The Quality Insurance Company Limited (QIC) has launched an enhanced comprehensive motor insurance product dubbed “Golden Age Comprehensive Insurance” Policy exclusively for baby boomers in the society.
According to the Company, this unique insurance product, is targeting people born between 1946 and 1964 (baby boomers) because they are better drivers and have disposable income to spend among others.
The “Golden Age Comprehensive Motor Insurance” Policy offers unique benefits including the best all round protection for vehicles and payment of basic first-aid costs for injuries by insured and other occupants as a result of an accident.
Speaking at the launch, Managing Director of Quality Insurance Company, Mr. Kobena Addison said the product seeks to redefine ageing for Baby Boomers with a spirit of creativity and the hope that the best years are yet to come.
“It gives you everything that you can get from comprehensive insurance and it has other add on non insurance benefits. We are on call 24 hours for anybody who is a baby boomer and we do have automatic renewal. 48 hours’ after your policy expires if you have not renewed it and you get a car accident we will ask you to pay the premium and we will pay the claim. This is the first of its kind in this country. This policy is targeted at the baby boomers because they are the biggest spenders in Ghana currently. 85% of employment is produced by Baby Boomers. 70% of disposable cash is sitting with Baby Boomers,” he said.
He also explained the motive behind the introduction of the Golden Age Comprehensive Motor Insurance Policy’.
“After Kingly-Queenly, we launched Go-Girl. Whilst we were running Go-Girl, we realised that the baby boomer generation who are better drivers, who have more wealth to spend, who know exactly what they want needed a policy that was unique to them. We have developed the golden age insurance policy and this seeks to provide comfort for baby boomers people who are 55 and older. You need to be 55 years and above. The premiums are the same as what you would get anywhere else but the benefits are unique.
“We have assessed the market, we have been at this for the last two years, we have been at the regulator a couple of times, we have come back, done our homework and we are here today. We have definitely assessed the market and that is why we are bringing this out,” he added.
The Golden Age Comprehensive Insurance Policy provides free non-insurance benefits. These include 24-hour on-call services, guaranteed courtesy car at the time of a claim, facilitation of home medical laboratory services and automatic renewal of policy within 48 hours of expiry.
Board Member of QIC, Madam Afia Addo commended the staff for their dedication to raising the standard of insurance in the Ghanaian market.
“It is a thing of joy for the board that management and staff are continually pushing the bounds of what traditional insurance policies offer in the Ghanaian insurance space such that innovation and going the extra mile have become stalwarts of the trigger words that are evoked when the name Quality Insurance comes up,” she noted.
First Vice President of the Ghana Insurance Association, Andrew Fiifi Simpson described the target of Golden Age policy as people who value relationships.
“It is my expectation that this policy which is being launched today would put relationship building at the core of the offering,” he said.
Commissioner of Insurance, Dr. Justice Yaw Ofori urged that stronger systems be put in place to ensure quality services are provided for insurance policyholders in Ghana.
“Digitisation offers better prospects to increase efficiency. The NIC on its part is focused on strengthening solvency, protecting policyholders’ interests and creating an enabling environment that encourages the development of innovative products,” he said.