Vanguard Assurance, the holder of the Chartered Institute of Marketing Ghana (CIMG) hall of fame, has rolled out a ‘No claims Discount’ insurance policy to encourage defensive drivers to earn incomes on their insurance policies across the country.
Speaking at the launch, as well as a retreatfor the companytoreview itsoperations at the University of Ghana; Dr. Gideon Amenyedor, the Executive Vice Chairman of the company, said the use of vehicles on the road aids not only movements from home to work, but to other social and commercial engagements.
According to him, compensation for damages to vehicles as well as injuries resulting from motor accidents are compensated for under various motor insurance policies issued by insurers in the country upon payment premium.
He said, in spite of these users of vehicles without accidents are not rewarded and the with the No Claims discounts these category of drivers will be rewarded during renewal of their policy.
It is in view of this, that the no claims discount was introduced after some thorough research by the company to reward insurers without accidents.
The company’s no claims discount policy gives insurers the opportunity to protect their no claims when it reaches the maximum premium.
“This is how it works in practice ; when an insured is entitled to a cash bonus based on a predetermined formula, the cash at the option insured can be used to purchase a protected no claims discount”, he explained.
This exists only the developed countries and the company have endeavored to bring it here for Ghanaians to also enjoy the policy.
On his part, the Chairman for the launch, Kwabena Agyekum, a lecturer at the University of Ghana and a Director at Chartered Institute of Marketing Ghana (CIMG), said when there is completion there is shorter and declining products on the markets.
It is in this regard he congratulated the management of the company for the introduction of the product onto the Ghanaian insurance market.
He was hopeful the product will do well as has been developed by the company for the insurance market in the country.