Write-up by Damian Avevor
Most Rev Gabriel Edoe Kumordji, SVD, Bishop of Keta-Akatsi, has stated that Quality Insurance Company (QIC) Limited, with the Catholic Church as the majority shareholder, is the only Insurance Company in Ghana that offers free towage as non-insurance benefits in the event of an accident or breakdown of vehicles of clients.
He noted that QIC is also the only Company provided courtesy car option and free breakdown assistance as a way of promoting loyalty to counter the downward pressures on pricing.
Bishop Kumordji, who is the Chairman of the Board of Directors of QIC made these statements at the 20th Annual General Meeting of the Company in Accra recently.
He said in 2016 the Company invested in digital information technology for insurance renewals, claims processes and quotation. The Company, the Chairman noted has improved on its performance, opportunities and benefits in electronic business processes.
He pointed out that the phenomenal impact that technology had on the business was creating exciting and viable new opportunities for QIC, stating however that, capitalizing on this opportunity required strong focus on innovation.
He assured the shareholders that the Board of Directors would ensure Management delivered on that in the coming years.
The Bishop said the Management has also articulated a strategy to re-engineer the business of the Company and had set themselves a target to achieve GHc40, 744,904 in revenue by the end of 2017 with a 52 percent increase in profit before tax.
“While these are aggressive and ambitious goals, the Board strongly believes that these are eminently achievable through game changing initiatives,” the Chairman said.
Meanwhile, Quality Life Assurance Company (QLAC), which was also established by the Catholic Church, held its 10th AGM on the same day with a call on Catholics to consider taking their portions of the rights issue in the Company by buying shares to recapitalize the Company.
In a message read on his behalf, Sir Kintinka Dr. Kwame Donkor Fordwor, Chairman of the Board of Directors of QLAC, said the directives for all Insurance Companies to raise their minimum capital base to Gh¢15 million by the end of 2016, made the Board prepare and circulate Prospectus for a rights issue of shares to all shareholders.
The Board Chairman said this offer was still open to all, notifying that “the alternative option available to us is to offer your shares to strategic investors to take over the Company. This may however, not inure to the benefit of the Catholic fraternity.”
He stated that the Board and Management were optimistic about the future of the Company and were committed to improving QLAC through top notch customer Service.
Sir Fordwor told the shareholders that “our resolve is to ensure the continual growth of the Company,” adding that a strategic plan had been drawn for QLAC to continue to attract and maintain a highly motivated and dedicated workforce to generate high and sustainable value.”
