Vanguard Life unveils two digital, COVID-complaint products

First indigenous and privately-owned insurer Vanguard Life Assurance Company Limited has launched two new digital and COVID-compliant life products namely Old Students (OSA) Welfare Plan and Family Wealth Provider (FWP) into the domestic insurance space.

The OSA Welfare Plan is an existing off-line informal sector group life product that has been repacked and digitally-enabled in response to the new normal whilst the FWP is a retail mass product that offers an attractive cover with competitive premiums and comprehensive benefits.

Chief Executive Officer George Kojo Addison said at the official launch that the new products affirm Vanguard’s future-fit strategic roadmap that seeks to provide customer-centric, digitally friendly, and risk prudent solutions and services.

“It is expected that the introduction of these new products will be a harbinger of greater things to come as we look forward to leading in the provision of more affordable life insurance solutions now and in the future,” he added.

According to him, the OSA and FWP were capital-efficient and well-timed to drive the recapitalization efforts of the business and signaled greater innovations to come from the company.

The Family Wealth Provider is a flexible product that offers both cover and optional savings with good returns to meet the short to medium-term financial needs of the policyholder.

“This, we believe, is the silver bullet for the numerous challenges universal life products continue to present to industry players,” Mr. Addison said, adding that the two products will be run on a robust system and infrastructure to ensure efficient administration.

Commissioner of Insurance, Justice Yaw Ofori, applauded the leadership of Vanguard Life for the innovative products and entreated them to deploy sound governance and risk control practices to safeguard the investments of both policyholders and investors.

He encouraged other industry players, as providers of risk mitigation products and services, to be proactive to the changing business climate, adding that the NIC was ready to support more of such innovative investments.

Mr. Ofori said that the NIC was putting in place the robust legal and regulatory framework to protect consumers, instill public confidence and ensure rock-solid insurers capable of onboarding present and future risks.

“The Commission will work with relevant bodies and agencies to provide quality and responsible leadership to ensure that insurance becomes pertinent and beneficial to the insuring public and also to facilitate the government's drive to enhance financial and insurance inclusion,” he noted.