Vanguard too big to merge - Dr Amenyedor
The Vanguard Assurance Company Limited has said it will not merge or acquire any insurance company to enable it to meet the minimum capital requirement as required by the National Insurance Commission (NIC).
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The company insists it has the capacity to raise the GH¢15 million minimum capital and ,therefore, not interested in mergers.
The Executive Vice-Chairman of the Vanguard Assurance Company Limited, Dr Gideon Amenyedor, who revealed this to the Daily Graphic at Ada said, "Vanguard Assurance is too big to merge with another company to meet the minimum capital requirement, but what we intend doing is to continue serving our customers well," he said.
Regulator
The NIC is pushing for mergers in the insurance industry in a bid to make insurance companies more efficient.
The commission, which is the regulator of the industry, maintains that some of the companies are too small and could not operate efficiently, hence the need for mergers.
To make the companies well-capitalised and solid, the commission has reviewed the minimum capital of the industry to GH¢15million, while insisting that companies that do not meet that requirement must resort to mergers.
Currently, only two institutions, UT Life Insurance Company and LeapFrog Investments have merged after the minimum capital was revised.
Rewarding client
Meanwhile, the Vanguard Assurance Company Limited has rewarded about five clients for their contribution towards the growth of the company at a day’s retreat at Ada.
Dr Amenyedor said in an era where business growth was directly linked to customer satisfaction, being able to meet and exceed the needs of a company’s clients through excellent customer service was very crucial to the survival of the business.
However, meeting and exceeding the customer’s expectation requires that the company in question identifies and familiarises itself with the basic desires of the customer whose interest fuels the growth of the business.
He noted that the underlining thing about customer satisfaction was for a business to know what customers want from the business or brand.
“For this reason, we have introduce a number innovate product such as vanguard comprehensive insurance, vanguard happy home insurance, ladies kitchen insurance, hospital insurance policy,” he said.
Going forward, the vice chairman indicated that Vanguard Assurance was focusing on giving its customers the best.