Business News of Monday, 16 July 2018
Source: Myjoyonline.com
2018-07-16
File photo
Vanguard Assurance has introduced a prompt claim payment service as part of its resolve to boost confidence in the insurance industry.
Referred to as the Vanguard Digital Half-Day Claims Payment, this service, according to Executive Vice Chairman of the company, Dr Gideon Amenyedor, would complement moves to digitalize the insurance sector.
“Why buy things for a purpose; we know that motor insurance is compulsory but should we just purchase it because it’s compulsory? Should it not really achieve the purpose for it?
…And that’s what we are striving for: to reduce the bottlenecks making sure that the motor insurance itself even if it’s not compulsory people want to purchase,” he said.
Benefits
Dr Amenyedor said the service would be facilitated by a mobile app, in that, there would be no need for notification of the claim. What this means is that the policyholder, in an event of a motor accident, does not need to fill a claim form or submit the same for compensation.
The app will help with facilitating fire service report. The insured would not be required to submit a fire report. This would be absorbed by the insurance company.
The service does not also require the submission of a police report by the insured.
Dr Amenyedor said insurance claims below 2,000 Ghana cedis would be paid via mobile money.
Fake Insurance Certificate
Executive Group Chairman of Vanguard, Daniel Awuah-Darko has lamented the negative effects the influx of fake insurance certificates has had on insurance businesses. He has urged the Commissioner to act swiftly in dealing with the menace.
Mr Awuah Darko said, “The complaint I get all the time is about fake certificates… and drivers were telling me that for 20 cedis you can get a certificate so why would they want to go through all the stuff we are proposing to them.
…I thought it’s always been in my head that as soon as I got back, I was going to visit the Commissioner and say you need to force the insurance companies to strengthen you to strengthen us,” he said.