Feature: Quality Life Assurance Limited
A little over 15 years ago, the Catholic Bishops’ Conference under the Companies Code of 1963 (Act 179) incorporated Quality Insurance Company Limited. The company was licensed by the National Insurance Commission as a composite insurance company.
In 2006, the new Insurance Act (Act 724) made it mandatory to establish a life company (Quality Life Assurance Company Ltd – QLAC) to manage the life portfolio of QIC. This means that QIC is now underwriting only non-life businesses.
To satisfy that requirement, the sole shareholder, the Catholic Bishops’ Conference of Ghana, successfully offloaded 40 percent of shareholding through a private placement in 2005 to individuals and groups.
The change in the shareholding structure and objects in the face of the nuances in the business environment demanded that the company asserted itself as a professional insurer by providing high quality insurance products and services spiced with excellent customer care.
Incorporated at a time when the insurance market in Ghana was perceived to have been captured by the giants in the industry, many were those who thought that QIC could not stand the turbulence that characterized the insurance market and the Ghanaian business terrain in general.
Fifteen years on, QIC plans to build on the success achieved so far and strategies are in place to at least double the market share. With an enhanced capital base, the company is poised to take its rightful position as a major player in the Ghanaian insurance market.
“We’re committed to helping our staff and encourage people to be the best at what they do. We provide tailored, targeted learning activities which aid effective performance and also encourage the desire to achieve full potential. Our people include underwriters, IT specialists, management consultants and more. Among our staff are professionals recognized as innovators or world authorities in their fields,” Kobena Addison, CEO mentioned.
For some people, a car expresses the essence of their being. To others, it is an object to get from one point to the other. We offer three main motor insurance options to choose from, based on clients’ specific needs. These include third party cover, third party fore and theft and the compensation cover.
The compensation cover is a combination of third party losses, fire and theft with an extension to cover own damage. The benefits payable under this cover include damage to the insured vehicle as a result of an accident or fire, theft of the insured vehicle and bodily injury/death to third parties and passengers, damage to property of third parties caused by the insured vehicle and personal accident insurance cover for the driver of the insured vehicle.
Be it accident, injury, illness, loss of baggage or loss of documents, clients can be assured that all their travel worries will be taken care of by QIC travel insurance and enjoy complete peace of mind. Under the policy, QIC would provide specified assistance covering medical expenses and hospitalization in any part of the world, transport or repatriation in the event of illness or accident sustained by the insured during the course of a trip, emergency dental care, repatriation of the immediate family member traveling with the insured, repatriation of mortal remains, delivery of medicines, emergency return home following death of a close family member and loss of baggage, delayed flight, legal defense.
The QIC Fire Policy is a material Damage Cover. It caters for losses as a result of Fire and extended to include explosion, flood, earthquake, aircraft damage, impact, storm, burst pipe, riot, strikes and civil commotion. Other clauses applicable may include the Public Authorities Clause. The premium payable is based on the total value of clients’ assets.
This insurance cover protects you financially in case of an accident or disaster to your car or home. We are familiar with these types of insurance because it is natural for most people to realize that they would be unable to replace their car tomorrow if there was an accident or to replace their home if there was a fire.