Vanguard Assurance launches new product to reward customers
Vanguard Assurance has launched an insurance product dubbed, ‘Protected No Claim Discount.’
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The new product rewards drivers who have driven without recording an accident within their premium payment period. Users of vehicles in this category are rewarded with the discount during renewal of their insurance policies.
Private vehicle owners who make claims for the first time would enjoy a discount of 25 per cent which increases every year until a maximum of 50 per cent discount is achieved.
Commercial vehicle drivers would also earn incremental discounts up to a maximum of 25 per cent. Drivers who get involved in accidents after earning the discounts are brought down two steps, meaning they would lose two points on their next discount.
The policy gives an opportunity to drivers to protect their discounts once it is achieved.
At a ceremony held in Accra to introduce the new product and attended by senior management members and regional managers of the company, the Vice Chairman of Vanguard Assurance, Dr Gideon Amenyedor, said it took two years of careful planning to come up with the product.
According to him, even though the insurance industry took care in times of accidents, there were drivers who drove so well and had avoided accidents for many years and whose insurance premium payments with insurance companies stood very large and therefore needed to be rewarded.
He said he was hopeful the new policy would contribute to bringing about an improved driving culture in the country.
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“It will be a good thing to improve on defensive driving, especially at this time when we are going for elections and people will be driving around the country.
“Furthermore, the road is not only for travelling but also for socio-economic purposes, therefore, to the driving public who are anxious to take up insurance, I say they must look at the protected no claim discount policy because they cannot lose,” he said.
The Executive Director of the Chartered Institute of Marketing Ghana (CIMG), Mr Kwabena Akuamoah Agyekum, was the guest speaker at the function. He said marketing was about care and commended Vanguard Assurance for coming up with the new product since the trend in marketing currently showed that products were having shorter and declining life cycles which called for innovations and product modifications.
“This product is, therefore, of profound significance with regard to its appeal and originality,” he said.