Quality Life Assurance Company Limited (QLAC) on Wednesday launched three micro insurance policies designed to address the investment, educational, as well as funeral-related planning needs of predominantly members of the informal sector.
The three policies dubbed: “Fa Bi Sie, Wo Ba Daakye, and Emma No Ento Wo Ansa,” are all term insurance products with savings plans using the “susu” model, which allow patrons to accumulate funds to meet their short and long term needs.
Dr Aaron Issa Anafure, the Chief Executive Officer of Quality Life Assurance Company Limited, dispelled the fears of the public, and assured them of the safety of the Policies, saying a lot of research went into their development, to ensure smooth implementation.
QLAC, he said, is also a well-established Catholic-owned Insurance company that has been legally registered and was regulated by the National Insurance Commission (NIC, giving credence to the fact that their operations were fully recognised under the laws of Ghana.
Dr Anafure encouraged members of the informal sector, especially traders to take advantage of the products being offered by QLAC, to secure their future and that of their dependants.
Ms Josephine Dossah, the Head of Marketing at the Quality Life Assurance Company Limited, later explained the benefits and conditions attached to all the three products, and said policy holders were allowed flexible premiums payment through the use of technology by the collection agents.
This she said would be convenient for both the company and its clients and further ensure openness, as an instant SMS would be received by the customer.
She urged clients to contact the QLAC offices especially at Adabraka, and the SIC building at Accra Central for further information or watch out to their marketing staff who would visit the various markets to offer their services.
Mr Michael Kofi Andoh, the Deputy Commissioner of Insurance, NIC, commended QLAC, for the launch of the products, but noted that in spite of the enormous benefits that insurance offered, most Ghanaians refused to patronise the products for various reasons.
He said the reasons as assessed by the NIC ranged from the lack of trust in insurance companies, to the poor understanding of the returns such as the life cover and investment benefits that could be obtained from savings and issues with prompt payment of claims.
Mr Andoh therefore advised the marketing personnel of insurance companies to effectively explain their products with their prospective clients and be truthful about the benefit packages to be enjoyed, before committing themselves and also called for prompt payment of claims.
He endorsed the three products of the company, saying it had been reviewed and approved by the NIC, and assured the public of their safety for investment, but said his outfit was open and ready to address all complaints.
Mr Jullius Wellens-Mensah, a Board Member of the Quality Life Assurance Company Limited, who chaired the launch, said although the informal sector formed the biggest market of the economy, it was left out in policies and programmes designed to secure their future.
The growing economic crisis, he said, however required that people put aside some funds while they had stable jobs, so that they could fall on such resources during their times of need.