good things to come.

Once again, Vanguard Assurance has led the way by providing adequate insurances for the energy sector of this country. This it adds to its previously won CIMG Best Insurance Company of the Year award for 2007, Best Insurance Company in terms of Customer Service and movement in rank from the 4th to the 3rd best premium income earner in the Country by the Business and Financial Times.

Vanguard Marks 34th Anniversary with a Thanksgiving Service

Tue Oct 28 2008

The 1st of October, 2008 marked the 34th anniversary of Vanguard Assurance Company Limited and to mark this day, the management and Staff decided to have a thanksgiving service.

The service came off in the early hours of Friday the 24th of October 2008 at the Head Office at Ridge in Accra and had in attendance the Executive Vice Chairman of the Company Mr. Daniel Awuah-Darko, Managers and staff of the Company.

Mr. Ernest Kyeremeh of the Finance Department led with the opening prayer whiles Mr. Leonard Torsu and Mrs. Mame Esi Blaggogie led staff through a praise and worship session. Rev. Adjei-Mantey, formally of Vanguard Assurance then led the house in an exhortation service.

Mr. Gedion Amenyeror, the Chief Operations Officer of the Company then took the floor and reminded all present of the successes chalked this year which included the 2nd Best Insurance Company of the year 2007 in terms of premium income by the BFT and the CIMG Insurance Company of the year 2007. He therefore requested three staff to lead in intercessory prayers for firstly the Company, secondly Executives, Managers and Staff of the company and lastly the Brokers, Agents, Customers and all other stakeholders for their contribution to the growth of the Company over these thirty-four years.

On his part, the Executive Vice Chairman, Mr. Daniel Awuah-Darko, reminded all present of the global credit crunch and warned that its full effects are likely to be felt next year and as such all should be prepared for the likely consequences which can affect both our personal finances as well as the Company operations.

Finally, a closing prayer for the short ceremony was led by Mr. Joe Din Ala-Adjetey to bring the memorable and eventful ceremony to an end.

For more pictures on this event, please visit our gallery.

Vanguard Assurance - CIMG Best Insurance Company For 2007

Tue Aug 26 2008

Vanguard Assurance Company Limited, the first private indigenous insurance company to be established in Ghana, was last Saturday crowned the CIMG Insurance Company of the Year 2007 by the Chartered Institute of Marketing, Ghana. This is as a result of the company’s excellence in strategic marketing during the year 2007. Vanguard Assurance, which was previously nominated for the awards in 2005 and 2006 but lost out on both occasions to the State owned insurer, SIC, this time around beat SIC to win the coveted award.

The company’s Taxi Project, undoubtedly the best and only attempt by an insurance company in Ghana to establish a significantly close relationship with a major segment of its market with the objective of transforming the taxi industry in Ghana was a major decider in the 2007 awards. Under this project taxi drivers are being assisted to own brand new taxi cabs through leasing arrangement and this gave the company much marketing visibility. Other segments of the taxi project include the Annual Best Taxi Driver Awards, which last year gave the winner a brand new taxi cab as the grand prize among other consolation prizes, the training of trainers workshops for taxi drivers and taxi unions across the country and a drivers welfare and pension scheme among others.

The citation accompanying the awards also indicated that customers of Vanguard rated the company highly on prompt and reliable service to customers and friendliness of the workforce.

Vanguard Assurance is no doubt one of the most consistent, reliable and stable insurers in Ghana today. Since the establishment of the company in October 1974, the company has always ranked among the top four insurance companies in Ghana The peak of the companies rise came in 1998 when it ranked first among the private insurance companies in Ghana by Premium Income coming second to only the State Insurance Company. Since the inception of the Ghana Club 100 Awards, Vanguard Assurance has consistently made the honours list of the 100 Best Companies in Ghana and in 2004 became the best ranked insurance company in the Club 100.

In a chat with the Chief Executive Officer of the company, Mr. M. E. Baba, he is humbled and of course happy with the recognition. He indicated that the Board of Directors and Management of the company wish to dedicate the company’s latest glory to its loyal customers, brokers, agents and other stakeholders. He particularly wishes to commend the entire workforce both past and present for their immense contribution over the years to the success story of Vanguard Assurance.

Mr. Baba, who is also the President of Ghana Insurers Association, entreated the staff of the company throughout Ghana not to rest on their oars but to “work even harder since by this recognition, the customer will naturally have higher expectations of us and therefore we must gird our loins to continue delivering higher levels of professionalism and service to our external customers including brokers”.

Vanguard Assurance Crowned CIMG Best Insurance Company 2007

Tue Aug 26 2008

Vanguard Assurance Company Limited was on the 23rd of August 2008 crowed the Best Insurance Company for the year 2007 by the Chartered Institute of Marketers Ghana.

More details comming soon.

Commissioning of Nana Awuah-Darko Ampem Memorial School Block

Fri Jun 20 2008

Please find below the programe line-up for the commissioning ceremony of the Nana Awuah-Darko Ampem Memorial school block at the Christ Faith Foster Home in Frafraha.

Vanguard Assurance Trains First Batch Of Sales Executives For 2008

Fri May 30 2008

The Agency Unit of Vanguard Assurance Company Limited, earlier this month held a six day intensive training for forty out of eighty newly recruited Sales Executives of the Company at the Vanguard Life Head Office located on the #25 Osu Road Ridge in Accra. The Sales Executives who will serve as intermediaries of the Company were taken through some of the products that the Company offers including the Vanguard Travel Insurances, Employers Liability Insurances, Vanguard Happy Home Policies, Vanguard Shopowners Comprehensive Insurance Policy and the Motor Insurance Policy. In addition, they were taken through Customer care, support and handling techniques.

The resource persons who took them through the training sessions included Mr. Gideon Amenyedor the Chief Operation Officer, Mr. Atsu Menyawovor, the Marketing Manager, and Mr. Fred Lamptey, the Business Development Manager. The others were, Mr. Joe Ala Adjetey Din, the Agency Manager himself and Mr. Eric Kyei, a senior underwriting officer.

At the end of the training programme, the Marketing Manager of the Company, Mr. Atsu Menyawovor during his closing remarks assured the Sales Executives of the Company’s continued support. The Sales Executives on their part promised to be good ambassadors of the Company and to ensure that they win businesses for the Company.

The second batch of the Sales executives will be held soon, meanwhile look out for a Vanguard Sales Executive somewhere near you.

New Managers and Heads for Vanguard Assurance Company Limited

Fri Apr 18 2008

In the last quarter of 2007, the Management of Vanguard Assurance Company Limited promoted three staff members to join its management team and help steer the affairs of the Company as it continues to provide professional solutions to the risks of valued customers.

The promotions were to recognize and motivate employees for their sterling performance within the year and also to re-position the Company to meet the demands of clients within the current competitive business environment.

Among those promoted were Miss Dzidzoli Asafo , Senior Manager Corporate Relations who now serves as the Chief Manager of the Company and Mrs. Esther Yeboah of the Retail Relations who is currently a Senior Manager in the Corporate Relations Department of the organization.

Mr. Dankyi Ansong, Mr. John Ababio and Mr. Hamza Alhassan of the Broker, Taxi Unit and Accounts department respectively have all been elevated from their deputy manager positions to Manager positions.

Major transfers as well as re-assignments to fill various positions within the Company were also embarked upon in the period under review. Mr. Ofori Appiah, an underwriter at the head office relieved Mr. Augustine Addo, the substantive head of the Takoradi Branch Office currently on study leave in The Gambia.

In another development, Mr. Benard Agana of the Head Office was transferred to the Koforidua office to replace Mr. John Ababio who currently manages our Taxi project.

Finally, Mr. Ayelgum George Anaba, former manager in charge of the Tamale Branch office was re-assigned to head the Retails Relations Department of the Company.

It is the fervent hope of management that the competences and performance of these officers listed above will satisfy the ever increasing demands of our cherished and valued customers.

Making Uuniversal Life Products More Competitive

Thu Dec 13 2007

(An article written by Mr. George Kojo Addison the Operations Manager of Vanguard Life, for BFT
and published in the Monday 10th December, 2007 edition of the paper )

Life insurance has been used in many countries all over the world to mobilize long term funds for economic and infrastructural development.

Those countries have succeeded not only because of the uniqueness of their life assurance products and services but also the positive economic environments in which they are operating.

Universal life product was developed in response to the growing demand of consumers for total flexibility in life assurance benefits. Insurance companies especially in the United States life assurance market responded by introducing different kinds of products to meet the needs of policyholders.

Currently, the most attractive life assurance product – universal life product – is widely sold by almost all life assurance companies in the country.

UNIVERSAL LIFE PRODUCTS
This type of life assurance which was introduced into the country by Metropolitan Insurance Company under the brand name of MET Gold Plan is very flexible and suited to individual needs and circumstances.

Other versions of the universal life product on the market include SIC Flexi Education Plan, Vanguard Smart Plan, Star Cash Builder, ELAC Lifetime Needs Plan, Provident Special Investment Plan, Donewell Personal Pension Plan, GLICO End of Service Benefit, Unique Workers Plan and Quality Investment Plan.

SPECIAL FEATURES

Universal life insurance is basically a flexible-premium, adjustable benefit life insurance policy that accumulates account value. The flexibility of this policy allows the policyholder to change the amount of insurance as their needs for insurance change. Typically, a standard universal life plan would have the following features:

Out of each premium payment, a policy administration fee which could be a percentage of the premium or a flat amount is deducted; Each month, the cost of insurance for all insurance benefits and expense charges are deducted from the account value; The account value earns interest that is credited monthly or quarterly. The rate of interest may be subject to change but most policies would provide guaranteed rate of return; Premiums may be increased or decreased within policy limits;
The amount of insurance may be increased, subject to evidence of insurability, or decreased subject to minimums;
Policy loans may be allowed; Partial withdrawals may be allowed from the cash surrender value. Withdrawal amount and frequency may be subject to limit per year or per the policy period. Funds withdrawn reduce the account value and the death benefit; There may be surrender charges at the time of surrender or withdrawal from the Account Value.

PRODUCT BENEFITS

The introduction of the universal life plans into the Ghanaian market brought renewed confidence among policyholders as the product timely answered the inflation problems created by endowment policies.

The endowment policies sold by the insurance companies during the period preceding the emergence of universal life products were greatly affected by inflation as the products could not respond to the dynamics of the economy at the time. The products were so rigid that a policyholder had to pay the same level of premium for a fixed sum assured over the entire period of policy.

The flexible nature of universal life plans allows customers to decide how much life assurance they need. In addition, the policies help protect their loved ones against possible financial hardship in the event of the insured’s death or permanent disability. This is where universal life assurance products are very vital to individuals and corporate institutions as the product provides cash benefits to the policyholder when the policy matures and provides death benefits to the beneficiaries of the policy when the assured dies.

I have always argued that any personal financial plan that does not include life assurance is incomplete. Whatever investment or financial plan that an individual subscribes into which does not incorporate life assurance is not complete. Any personal financial plan that excludes an element of life risk provision is just as mortal as the life of that individual.

In bringing vitality and security to our personal financial plans, we need to understand that our children, spouses and other dependents are protected against losing their source of livelihood through our deaths by making adequate provision for them.

People can only make their financial plans complete by ensuring that they have adequate life assurance protection whilst they maintain their focus on their investment plans. No financial product can meet those needs than a universal life product which apart from the life assurance cover also accumulates cash for the policyholders. This means that whether we die early or later we gain.

THE CHALLENGES
Unfortunately, there are a lot challenges confronting the effective promotion and sales of universal life insurance plans in Ghana. The universal life products are very sensitive to the time value of money just as all other investment products. The challenges could be addressed if we provide the right answers to the following questions:

Are the products being offered as investment or savings product? Are the general public aware of the holding implications of the product? Does the industry have the capacity to invest the universal life funds given the solvency requirements regarding their investment choices? Do the insurance companies provide adequate key features of the products to the public as it is done in the advanced life markets? Are we selling the right product to the right people at the right time? Can the current universal life insurance products in the market compete with other technically similar investment products? Are the products on the market meeting the needs of the investing public?

THE WAY FORWARD

The current macro economic stability has provided the right environment for providers of life assurance products to repackage their products to meet the needs and demands of their customers. Interest rates are falling and the money market is no longer attractive.

Another critical challenge is the regulatory environment as far as the investment mix of life funds is concerned. Investing almost 50% of the life funds in government securities which have relatively lower returns would make universal life products unattractive to the public.

Some banks are offering savings and investment products which have a higher attractive rate of return. The positive economic indicators have revitalized the culture of savings and the banks have responded by introducing attractive savings products.

The banks are now offering savings products branded as child education plans which are technically similar to the child education plans being offered by life insurance companies. Most of these products have life assurance covers built into them. The question is “can the life insurance companies compete with the banks in the provision of long term investment products considering the strength and capacity of the banks to provide value added services to their clients?

If care is not taken, the current generation of universal life products cannot compete with other investment products as policyholders are looking for products with higher rate of returns.

The growing popularity and patronage of the stock market also poses threat to the life investment products as there are limited investment avenues for insurance companies to invest in higher risk and higher return portfolio.

This will call for innovation in product and process development and the ability of the life assurance companies to increase their investment and risk capacity so as to increase their share of the long term investment market.

The investment capacity of the life assurance companies should be broadened to allow them to invest their funds in higher yielding instruments so as to provide attractive investment returns to their policyholders. This would make them more competitive in pricing their investment products.

CONCLUSION

The survival of life assurance companies in the world of competition rests on good corporate governance, solid financial capacity, quality workforce, and flexible but prudent regulatory environment as well as the quality of their products and services. The new Insurance Law which comes into effect from 1st January, 2008 intends to inject sanity and dynamism into insurance businesses in the country which would, in all probability, increase competition among the players.

It is the hope of this writer that all the necessary operating and regulatory support would be offered to the players by the National Insurance Commission especially in products development so that attractive and more competitive products are rolled out into the market. I wish all readers of B&FT a merry Christmas and a prosperous New Year.

Vanguard Best Taxi Driver Awards and the Commissioning Of The 100 Brand New Taxi Cabs

Wed Dec 5 2007

As part of activities to project a positive and befitting image of Accra during the Ghana 2008 Nations Cup tournament, some selected representatives of taxi unions and societies have participated in the 3rd two day training of trainers workshop for the Greater Accra Region organized by Vanguard Assurance Company Limited at the Osu Presby Church Hall in Accra. Other participants in the workshop in the training workshop were the beneficiary drivers of the 100 new Tata Indigo Taxi Cabs.

Topics treated included Vehicle Maintenance, Bad Road behaviors, History of the Accra city, Customer Care, The security of the Driver, passengers and the vehicle, Fire prevention and crash management among others. There was also a session on the Benefits of Saving. For the benefit of beneficiaries of the new Tata Indigo taxi cabs, a representative of Tata India took participants on the topic “Knowing your Tata Indigo”.

The two-day training workshop held from the 19th to 20th of November had resource persons from DVLA, PHC Motors, National Road Safety Commission, Ghana Tourist Board, Vanguard Assurance and MTTU.

On the 21st of November, an awards ceremony was organised at the Osu Presby Church Hall under the theme “Ghana@50: the Contribution of the Taxi Driver, Taxi Union and the Taxi Owner.” to honor the winner of the 1st Zonal Vanguard Best Taxi Driver Awards for 2006. The proud winner, Mr. Julius Ceaser of Sofoline Taxi Union in Kumasi – Ashanti Region, took home a brand new Tata Indigo Taxi Cab.

Over 250 consolation prizes, which included double door and table top refrigerators, 20 inch colour TVs among others where also won. The maiden event which initially started with 23 participating unions and societies in 2004 has grown to cover five regions in the country. These regions include, Greater Accra, Eastern, Western, Brong Ahafo and Ashanti. The awards ceremony for 2007 will see the country being divided into two zones, the northen and southern. The Northern zone will cover Ashanti , Brong Ahafo, Northern, Upper East and Upper West while the sounthern zone will include Central, Western, Greater Accra, Eastern and Volta Regions.

In his report, the Chairman of the Zonal Selection Committee, Alhaji Mustapha Garba of the National Road Safety Commission said that, in order to make the awards more competitive, the committee decided to bring down to Accra all the Regional Best Taxi Drivers from the five regions forming the zone to take part in the Champions of Champions competition which included written, spoken and practical examinations. The outcome of which enabled the selection of a well deserved winner.

In his welcome address, the Chief Executive Officer of Vanguard Assurance, Mr. Mahama Emmanuel Baba said that, the Vanguard Taxi Project is the most unique intervention by an insurance company to create and maintain a significantly close relationship with a key segment of its market and help develop it for the benefit of the country as a whole. He further explained the key objectives of the Project as:-

    1.    To complement the efforts of agencies involved in road safety
    2.    To contribute to the development of Tourism in Ghana
    3.    To contribute towards uplifting the image of the taxi driving profession in Ghana

He also said that, there are five key components designed to help meet the objectives of the Project which are:-

The annual Vanguard Best Taxi Driver Awards
The annual Training of Trainers Workshops for Taxi Unions/Drivers
The Group Taxi Insurance Scheme
Drivers’ Life Assurance/Welfare Scheme and
Vanguard’s support for taxi drivers to acquire taxi cabs

In his keynote address, Hon. Godfrey Bayon Tangu, Minister of State in charge of Transportation was full of praise for Vanguard Assurance and urged other financial institutions to invest in the public sector. He urged drivers to comport themselves and be of good behavior in order to ensure the success of the project.

In his brief remarks before the commissioning of the 100 brand new Taxi Cabs, the Managing Director of PHC Motors the Agents of Tata India in Ghana express his joy that his Company was associated with the Vanguard Taxi Project. He indicated that that, in order to provide the best of services to the project, his company will be opening a number of service centers just to provide expert customer care and support to users of their vehicles.

In a speech read on his behalf, the Managing Director of Ecobank, Mr. Samuel Ashitey Adjei expressed the bank’s readiness to support projects like the Vanguard Taxi Project which to the benefit of the general public.

Mr. Daniel Awuah Darko, the Vice Chairman of Vanguard Assurance Company Limited while commissioning the 100 brand new taxi cabs said that, Vanguard Assurance Company has put in place a scheme to assist in providing 1000 brand new taxi Cabs over a period of 12 months for the Federation of Taxi Drivers (FOTAD) to distribute to its members on “work and pay” basis throughout the country. The commissioning of the first batch of the 100 Tata Indigo cars is in fulfillment of the earlier promise and indicates the commitment of Vanguard Assurance to transform the taxi industry support the growth of transportation in the Country.

He further explained that the lease facility from Ecobank Ghana Limited is expected to assist drivers gradually pay for the vehicles over a period of forty-two months and eventually become owners. The Executive Vice Chairman assured taxi unions and drivers throughout the country, that Vanguard is committed to transforming the image of the taxi profession and taxi drivers in the country.

Vanguard Life Corporate Seminar On Retirement Planning Ends

Mon Nov 19 2007

The Life Office of Vanguard Assurance Company Limited has organized its maiden Corporate Life Assurance Seminar on the topic “Taking the mystery out of retirement planning”.

The seminar, which was delivered by Mr. M. E. Baba, CEO of Vanguard Assurance Company Limited and the President of the Ghana Insurers Association, would be organized annually for Vanguard’s corporate clients as well as the general public.

The purpose of the seminar is to provide value added services to the already attractive benefits being enjoyed by the corporate clients of Vanguard Assurance Company. This would then impact significantly on the physical and financial wellbeing of the human capital of our clients.

The topic for the maiden programme “Taking the mystery out of retirement planning” was carefully chosen because of the looming danger being faced by Ghanaian workers in their retirement life.

To many a worker, retirement planning is a mystery which is only revealed to those who are nearing their retirement age. However, according to retirement planning experts, comfortable retirement requires early preparation and conscious planning throughout one’s working life.

The seminar sought to highlight the benefits of conscious and effective retirement planning and the need to make a life time commitment to prepare for a comfortable and stress free retirement life.

The presentation on the topic has generated a lot of interest and discussion. No wonder that the participants are asking for more.

Giving the welcome address, Mr. Harold Q. Awuah-Darko, the Managing Director of Vanguard Life Assurance Company Limited told the participants that the issues confronting the Ghanaian worker are more than the management of money. He promised that Vanguard Life would provide the avenue through regular organization of seminars to expose the Ghanaian worker to Total Life management issues, including retirement planning, health, employee development, life assurance and asset protection, and total financial emancipation.

In taking the mystery out of retirement planning, Mr. Baba asked a thought provoking question:

Will you create the retirement that you want or you will take the one that shows up?

He explained that planning for retirement should not be left for one’s employer or the state, and that if workers fail to create their own retirement, the one that shows up – the state sponsored pension scheme – which is woefully inadequate is what would be available for them.

Mr. Baba, in his presentation, quoted an American President, Roosevelt on the place of social security provision for retirement support:

We have tried to frame a law which will give some measure of protection to the average citizen and to his family…..against poverty-ridden old age.

The import of the above quotation was that the social security system is meant only to provide at best subsistence lifestyle. He further demonstrated that statistics indicate that in the US only 22% of a worker’s retirement comes from social security pension scheme whilst 18% is from employer’s sponsored retirement fund. The remaining source came from the worker’s own retirement planning efforts.

Mr. Baba whose presentation dazzled the audience challenged Ghanaians to be their own saviour instead of relying on the State and their employers by "creating their own plan for an active, emotionally satisfying and financially secure retirement”.

He called on Ghanaians to live within their means and carry adequate insurance protection as these are prerequisites to any investment venture.

In his concluding remarks, Mr. Baba, described as a man of many parts, strongly advised workers to always pay themselves first before making payments for other commitments, and use forced savings scheme such as company’s provident funds, as well as saving windfalls, for example, annual bonuses doubles. This, he said, would enable workers make significant gains in their efforts towards financial emancipation during their retirement life.

He, however, reiterated that comfortable and stress-free retirement life is built on three pillars: money, health and happiness but since money answereth all things, we need to be disciplined in its acquisition.

He concluded “retirement need not be a scare. It can be a time of opportunity, but it takes planning ahead to make the most of it”

* Mr. Baba is a chartered accountant and chartered insurer at the same time. He holds an MBA in Finance from the Manchester Business Schools. He is currently the President of the Ghana Insurers Association.

Vanguard Assurance Wins Insurance Month Football Competition

Mon Oct 29 2007

During the just ended 4th Annual Insurance week celebration games held at the Azumah Nelson Sports Complex here in Accra, Vanguard Assurance Company Limited put up a spectacular and impressive performance by first beating their colleagues from Phoenix Insurance four(4) goals to two (2) on penalties and proceeded to silence the Provident Insurance team with a painful three(3) goals to two(2) win (also on penalties) to qualify for the finals with SIC. Unknown to SIC, the Vanguard Assurance team had undergone several training sessions and even drew a few days earlier in a friendly with their ”arch rivals” Cal Bank not to mention Ghana Commercial Bank just to properly prepare for this competition.

It therefore came as no surprise when Vanguard Assurance was able to hold SIC to a pulsating goalless draw at the end of the play time. Finally, SIC had no option but to surrender the Nyametei Trophy donated by State Insurance Company Limited to Vanguard Assurance Company Limited after conceding five (5) goals to three (3) on penalties. It was all joy when the captain of Vanguard Assurance in the person of Kwame Boakye, an Executive Assistant and Mr. Mohamed Quarcoo, coach and Assistant Audit Manager led the winning team to receive the newly donated trophy.

Vanguard Assurance also participated in several other disciplines including Lawn Tennis in which we played with SIC and again beat them to a two straight sets win. Vanguard was again represented by Kwame Boakye and Eric Kyei also an Executive Assistant. Our successes did not stop there as we placed third in the Women’s Sack Race competition in which we were represented by Mame-Esi Pit of our Tema Main Branch office, also an Executive Assistant.

In the end, SIC became overall winners of the day and walked away with the Chairman’s Trophy donated a few years ago by the late chairman of Vanguard Group Of Companies, Nana Awuah-Darko Ampem I. Vanguard Assurance has however set next year’s target to bring home the Chairman’s trophy and maintain the Nyametei trophy as well.

The Vanguard Assurance team, has already presented the newly won trophy to the Executive Vice Chairman of Vanguard Assurance Company Limited, Mr. Daniel Awuah-Darko, at a short ceremony on the 23rd of October 2007. To show his appreciation and in expression of pride in the efforts of staff members, our joyous Executive Vice Chairman has promised a treat for members of the team come Friday the 26th of October 2007.

Vanguard Pays 6.6bn To Intercity Hotels (Accra Shopping Mall)

Tue Oct 16 2007

Following the fire that engulfed the construction site of the Accra shopping mall located at the Tetteh Quarshie Interchange in Accra during its construction a few months ago, Vanguard Assurance Company Limited has honored her part of a Contractors All Risk Insurance policy which Intercity Hotels (Accra Shopping Mall) purchased by paying an insurance claim of 6.6bn cedis.

During the presentation that was held at the Head office in Accra, Mr. Gideon Amenyedor, the Chief Operation Officer of the Company said that, Vanguard is happy to be Standing By a Valued Client in difficulty like this as clearly stated in her slogan.

He also explained that, Insurance is a promise to pay claims when specified unfortunate events occurs, that is why when the Accra Shopping Mall suffered a severe fire outbreak in an incident that received massive media coverage. “Although this loss was a heavy blow to them, they were calm because Vanguard Assurance Company Limited, the first indigenous Insurance Company in Ghana is standing by them”. He further stated that, although the claim amount is huge, as soon as the necessary documentation was completed, Vanguard Assurance has been able to raise this colossal amount which, to compensate Intercity Hotels Limited (Accra Shopping Mall).

He further stated that, Vanguard Assurance Company Limited has not only distinguished itself in claims settlement but also has the best customer service and can also boast of the best social responsibility package in the industry. He sighted as examples the blood donation exercise the Company organized earlier this month for the Korle Bu Blood Bank which has never been done by any Insurance Company and the six classroom block being built at Frafraha Faith Foster home at a cost of 600 million cedis.

Having received the cheques from Mr. Nathaniel Adu the Managing Director of Akoto Risk Insurance Brokers who are the lead brokers for Intercity Hotels, Mr. Joseph Owusu Akyaw the Executive Chairman of Intercity Hotels thanked Vanguard Assurance Company Limited for the prompt settlement and called on other Companies to be smart and insure their businesses with Vanguard Assurance Company Limited. He recounted the day of the fire outbreak and the assurance and promise that was made by some staff of Vanguard Assurance Company Limited who visited the sight promptly and congratulated Vanguard Assurance for living up to expectations.

Official present at the short ceremony which lasted for only about 20 minutes included the Executive Chairman of Intercity Hotels, Mr. J. O. Akyaw, the Executive Vice Chairman of Vanguard Assurance Company Limited, Mr. Daniel Awuah-Darko, the Chief Operations Manager of Vanguard Assurance Company Limited Mr. Gideon Amenyedor, the Managing Director of Akoto Risk Insurance Brokers Mr. Nathaniel Adu, some management and staff of Vanguard Assurance Company Limited and selected members of the press.

Vanguard Assurance Launches 2006 National Vanguard Best Taxi Driver Awards

Mon Oct 1 2007

Vanguard Assurance Company Limited, the first private indigenous insurer and the third leading insurance services provider in Ghana has launched the 2006 National Best Taxi Driver Awards at a ceremony held in Accra at the forecourt of the company’s Head Office on the 23rd Independence Avenue. The national launch followed regional launches in the other four participating regions - Ashanti, Eastern, Western, and Brong Ahafo.

The 2006 Awards are under the theme “ Ghana@50: The Contribution of the Taxi Driver ”.

The function which was chaired by the newly elected National Vice Chairman of Ghana Private Road Transport Union (GPRTU), Alhaji Tetteh had the Mayor of Accra, Honorable Nii Agyiri Blankson as the Special Guest of Honour. In his opening statement, Alhaji Tetteh commended Vanguard Assurance Company Limited for the initiative and appealed to Taxi Drivers to assist in making the competition free and fair.

In his welcoming address, the Executive Vice Chairman of Vanguard Assurance explained that, the Vanguard Taxi Project is a social responsibility project that was instituted by the Board of Directors of our great company in 2003 as part of our preparations for the 30th Anniversary celebrations which took place in 2004. The Project has three main objectives:

1.    To complement the efforts of agencies involved in road safety
2.    To contribute to the development of Tourism in Ghana and
3.    To contribute to the upliftment of the image of the taxi driving profession

Key components of the Vanguard Taxi Project are:
The annual Vanguard Best Taxi Driver Awards The annual Training of Trainers Programme for Taxi Unions and Drivers The Vanguard Group Taxi Insurance Scheme The Vanguard Commercial Drivers’ Life Assurance/Welfare Scheme
The Executive Vice Chairman stressed that the Vanguard Taxi Project is initiative to give the Taxi Driving profession a new image as an honest and credible partner in socio-economic development. He noted that, as the first point of contact for foreign visitors into the country, there was the need for taxi drivers to comport themselves in ways that will project a positive image of the country. He recalled a promise made at the launch of the 2005 awards in fulfillment of which a brand new Taxi Cab has been provided as the Grand Prize for the 2006 Awards.

Mr Awuah-Darko announced that, Vanguard Assurance Company has put in place a scheme to assist in providing 1000 brand new taxi Cabs over a period of 12 months for the Federation of Taxi Drivers (FOTAD) to distribute to its members on work and pay basis throughout the Country. The first batch of 100 Tata Indigo cars will arrive in the country in a couple of days and is being financed through a leasing facility from Ecobank Ghana Limited. The Executive Vice Chairman assured taxi unions and drivers throughout the country, that Vanguard is committed to transforming the image of the taxi profession and taxi drivers in the country.

The Special Guest of Honour for the occasion, Hon. Nii Adjiri Blankson, Mayor of Accra, in his keynote address commended Vanguard highly for the bold initiative in instituting the Vanguard Taxi Project and for being able to sustain the awards and the training of trainers programmes over the years. He cautioned taxi drivers to adhere to the rules and regulations of the assembly He also lauded the deal which he said will go a long way to enhance the image of the Metropolis.

The Mayor also inaugurated a five-man Vanguard Best Taxi Driver Selection Committee charged with responsibility of selecting both the Greater Accra Regional Best Taxi Driver and the National Best Taxi Driver. He also out-doored the Grand Prize for the 2006 awards, a beautiful brand new fully air-conditioned Tata Indigo car painted in Taxi colors.

The Director, Driver Training, Testing and Licensing - DVLA who is the Chairman of the Selection Committee, in a statement read on his behalf assured all present that his committee was going to be as fair, professional and impartial as possible. He also briefly touched on some of the key criteria to be used in the selection process.

In his closing remarks, the Chairman of the occasion, Alhaji Tetteh commended Vanguard for the wonderful support it is giving to commercial drivers, especially Taxi Drivers. He encouraged all drivers to take advantage of the scheme.

In attendance were the Mayor of Accra Nii Adjiri Blankson, the Vice Chairman of the Ghana Private Road Transport Union Alhaji Tetteh, the Director, Driver Training, Testing and Licensing - DVLA, Executive Vice Chairman of Vanguard Assurance Company Limited Mr. Daniel Awuah-Darko and some Senior Managers of Vanguard Assurance Company Limited. The others are Representatives of Taxi Unions in Ghana, executives of FOTAD, some members of staff of Vanguard Assurance Company Limited and members of the press core.

Insurers Launch Awareness Campaign

Mon Oct 1 2007

Accra, Sept. 28, GNA - The Ghana Insurers Association (GIA) on Friday organised a soiree for the press to kick-start a month long insurance awareness campaign for the public. The campaign, which starts September 28, will end on October 27. It is under theme: "Fresh thinking fresh approach; A strong insurance industry, an asset to the national economy." Activities lined up for the period included public lectures in Accra, Kumasi, Tamale and Takoradi.

There will also be a float along selected streets of Accra, fun games at the Kaneshie Sports Complex, a quiz competition, which will be broadcast live on GTV and radio and a dinner dance. Mr Mahama Baba, President of the GIA, said during the period, the Association would interact with the public through a series of activities to get insurance closer to the public.

He said the aim of the campaign was to generate the interest of the public in insurance so that people would appreciate its economic impact. Mr Ebenezer Allotey, Managing Director of Prime Insurance Company Limited, told the Ghana News Agency that there were limited understanding and misperception about the insurance concept and that the campaign sought to correct those issues. 28 Sept. 07

Source:
GNA

Vanguard Staff Undertake Construction Works At Frafraha Faith Foster Home

Fri Sep 14 2007

A team of managers and workers of Vanguard Assurance under the leadership of the CEO Mr. M. E. Baba on Saturday 1st September 2007, defied the rains to work on the construction of the Classroom block at the Faith Foster Home at Frafraha. The construction of the school block is a social responsibility project being undertaken by the company to be dedicated to the memory of the late Chairman of the company, Nana Awuah Darko Ampem.

The Frafraha Foster Home Project comprises of three(3) classrooms, an Office, a Staff Common Room, a Store and a Library and is estimated to cost GH¢ 60,000.00 or ¢600million. The project is expected to be completed and commissioned before the end of the year.

It will be recalled that on the 27th of July 2007, a sod cutting ceremony was held at the Foster Home at Frafraha, performed by the Deputy Minister for Education Youth and Sports, in Charge of Basic Education & Teacher Training, and MP for Shama, Hon. Mrs. Angelina Baiden-Amissah, supported by Mrs. Ellen Awuah-Darko, the widow of the late Founder and Chairman of the Vanguard Group of Companies. Other guests at the ceremony were the Children and close relatives of Nana Awuah-Darko, Hon. Kojo Opare-Hammond, Member of Parliament for Adenta Constituency, Directors and staff of the Foster Home and the children.

In his address at the sod-cutting the Chief Executive Officer, of Vanguard Mr. M. E. outlined the company’s social responsibility policy which is directed at the promotion of Health and Education. The policy has two (2) components:

1. Company initiated and funded projects

2. Staff Social Responsibility initiatives

He stated that the Frafraha project was being funded by the company but “as employees of Vanguard, we want to be a part of the construction. We will therefore on weekends come here in groups to provide labour to complement the work of the contractors”.

It was in line with this policy of staff involvement that Chief Executive Officer led a team of managers and workers of the company numbering 23 to actively participate in the constructional work at Frafraha to assist the contractor on the project.

After about four hours of physically demanding work, fatigue and tiredness could be seen on the faces of staff members most of whom are not used to such demanding jobs.

Key management staff present included the Chief Executive Officer, the Chief Operations Officer, Marketing Manager and Financial Controller supported by other senior staff and drivers.

Other groups are scheduled to have their turn at the site at weekends.

Under the staff social responsibility initiative, there is a Staff Social Responsibility Fund into which management and staff voluntarily contribute every month. The monies are deducted at source and invested. Periodically when the fund grows, staff will decide which charity to donate to.

The staff of the company have also adopted blood donation as staff social responsibility initiative. In line with this, Vanguard recently undertook a blood donation exercise for the benefit of the Korle Bu Blood Bank. Similar blood donation exercises will be organized once every four months in support of the Korle Bu Blood Bank.

As insurers we have a stake in the availability of blood at blood banks since a sizeable number of those requiring blood transfusion in our hospitals are motor accident victims. Motor Insurance constitutes our largest business portfolio.